The validity of probabilistic predictors

We start by summarizing the reasons why unbiased point prediction models are important across various domains and applications:

• Accuracy and reliability: An unbiased model ensures that the predictions it generates are accurate and reliable on average, meaning that the model is neither systematically overestimating nor underestimating the true values. This accuracy is crucial for making well-informed decisions, minimizing risks, and improving the overall performance of a system.
• Trust and credibility: Unbiased prediction models help build trust and credibility among stakeholders, as they provide a reliable basis for decision-making. Users can have more confidence in the outputs generated by an unbiased model, knowing that it is not skewed or favoring any specific outcome.
• Fairness and equity: In some applications, such as finance, healthcare, and human resources, unbiased models are essential to ensure fairness and equity among...