Pointy-haired Climate Modeling (feat. Bonus Vintage Fred Pearce)
From Real Climate’s “FAQ on climate models“:
Multi-model Ensemble – a set of simulations from multiple models. Surprisingly, an average over these simulations gives a better match to climatological observations than any single model
Finally, the claim is sometimes made that if computer models were any good, people would be using them to predict the stock market. Well, they are!
A lot of trading in the financial markets is already carried out by computers. Many base their decisions on fairly simple algorithms designed to exploit tiny profit margins, but others rely on more sophisticated long-term models.
Major financial institutions are investing huge amounts in automated trading systems, the proportion of trading carried out by computers is growing rapidly and a few individuals have made a fortune from them. The smart money is being bet on computer models.