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It's all in the conclusion.
Consequently, the long flat handle of thehockey stick is best understood to be a feature of regression and less a reflection ofour knowledge of the truth. Nevertheless, the temperatures of the last few decadeshave been relatively warm compared to many of the 1000-year temperature curvessampled from the posterior distribution of our model.Our main contribution is our efforts to seriously grapple with the uncertaintyinvolved in paleoclimatological reconstructions. Regression of high-dimensionaltime series is always a complex problem with many traps. In our case, the particularchallenges include (i) a short sequence of training data, (ii) more predictors thanobservations, (iii) a very weak signal, and (iv) response and predictor variableswhich are both strongly autocorrelated. The final point is particularly troublesome:since the data is not easily modeled by a simple autoregressive process, it followsthat the number of truly independent observations (i.e., the effective sample size) may be just too small for accurate reconstruction.
And later reconstructions have much larger sample sizes with dozens of proxies and thousands of datapoints.
And it's quite clear that it shows the original MBH98 findings were pretty much spot on.
I notice you still never can answer those questions...only copy and paste.