{"title":"Model Complexity and Accuracy: A COVID-19 Case Study","authors":"Colin Small, J. Bickel","doi":"10.1287/deca.2022.0457","DOIUrl":null,"url":null,"abstract":"When creating mathematical models for forecasting and decision making, there is a tendency to include more complexity than necessary, in the belief that higher-fidelity models are more accurate than simpler ones. In this paper, we analyze the performance of models that submitted COVID-19 forecasts to the U.S. Centers for Disease Control and Prevention and evaluate them against a simple two-equation model that is specified using simple linear regression. We find that our simple model was comparable in accuracy to highly publicized models and had among the best-calibrated forecasts. This result may be surprising given the complexity of many COVID-19 models and their support by large forecasting teams. However, our result is consistent with the body of research that suggests that simple models perform very well in a variety of settings.","PeriodicalId":46460,"journal":{"name":"Decision Analysis","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2022-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Decision Analysis","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1287/deca.2022.0457","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
引用次数: 3
Abstract
When creating mathematical models for forecasting and decision making, there is a tendency to include more complexity than necessary, in the belief that higher-fidelity models are more accurate than simpler ones. In this paper, we analyze the performance of models that submitted COVID-19 forecasts to the U.S. Centers for Disease Control and Prevention and evaluate them against a simple two-equation model that is specified using simple linear regression. We find that our simple model was comparable in accuracy to highly publicized models and had among the best-calibrated forecasts. This result may be surprising given the complexity of many COVID-19 models and their support by large forecasting teams. However, our result is consistent with the body of research that suggests that simple models perform very well in a variety of settings.