AI-Augmented Predictions: LLM Assistants Improve Human Forecasting Accuracy

TL;DR

This study demonstrates that large language model assistants significantly improve human forecasting accuracy, especially when providing high-quality advice, with potential implications for decision-making and cognitive augmentation.

Contribution

It is the first to empirically evaluate the impact of different types of LLM assistants on human forecasting accuracy in a large-scale experiment.

Findings

LLM assistants increased prediction accuracy by 24-28%.

Superforecasting LLM improved accuracy by 41% with outliers included.

No consistent evidence that benefits vary by forecaster skill or question difficulty.

Abstract

Large language models (LLMs) match and sometimes exceeding human performance in many domains. This study explores the potential of LLMs to augment human judgement in a forecasting task. We evaluate the effect on human forecasters of two LLM assistants: one designed to provide high-quality ("superforecasting") advice, and the other designed to be overconfident and base-rate neglecting, thus providing noisy forecasting advice. We compare participants using these assistants to a control group that received a less advanced model that did not provide numerical predictions or engaged in explicit discussion of predictions. Participants (N = 991) answered a set of six forecasting questions and had the option to consult their assigned LLM assistant throughout. Our preregistered analyses show that interacting with each of our frontier LLM assistants significantly enhances prediction accuracy by between 24 percent and 28 percent compared to the control group. Exploratory analyses showed a pronounced outlier effect in one forecasting item, without which we find that the superforecasting assistant increased accuracy by 41 percent, compared with 29 percent for the noisy assistant. We further examine whether LLM forecasting augmentation disproportionately benefits less skilled forecasters, degrades the wisdom-of-the-crowd by reducing prediction diversity, or varies in effectiveness with question difficulty. Our data do not consistently support these hypotheses. Our results suggest that access to a frontier LLM assistant, even a noisy one, can be a helpful decision aid in cognitively demanding tasks compared to a less powerful model that does not provide specific forecasting advice. However, the effects of outliers suggest that further research into the robustness of this pattern is needed.