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The Brier score measures how good probability forecasts were: the average of (forecast − outcome)², where the outcome is 1 if it happened and 0 if not. 0 is perfect, 0.25 is what always saying 50% scores, 1 is the worst. Example: forecasts of 90%, 70%, 60%, 20% and 80% on events that went yes, yes, no, no, yes score 0.108 — a 57% improvement on coin-flipping.
Log loss punishes confident misses much harder: a 99% forecast that fails costs 4.6, while a 60% miss costs 0.9. Use both — Brier for overall accuracy, log loss to catch overconfidence.
Write down your probability and the Polymarket price at the same moment, then score both once the markets resolve. If your Brier score beats the market's across a few dozen questions, your forecasts carry information the market lacked. Current prices are on Polymarket odds today; the EV calculator shows what an edge is worth.
Lower is better. Always forecasting 50% scores 0.25, so anything clearly below that shows skill; strong forecasters on hard questions often land between 0.10 and 0.20.
For each forecast, subtract the outcome (1 if it happened, 0 if not) from the probability and square it; the Brier score is the average over all forecasts.
Both reward accurate probabilities. Log loss (−ln of the probability you gave the actual outcome) punishes confident misses far more heavily than the Brier score does.
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