Group-based forecasting?: A social psychological analysis

Norbert L. Kerr and R. Scott Tindale

International Journal of Forecasting, 2011, vol. 27, issue 1, 14-40

Abstract: The potential of group (vs. individual) forecasting is analyzed from the perspective of the social psychology of groups. The social decision scheme theory (SDST) is summarized, and several simulations are presented to demonstrate the dependence of group aggregation accuracy upon factors such as group size, the accuracy and distribution of individual forecasts, and shared representations of the forecasting problem. Many advantages and disadvantages of group aggregation are identified and related to four generic methods of group aggregation (statistical aggregation, prediction markets, the Delphi method, and face-to-face discussion). A number of aspects of forecasting problems are identified which should govern whether or not group forecasting can be relied upon, and if so, what aggregation method should be used.

Keywords: Delphi; Prediction; markets; Aggregation; Face-to-face; groups; Social; decision; schemes (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (22)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfor:v:27:y::i:1:p:14-40

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