Forthcoming AER paper argues stated probabilities are disciplinable, vague words are not

soumitrashukla9 · x · 2026-09-20

"Numbers Tell, Words Sell" by Victor de Chaisemartin, Michael Thaler, and Mattie Toma is forthcoming in the AER. Sharers note it matters for the "words are better than probabilities" crowd: made-up probabilities face discipline across many events—wrong ones show poor resolution/calibration—while consistently wrong words are often vague enough to be unfalsifiable. Directly relevant to whether LLMs should express uncertainty in words.

Original post →

More from Research

Research channel →