The wisdom of expert panels
Posted: Fri Oct 31, 2014 2:29 pm
Just a few thoughts about recent output of the ESPN expert panel, which produced both an upcoming season forecast and individual player rankings.
In the former case, the aggregated estimate of the 210 plus member panel seems to have "crowd wisdom" to the extent that the forecast seems pretty close to the betting line shown (link provided by Royce Webb and then integrated with other predictions here: http://imagizer.imageshack.us/a/img912/7204/q8KNwz.png). Please feel free to disagree if this is an unwarranted conclusion.
By contrast, for the player rankings, the crowd appears to be rather unwise, at least seen through a RPM prism.
Half of the forecast Top 20 list includes players whose RPM last year were below the Top 20, with high/lowlights of Anthony Davis (ranked 3rd, but last year 98th in RPM) and DeMarcus Cousins (ranked 19th, but last year 127). And, of course, expected average aging considerations would not propel these two close to the Top 20.
Then another perspective: this year's forecast Top 20 last year had an average RPM rank of 33.85, so 23 slots lower in the table.
Perhaps RPM is a very imperfect forecast basis (we shall see) but digging a little deeper, we can get a clue as to the why a majority of ESPN's experts seem to hate RPM, and as should be expected, it's disproportionately the age-old failure to properly appreciate defensive contributions.
If one compares the actual RPM Top 20 in 2014 with the 2014 RPM ratings of ESPN's forecast Top 20, what one sees is last year's actual best were +1.20 better overall (5.56 vs. 4.37) of which +0.36 was attributed to offense (3.53 vs. 3.16) and +0.83 to defense (2.03 vs. 1.20).
More speculatively (and this doesn't comment on the accuracy of ordinal rankings) there also might be reason to believe that the ESPN collective brain thinks that talent is far more equally distributed at the top than it actually is.
For the purposes of discussion, a reasonable approach might be to translate the ESPN rankings into "implied RPM" by mapping the 0 to 10 quality scale into the observed RPM +/- range for last season (9.08 of LeBron, at the top, down to -8.44, at the bottom, for a range of 17.52).
Doing this, for example, LeBron, the "perfect 10", becomes the table-topping LeBron of 2014 with an RPM of 9.08. Similarly, Chris Bosh, the 20th ranked, with an 8 rating on the 0 to 10 scale, has a corresponding "implied RPM" of 5.58.
Accepting such an approach for the sake of argument, the unweighted average "implied RPM" of the forecast Top 20 was 6.68. By contrast, again, the actual unweighted average of actual Top 20 RPM last season was 5.56, and to get an average of about 6.7, you would have to average the contributions of the Top 8 players last year. Just a thought.
In the former case, the aggregated estimate of the 210 plus member panel seems to have "crowd wisdom" to the extent that the forecast seems pretty close to the betting line shown (link provided by Royce Webb and then integrated with other predictions here: http://imagizer.imageshack.us/a/img912/7204/q8KNwz.png). Please feel free to disagree if this is an unwarranted conclusion.
By contrast, for the player rankings, the crowd appears to be rather unwise, at least seen through a RPM prism.
Half of the forecast Top 20 list includes players whose RPM last year were below the Top 20, with high/lowlights of Anthony Davis (ranked 3rd, but last year 98th in RPM) and DeMarcus Cousins (ranked 19th, but last year 127). And, of course, expected average aging considerations would not propel these two close to the Top 20.
Then another perspective: this year's forecast Top 20 last year had an average RPM rank of 33.85, so 23 slots lower in the table.
Perhaps RPM is a very imperfect forecast basis (we shall see) but digging a little deeper, we can get a clue as to the why a majority of ESPN's experts seem to hate RPM, and as should be expected, it's disproportionately the age-old failure to properly appreciate defensive contributions.
If one compares the actual RPM Top 20 in 2014 with the 2014 RPM ratings of ESPN's forecast Top 20, what one sees is last year's actual best were +1.20 better overall (5.56 vs. 4.37) of which +0.36 was attributed to offense (3.53 vs. 3.16) and +0.83 to defense (2.03 vs. 1.20).
More speculatively (and this doesn't comment on the accuracy of ordinal rankings) there also might be reason to believe that the ESPN collective brain thinks that talent is far more equally distributed at the top than it actually is.
For the purposes of discussion, a reasonable approach might be to translate the ESPN rankings into "implied RPM" by mapping the 0 to 10 quality scale into the observed RPM +/- range for last season (9.08 of LeBron, at the top, down to -8.44, at the bottom, for a range of 17.52).
Doing this, for example, LeBron, the "perfect 10", becomes the table-topping LeBron of 2014 with an RPM of 9.08. Similarly, Chris Bosh, the 20th ranked, with an 8 rating on the 0 to 10 scale, has a corresponding "implied RPM" of 5.58.
Accepting such an approach for the sake of argument, the unweighted average "implied RPM" of the forecast Top 20 was 6.68. By contrast, again, the actual unweighted average of actual Top 20 RPM last season was 5.56, and to get an average of about 6.7, you would have to average the contributions of the Top 8 players last year. Just a thought.