Weather forecasts have gotten quite good over the years, but their temperatures aren’t always spot on – and the result when they underplay extremes can be lethal. Even a 1-degree difference in a forecast’s accuracy can be the difference between life and death, our research shows.
As economists, we have studied how people use forecasts to manage weather risks. In a new working paper for the National Bureau of Economic Research, we looked at how human survival depends on the accuracy of temperature forecasts, particularly during heat waves like large parts of the U.S. have been experiencing in recent days.
