Wager Mage
Photo by Nishant Aneja Pexels Logo Photo: Nishant Aneja

What are the three types of prediction?

Types of predictions Inductive. Predictions can be generated inductively. Today it is sunny. ... Deductive. A second type of prediction is generated deductively. So, imagine that I am waiting for a colleague of mine. ... Abductive. There is a third type of prediction, which is different from the previous two.

Is paying for sports bets worth it?
Is paying for sports bets worth it?

Paying for picks is costly, which eats into any profit that you would have made from simply deciding on your own bets. It can be difficult to find...

Read More »
Does the martingale strategy work?
Does the martingale strategy work?

The classic and Reverse Martingale strategies don't work. They will almost certainly have you leaving with less money than what you started with,...

Read More »

The term prediction is fundamental ambiguous and therefore more prone than other terms to all sorts of intellectual stupidities.

Inductive

Predictions can be generated inductively. Today it is sunny. Yesterday it was sunny. The day before yesterday was sunny. And it’s been sunny from the last 10 days. What can I infer, if I just look at? I can predict that tomorrow it will be sunny. Predictions are generated by projecting past occurrences onto the future. Indeed, there might be way more sophisticated predictions than this example. However, no matter how complicated they can be, there is one crucial point that is shared: I don’t need to know or understand why the weather will be sunny – to stick to the example. I just need to see patterns in the past and project them onto the future.

Deductive

A second type of prediction is generated deductively. So, imagine that I am waiting for a colleague of mine. Since I have seen him coming to work, I say to myself: if he has come, then, I will see his laptop on his desk in his office. This is a different type of prediction. My prediction is generated by deriving the logical consequences that follows from stating a hypothesis. This is an important piece of equipment for scientists, because such type of prediction allows us to put our hypothesis to the test. Interestingly, it does not “predict” a future event. It just informs us about the epistemic value of a hypothesis. If we are right, we will see this happening. If we are wrong, we won’t. In this sense such type of prediction informs us about the truthfulness of our ideas, not about the future. It has, in other words, an epistemic function.

Abductive

There is a third type of prediction, which is different from the previous two. This is a type of prediction that like the first type tries to say something about the future. But unlike the first one it is not generated by projecting past occurrences onto the future. For example, if I see that a student is not particularly engaged, often forgets to attend classes, shows very little interest in what he is studying, what I may predict is that this person is going to drop out. And I do that abductively. Indeed, my prediction is still generated by looking at what happened in the past. But unlike the case of inductive predictions, the past provides me with clues, which hint at a possible explanation, in the light of which a certain “future” might appear more plausible than others. Plausibility, not probability, is the discriminating factor here. What is crucial here is that this type of predictions requires understanding. In other words, we need to understand how things “work”. In the example, we need to have some sort of understanding as to why students drop out.

How can I make quick money on gambling?
How can I make quick money on gambling?

Of course, you can use a combination of luck and skill to win more money. But banking on luck is a terrible way to earn long-term profits through...

Read More »
What gambling app is legal in Florida?
What gambling app is legal in Florida?

Sports betting was legalized in Florida through a gambling compact with the Seminole Tribe, which will operate Hard Rock Sportsbook. That is the...

Read More »

What is the safest currency pair to trade?

“The Swissie” is a combination of the US dollar and the Swiss franc. For many years, the financial stability of Switzerland has been used as a 'safe haven' for investors of the forex market, who will rely on trading the CHF in times of market volatility.

Currency pairs​​ measure the value of one currency against another. They are split into a base currency and a secondary quote currency. An example is perhaps the most popularly traded currency pair in the world, the EUR/USD, where its price represents how much of the quote currency, the US dollar, is required to buy one unit of the base currency, the Euro. Each currency pair has a bid and ask price​​. The bid price is defined as the maximum price a buyer is willing to pay for the currency, the ask price is defined as the minimum price a seller would be willing to accept the currency for, and the bid-ask spread represents the difference in pricing between the two currencies. In some cases, forex traders prefer to trade on currency pairs with a lower or tighter spread as it reduces the overall costs involved in the trade. However, some traders prefer to trade on volatile currency pairs with wider spreads and lower liquidity in an attempt to profit from the fluctuating gaps in price.

Which crypto is halal?
Which crypto is halal?

Developed to follow Shariah laws and regulations, users can easily send, receive and store ISLAMICOIN, Bitcoin and other Halal cryptocurrencies, as...

Read More »
In which countries is gambling illegal?
In which countries is gambling illegal?

Countries Where Gambling is Illegal Singapore. While Singapore allows national public-funded lotteries, private lotteries are only allowed with...

Read More »
Are La Liga matches fixed?
Are La Liga matches fixed?

99% of the 7,809 matches analysed by LaLiga in the 21-22 season were free of match-fixing | LaLiga. Jun 21, 2022

Read More »
Can you tell when your high?
Can you tell when your high?

Physical signs of marijuana use include red eyes, poor muscle coordination, delayed reaction times, and increased appetite. A sudden shift in mood...

Read More »