In this video by thought leader Daniel Kahneman, author of the best seller Thinking, Fast and Slow, touches on a subject close to home for us. Daniel talks about overcoming the cognitive biases and errors that can affect decision-making, and explains why people always overestimate their ability to predict the future. He puts his faith instead in…algorithms.
It resonates strongly with the proprietary sports prediction model we’ve built at IntelligentBettingTips.com, that employs part of Daniels perspective of the use of algorithms to provide a statistically higher confidence on predicting future outcomes.
See our video on how Daniel’s perspective on the use of algorithms and experts is employed in our sports prediction model (betting system) – watch video.
While we employ both groups of experts (professional handicappers and sports analysts), and the cognitive power of collective intelligence from the public consensus into our sports betting system, we also take these two key inputs into our prediction model, and apply our own computer algorithms, giving the sports investor or bettor the best of both to enhance the accuracy of predicting the future outcomes in sports.
Daniel describes why both can have its flaws (the human element); and statistically speaking the public opinion in many cases has shown an advantage to bet against their opinion for key reasons. And he goes on to explain why we can attain a higher confidence in predicting future outcomes from the use of algorithms.
The sports investing or betting system at IntelligentBettingTips.com employs all three, and benchmarks the performance not only against one another, but also in some algorithms rather than pit each one against the other, use them together to test, lean and optimize the performance accuracy.