Probability of next prediction being correct

In summary, a friend has been making predictions about social events and the accuracy of those predictions has been recorded as true or false. The results show a mean accuracy of 26.7%. The question is whether there is a way to calculate the probability of his next prediction being correct, taking into account his success rate and the sequence of incorrect predictions. However, it is likely that the 'jitter' or sequence of incorrect predictions does not have an effect on the accuracy of his predictions, as this could be a variant of the gambler's fallacy.
  • #1
IMK
63
0
Hello,
So a friend of mine has been predicting the outcome of social events and I have been recording the accuracy of his predictions as true if he accurately predicted the outcome or false if he was incorrect. The results of his predictions I have tabulated in the two attached files thus:

Binary.txt are the true/false status of his prediction in chronological order.

Incorrect.txt is a processed version of the Binary.txt where the values represent the number of incorrect predictions before he is correct again.

His mean accuracy is about 26.7% or about 1 in 3.74 predictions being correct.

So I was wondering if there is a way to calculate the probability of his next prediction being correct given what we know about he success rate and the amount of jitter is the sequence. Inasmuch as he sometime gets the next prediction correct or has gone as many as fourteen incorrect predictions.

Many thanks IMK
 

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  • Incorrect.txt
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  • #2
I would not expect the 'jitter' to help you predict whether he will be right or wrong -- that seems to be a variant on the gambler's fallacy.
 
  • #3
CRGreathouse said:
I would not expect the 'jitter' to help you predict whether he will be right or wrong -- that seems to be a variant on the gambler's fallacy.

Hello CRGreenhouse and many thanks for your reply.

So I am not sure what you are saying other than you have not disagreed with my simple 26.7% probability value. Is what I have done correct please? as I am not familiarly with the gambler's fallacy.

Again many thanks IMK
 

FAQ: Probability of next prediction being correct

What does the probability of the next prediction being correct mean?

The probability of the next prediction being correct is a measure of the likelihood that the prediction will accurately reflect the outcome of an event. It is usually expressed as a percentage or a fraction.

How is the probability of the next prediction being correct calculated?

The calculation of the probability of the next prediction being correct depends on the type of prediction and the available data. In general, it involves analyzing previous patterns and trends, and using statistical methods to make an informed estimate of the likelihood of a correct prediction.

What factors affect the probability of the next prediction being correct?

The probability of the next prediction being correct can be affected by various factors such as the quality and quantity of data, the complexity of the event being predicted, and the accuracy of the prediction model or method being used.

Is a higher probability of the next prediction being correct always better?

Not necessarily. While a higher probability indicates a higher likelihood of the prediction being correct, it does not guarantee accuracy. It is important to consider the context and potential limitations of the prediction before relying solely on the probability.

How can the accuracy of the probability of the next prediction being correct be evaluated?

The accuracy of the probability of the next prediction being correct can be evaluated by comparing the predicted outcomes to the actual outcomes. This can be done through various statistical measures such as accuracy, precision, and recall.

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