Maximum Entropy Aggregation of Expert Predictions
This paper presents a maximum entropy framework for the aggregation of expert opinions where the expert opinions concern the prediction of the outcome of an uncertain event. The event to be predicted and individual predictions rendered are assumed to be discrete random variables. A measure of expert...
| Veröffentlicht in: | Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 42(1996), 10, Seite 1420-1436 |
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| Format: | Online-Aufsatz |
| Sprache: | English |
| Veröffentlicht: |
1996
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| Zugriff auf das übergeordnete Werk: | Management Science |
| Schlagworte: | Consensus Expert Opinion Maximum Entropy Aggregation Information Theory Decision Aids Physical sciences Philosophy Mathematics Behavioral sciences |
| Zusammenfassung: | This paper presents a maximum entropy framework for the aggregation of expert opinions where the expert opinions concern the prediction of the outcome of an uncertain event. The event to be predicted and individual predictions rendered are assumed to be discrete random variables. A measure of expert competence is defined using a distance metric between the actual outcome of the event and each expert's predicted outcome. Following Levy and Deliç (1994), we use Shannon's information measure (Shannon 1948, Jaynes 1957) to derive aggregation rules for combining two or more expert predictions into a single aggregated prediction that appropriately calibrates different degrees of expert competence and reflects any dependence that may exist among the expert predictions. The resulting maximum entropy aggregated prediction is least prejudiced in the sense that it utilizes all information available but remains maximally non-committal with regard to information not available. Numerical examples to illuminate the implications of maximum entropy aggregation are also presented. |
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| ISSN: | 15265501 |