Open AccessThe impenetrable hedge: a note on propriety, equitability and consistency
Author(s) -
Jolliffe Ian T.
Publication year - 2008
Publication title -
meteorological applications
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.672
H-Index - 59
eISSN - 1469-8080
pISSN - 1350-4827
DOI - 10.1002/met.60
Subject(s) - consistency (knowledge bases) , judgement , hedge , econometrics , actuarial science , measure (data warehouse) , value (mathematics) , computer science , economics , artificial intelligence , data mining , machine learning , political science , ecology , law , biology
In weather and climate forecasting, hedging is said to occur whenever a forecaster's judgement and the forecast differ, and it is usually taken as evident that hedging is undesirable. Forecasts are often judged by computing a verification measure or score. A number of different scores is available in most circumstances, and to choose between them, various desirable properties of scores have been defined. It is generally accepted that it is undesirable to use a score for which hedging can improve the score or its expected value. Three ‘desirable’ properties of scores are linked to the idea that hedging should be avoided, namely propriety, equitability and consistency. It is fair to say that none of these properties is fully understood. The aim of this article is to provide some clarification and new insights, as well as some historical background. Nearly as many questions are raised as are answered. Copyright © 2008 Royal Meteorological Society