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Using the Data Agreement Criterion to Rank Experts' Beliefs
Duco Veen1, Diederick Stoel2, Naomi Schalken1
1Department of Methods and Statistics, Utrecht University, 3584 CH 14 Utrecht, The Netherlands.
This study introduces a method to rank experts by evaluating their knowledge and uncertainty using probability distributions. This approach helps assess expert prediction accuracy and prior-data agreement, aiding decision-making.
Area of Science:
- Decision Sciences
- Statistical Modeling
- Expert Elicitation
Background:
- Expert beliefs represent current knowledge crucial for decision-making.
- Ranking experts by the merit of their beliefs is challenging.
- Quantifying expert knowledge and uncertainty is essential for reliable decision support.
Purpose of the Study:
- To develop a method for ranking experts based on their knowledge and uncertainty.
- To assess the accuracy of expert predictions and the appropriateness of their stated uncertainty.
- To evaluate the agreement between expert-defined priors and empirical data.
Main Methods:
- Experts specify knowledge as probability distributions.
- Utilize an extended Data Agreement Criterion to evaluate prior-data (dis)agreement.
- Compare expert priors using Bayesian statistical methods, including Bayes factors.
Main Results:
- The proposed method allows for the quantitative ranking of experts.
- It enables assessment of how well expert predictions align with new data.
- The approach facilitates comparison of expert validity and potential convergence with data.
Conclusions:
- Ranking experts by knowledge and uncertainty is feasible using probability distributions.
- The method provides a framework for evaluating expert judgment against data.
- This approach can inform decision-making by identifying the most reliable expert insights.
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