Expert estimates of probability are often off by factors of hundreds or thousands. [...] I used to be annoyed when the margin of error was high in a forecasting model that I might put together. Now I view it as perhaps the single most important piece of information that a forecaster provides. When we publish a forecast on FiveThirtyEight, I go to great lengths to document the uncertainty attached to it, even if the uncertainty is sufficiently large that the forecast won't make for punchy headlines.
![Expert estimates of probability are often off by factors of hundreds or thousands. [...] I used to be annoyed when the margin of error was high in a forecasting model that I might put together. Now I view it as perhaps](http://cdn.quoteddaily.com/images/nate-silver/expert-estimates-of-probability-are-often-off-by-factors-of-hundreds-orthousands--i-used-to-be-annoyed-when-the.jpg)