Why updating our beliefs when presented with new information matters

My colleague Phil Tetlock finds that forecasting skill is less a matter of what we know than of how we think. When he and his collaborators studied a host of factors that predict excellence in forecasting, grit and ambition didn’t rise to the top. Neither did intelligence, which came in second. There was another factor that had roughly triple the predictive power of brainpower.

The single most important driver of forecasters’ success was how often they updated their beliefs. The best forecasters went through more rethinking cycles. They had the confident humility to doubt their judgments and the curiosity to discover new information that led them to revise their predictions.