Looking Back at 2023: Good Judgment’s Year of Impact and Innovation

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Looking Back at 2023: Good Judgment’s Year of Impact and Innovation

As we start another year at Good Judgment, it’s time to reflect on our achievements in 2023 and the journey ahead for 2024. The past year was a testament to our continued commitment to excellence in forecasting.

Superforecasters’ Track Record and Updates to FutureFirst™

In finance, our Superforecasters outperformed the CME FedWatch Tool by a staggering 66%. They also anticipated the June inflection point in US Federal Reserve policy notably earlier than the futures markets. This success was reported by the New York Times and Financial Times.

Our FutureFirst service expanded in 2023, offering direct subscriptions and specialized forecast channels, including “Superforecasting the Middle East” and “Superforecasting Ukraine.” With daily updates, API access, and dozens of Superforecasts on top-of-mind questions, it’s a comprehensive tool for the future-conscious decision-maker.

Forecasting Services and GJ Open Challenges

We actively engaged with our clients, enabling them to pose 79 new questions to the Superforecasters in 2023. We also launched exciting new challenges on our public forecasting platform, Good Judgment Open, complete with 475 new forecasting questions! Partnerships with industry giants and educational institutions like Harvard Kennedy School have been pivotal in broadening our reach and offered organizations a unique way to spot in-house talent, train interns, and identify trends.

Training Services

Our workshops and the Forecasting Aptitude Screening Tool (FAST) have empowered organizations to refine their forecasting skills and assess their team’s capabilities. An analysis of workshop outcomes released by our data science team showed marked improvement in forecasting accuracy for workshop participants.

Other Highlights

Notable Mentions of Superforecasters in the Media in 2023

We’re excited to continue this journey in 2024 and invite you to stay connected through our newsletter. Cheers to a new year filled with insightful forecasts and strategic growth for our partners!

Good Judgment Inc and Metaculus Launch First Collaboration

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Good Judgment Inc and Metaculus Launch First Collaboration

Metaculus and Good Judgment Inc are pleased to announce our first collaboration. Our organizations, which represent two of the largest human judgment forecasting communities in the world, will compare our results and methodologies in a project comprised of identical forecasting questions that ask about the future of 10 Our World In Data metrics. We plan to share insights, lessons learned, and analysis to contribute to the broader community and to the science of forecasting.

Cohorts of Superforecasters from Good Judgment Inc and Pro Forecasters from Metaculus will make predictions on their separate platforms on a set of 10 questions about technological advances, global development, and social progress on time horizons ranging from one to 100 years.

A Future Fund grant is supporting both organizations in producing these expert forecasts, as well as a public tournament on the Metaculus platform, though this collaboration between Metaculus and GJI is distinct, separate, and voluntary.

“Our shared goal is advancing forecasting as a trusted method for leaders to make critical decisions,” said Gaia Dempsey, CEO of Metaculus. “We’re thrilled to be working with our partners at Good Judgment Inc. This is the first time two of the largest players in the field of forecasting have come together in the spirit of collaboration to compare methodologies and to advance the science of forecasting.”

“We’re excited to be partnering with Metaculus to combine our approaches to apply probabilistic thinking to an uncertain future and help individuals and organizations make better decisions about the future,” said Warren Hatch, Good Judgment’s CEO. “We look forward to building on this collaboration for Our World In Data.”

Good Judgment Inc harnesses the wisdom of the crowd, led by Superforecasters, to quantify hard-to-measure risks for smarter strategic decisions for the private and public sectors.

Metaculus is a forecasting technology platform that optimally aggregates quantitative predictions of future events.

A Year in Review

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Good Judgment Inc: A Year in Review

From our headquarters in Manhattan to Canada to Brazil and points in between, the Good Judgment team had a productive and exciting year in 2021. Here are some of the key developments and projects we worked on in the past year.

FutureFirst™ Launched

One of the biggest additions to Good Judgment’s spectrum of services in 2021 was the launch of FutureFirst. FutureFirst is a client-driven subscription platform that gives our user community unlimited access to all Good Judgment’s subscription Superforecasts.

In many ways, FutureFirst is a consolidation of our scientific experiments and several years of successful client engagements. We designed FutureFirst to

    • offer clients one-click access to the collective wisdom of our international team of Superforecasters—to their predictions, rationales, and sources;
    • enable easy monitoring of the Superforecasters’ predictions on a wide range of topics (economy and finance, geopolitics, environment, technology, health, and more); and
    • allow clients to nominate and upvote new questions that matter to their organization so that the topics are crowd-sourced from the community of clients directly.
A sample of books that mention Superforecasters

With the addition of the Class of 2022 Superforecasters, Good Judgment now works with more than 180 professional Superforecasters. They reside on every continent except Antarctica and have been identified through a rigorous process to join the world’s most accurate forecasters.

There are currently some 80 active forecasts on FutureFirst, with new questions being added nearly every week. Taken together, the forecasts on the platform paint the big picture of global risk with accuracy not found anywhere else.

Improving Ways of Eliciting and Aggregating Forecasts

At the same time, we continue to crowdsource other ideas to enhance the value of our service for clients. In response to user feedback and innovations by our data science team, we:

    • now offer “continuous forecasts” so that clients can have a target forecast number as well as probabilities distributed across ranges;
    • provide “rolling forecasts” on a custom basis with predictions that automatically advance each day so that the time horizon is fixed—for instance, the probability of a recession in the next 12 months;
    • will be launching API access shortly for clients to have a data feed directly into their models.

 

Superforecasters in the Media

Superforecasters predict Jerome Powell’s reappointment

From questions about the Tokyo Olympics to the renomination of Jerome Powell to our early forecasts about Covid-19 that were closed and scored in the past year, the year 2021 offered many examples of Good Judgment’s Superforecasters providing early and accurate insights. The European Central Bank and financial firms such as Goldman Sachs and T. Rowe Price all referenced our forecasts in their work. The year also brought both new and returning collaborations with some of the world’s leading media organizations and authors.

    • We worked with The Economist on their “What If” and “The World Ahead 2022” annual publications.
    • The Financial Times featured our forecast on Covid-19 vaccinations on their front page and on their Covid-19 data page.
    • Sky News launched an exciting current affairs challenge for the UK and beyond on our public platform GJ Open.
    • Best-selling authors Tim Harford and Adam Grant also ran popular forecasting challenges.
    • Adam Grant’s Think Again and Daniel Kahneman’s Noise (with coauthors Oliver Sibony and Cass R. Sunstein) published in 2021 discuss Superforecasters’ outstanding track record.
    • Magazines such as Luckbox and Entrepreneur published major articles about Good Judgment and the Superforecasters.

 

Training Better Forecasters

Our workshops continued to attract astute business and government participants who received the best training on boosting in-house forecasting accuracy. Of all the organizations that had a workshop in 2020, more than 90% came back for more in 2021. And they were joined by many more organizations in the public and private sectors throughout the year. Many of these firms now regularly send their interns and new hires through our workshops. Capstone LLC, a global policy analysis firm with headquarters in Washington, DC, London, and Sydney, went a step further: They made our workshops the cornerstone of multi-day mandatory training sessions for all their analysts.

“This led to the adoption of [S]uperforecasting techniques across all of our research and a more rigorous measuring of all our predictions,” Capstone CEO David Barrosse wrote on the company’s blog. “Ultimately the process means better predictions, and more value for clients.”

As many in our company are themselves Superforecasters, we start any forecast about Good Judgment in 2022 by first looking back. The science of Superforecasting has shown that establishing a base rate leads to making more accurate predictions. If the developments in 2021 are a valid indication, next year will bring more exciting projects, fruitful collaborations, and effective ways to bring valuable early insight to our clients.