Edward Conard

Top Ten New York Times Bestselling Author

  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
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  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
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  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
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Study Shows Prediction Market Better Predictor of Scientific Reproducibility Than Editors of Nature and Science

A recent study shows a prediction market is a better predictor of scientific reproducibility than the editors of the journals Nature and Science (who have only a 62% chance of accurately identifying reproducibility). Telltale signs of irreproducibility include newsworthy results.

“Consider the new results from the Social Sciences Replication Project, in which 24 researchers attempted to replicate social-science studies published between 2010 and 2015 in Nature and Science—the world’s top two scientific journals. … As it turned out, that finding was entirely predictable. While the SSRP team was doing their experimental re-runs, they also ran a ‘prediction market.’ … Overall, the traders thought that studies in the market would replicate 63 percent of the time—a figure that was uncannily close to the actual 62-percent success rate. … The traders’ instincts were also unfailingly sound when it came to individual studies. … The 62-percent success rate…is…galling…since the project specifically looked at the two most prestigious journals in the world. …several of the studies that didn’t replicate have another quality in common: newsworthiness. They reported cute, attention-grabbing, whoa-if-true results that conform to the biases of at least some parts of society. … ‘I did a sniff test of whether the results actually make sense,’ says Paul Smeets from Maastricht University [a participant in the prediction market]. ‘Some results look quite spectacular but also seem a bit too good to be true, which usually that means they are.’…  [Says Vazire, the study ‘s author,] these journals ‘are not especially good at picking out really robust findings or excellent research practices. And the prediction market adds to my frustration because it shows that there are clues to the strength of the evidence in the papers themselves.’ … If prediction-market participants could collectively identify reliable results, why couldn’t…the journal editors who decided to publish them? ‘Maybe they’re not looking at the right things,’ says Vazire. ‘They probably put too-little weight on markers of replicability, and too much on irrelevant factors…’ ” [such as their own political bias.]

Read More: https://www.theatlantic.com/science/archive/2018/08/scientists-can-collectively-sense-which-psychology-studies-are-weak/568630/

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