In a 1973 study, eight professional horse-race handicappers were asked to predict the outcomes of several races based on 5, 10, 20, or 40 pieces of information about the horses. With 5 pieces of information, the handicappers could correctly predict the winner almost 20% of the time. You’d assume that their predictions would become more accurate as more data was made available, but you’d be wrong.
Embrace the gamble
Embrace the gamble
Embrace the gamble
In a 1973 study, eight professional horse-race handicappers were asked to predict the outcomes of several races based on 5, 10, 20, or 40 pieces of information about the horses. With 5 pieces of information, the handicappers could correctly predict the winner almost 20% of the time. You’d assume that their predictions would become more accurate as more data was made available, but you’d be wrong.