On predictability of rare events leveraging social media: a machine learning perspective

Information extracted from social media streams has been leveraged to forecast the outcome of a large number of real-world events, from political elections to stock market fluctuations. An increasing amount of studies demonstrates how the analysis of social media conversations provides cheap access to the wisdom of the crowd. However, extents and contexts in which such forecasting power can be effectively leveraged are still unverified at least in a systematic way. It is also unclear how social-media-based predictions compare to those based on alternative information sources. To address these issues, here we develop a machine learning framework that leverages social media streams to automatically identify and predict the outcomes of soccer matches. We focus in particular on matches in which at least one of the possible outcomes is deemed as highly unlikely by professional bookmakers. We argue that sport events offer a systematic approach for testing the predictive power of social media, and allow to compare such power against the rigorous baselines set by external sources. Despite such strict baselines, our framework yields above 8% marginal profit when used to inform simple betting strategies. The system is based on real-time sentiment analysis and exploits data collected immediately before the games, allowing for informed bets. We discuss the rationale behind our approach, describe the learning framework, its prediction performance and the return it provides as compared to a set of betting strategies. To test our framework we use both historical Twitter data from the 2014 FIFA World Cup games, and real-time Twitter data collected by monitoring the conversations about all soccer matches of four major European tournaments (FA Premier League, Serie A, La Liga, and Bundesliga), and the 2014 UEFA Champions League, during the period between Oct. 25th 2014 and Nov. 26th 2014.Comment: 10 pages, 10 tables, 8 figure

Urban Planning / #London2012: Towards citizen-contributed urban planning through sentiment analysis of twitter data

The dynamic nature of cities, understood as complex systems with a variety of concurring factors, poses significant challenges to urban analysis for supporting planning processes. This particularly applies to large urban events because their characteristics often contradict daily planning routines. Due to the availability of large amounts of data, social media offer the possibility for fine-scale spatial and temporal analysis in this context, especially regarding public emotions related to varied topics. Thus, this article proposes a combined approach for analyzing large sports events considering event days vs comparison days (before or after the event) and different user groups (residents vs visitors), as well as integrating sentiment analysis and topic extraction. Our results based on various analyses of tweets demonstrate that different spatial and temporal patterns can be identified, clearly distinguishing both residents and visitors, along with positive or negative sentiment. Furthermore, we could assign tweets to specific urban events or extract topics related to the transportation infrastructure. Although the results are potentially able to support urban planning processes of large events, the approach still shows some limitations including well-known biases in social media or shortcomings in identifying the user groups and in the topic modeling approach.(VLID)253312