this post was submitted on 17 Jul 2024
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Politics
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Exactly, I think because races have been so close lately, and the probabilities are ending up close to 50% often, people sometimes unintentionally conflate them with poll numbers. 53% to 46% would be a massive poll lead. For probabilities though in this situation it's the same as saying they have even odds of winning. Look at those massive 95% confidence intervals, the race is in a statistical dead heat. It's kind of remarkable how steady it has been despite all the wild events that have happened.
538 has an explanation on their site about why it's not moving. Essentially they're so far out they heavily discount current polls and events. We're effectively seeing their baseline result with some previous races and economic measures tweaking things a little.
Yes, that's true. The poll averages themselves haven't moved much either though. And the reliance on the fundamentals forecast has me nervous, but they definitely do it for a reason. When they developed the models and looked at poll history the pattern they found was the fundamentals had a big influence on what the polls would look like closer to the election and the eventual result. Polls closer to the election are more predictive than the fundamentals. Polls farther away from the election less so. There's at least some reason to think things have changed enough maybe the fundamentals aren't as fundamental for this race, but I guess we won't know until afterward.