Communicating uncertainty in economic forecasts

Communicating uncertainty in forecasts

forecasting

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The prevailing practice of policy analysis tends to hide uncertainty, with parties making precise predictions of future events. A notable example is the scores used by the Congressional Budget Office of pending federal legislation in the United States. These are 10-year-ahead point predictions of the budgetary implications of legislation, delivered to Congress with no accompanying measures of uncertainty. But I believe society should face up to the

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