Think in probabilities, not certainties
Replace "I think this will happen" with "I think there is a 70% chance this will happen."
Why it works
Binary thinking — will/won’t, right/wrong — conceals the uncertainty that is actually present in almost every forecast. Expressing beliefs as probabilities forces intellectual honesty about confidence and creates a framework for updating: if you say 70% and the event happens 40% of the time, your calibration is off and you can improve it. Binary predictions are unfalsifiable until something fails completely.
How to do it
- When you form a belief about what will happen, assign a rough percentage confidence: 90%, 70%, 50%.
- Use the percentage to communicate uncertainty to yourself and others rather than false certainty.
- Track predictions over time and compare outcomes to stated probabilities.
- Update probabilities when new information arrives rather than holding fixed positions.
Evidence
Calibration training — learning to assign accurate probabilities — demonstrably improves forecasting accuracy. Superforecasters who express views probabilistically and track them significantly outperform analysts who do not. (observational)
Calibration improvement requires feedback over many predictions; for one-off novel decisions, probability estimates are harder to calibrate and more uncertain.
Sources
- Tetlock & Gardner (2015), Superforecasting — probabilistic forecasters vs expert political judgment
Common mistake
Using round numbers (50/50, 99%) as defaults rather than genuinely differentiating between 60% and 75% — probability thinking requires real discrimination.
Practice this with IX Coach
7 days free, then $40/month (~$1.30/day).
More practices for Thinking in Bets
- Separate the quality of the decision from the outcome
A good decision can produce a bad outcome, and a bad decision can produce a good outcome — do not confuse them.
- Run a premortem before committing
Imagine the decision has already failed — then ask why.
- Check the outside view before trusting the inside view
Ask how similar situations have gone before trusting your story about this specific situation.
- Update beliefs explicitly when new information arrives
Treat new information as a reason to state a revised probability, not as confirmation of the old one.
- Find a truth-seeking group that argues with you
Surround yourself with people whose job in the relationship is to challenge your reasoning, not validate it.
Related concepts
- Thinking, Fast and Slow, Made Usable
Two systems, the biases they create, and when to slow down
- Hanlon's Razor: Never Attribute to Malice What Stupidity Can Explain
The charitable-attribution heuristic and why it usually serves you better
- Circle of Competence
Know what you know, know what you do not know, and act accordingly
- Second-Order Thinking: And Then What?
Tracing consequences of consequences, the way Howard Marks does