Inconsistent survey histograms and point forecasts revisited
研究专业预测者的直方图与点预测不一致现象,分析其是否源于更新延迟或对新信息的反应差异,并检验不一致是否降低预测准确性。
Past analyses of surveys of professional forecasters’ histogram and point forecasts indicate that the two are not always consistent. The point forecasts are either systematically higher or lower than the corresponding histogram means, depending on whether we consider inflation or GDP growth. We consider whether inconsistencies are related to delayed updating of the histogram forecasts, or to the reaction of the two types of forecasts to new information, and whether inconsistent pairs typically imply less accurate point or histogram forecasts. We also re-consider explanations related to the complexity of the task on an extended dataset.