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There are two types of people consuming these projections. I'll call them the sportsbook type and the newspaper reader. The sportsbook consumers want to know what the probabilities are for the actual event, when it occurs (election day). The newspaper consumers want to know what is going on currently and the country's political temperature. 538's forecasts, especially far from election day, are for the newspaper consumer. They provide insight into current political dynamics, and a quantitative look at how people view policy, the economy, where current fundraising is at, etc. in a single concise number that can serve as the basis for further discussion and analysis. They however aren't useful for the sportsbook consumer, because they don't account for the practically innumerable "unknown unknowns" that will occur between now and election day (scandals, terrorist attacks, fluctuations in the economy, flubs on the campaign trail, external activist efforts gaining traction). If they did account for all that uncertainty, then the predictions consistently be near 50-50 for the majority of the race, which not only is still uninteresting for the sportsbook types, but also means you no longer are providing value to the newspaper types. Its important to point out that, over time, the predictions become applicable to both readers. As election day nears, the number of "unknown unknowns" decreases, and a prediction for "what would happen if an election were held today" and "what will happen on election day" converges. So up until the few months and weeks leading up to election day, the predictions should be taken more as commentary, and then perceived as serious indications of what will occur closer to election day. |