There’s a problem with the election polls

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Cross-posted from Mark the Ballot:

A couple of days ago I made the following statement:

I must admit that the under-dispersion of the recent polls troubles me a little. If the polls were normally distributed, I would expect to see poll results outside of this one-point spread for each side. Because there is under-dispersion, I have wondered about the likelihood of a polling failure (in either direction). Has the under-dispersion come about randomly (unlikely but not impossible). Or is it an artefact of some process, such as online polling? Herding? Pollster self-censorship? Or some other process I have not identified?

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.