Can we trust the 2020 US Election polls?

Can we trust the 2020 US Election polls?

Anders Nysteen
Senior Quantitative Analyst, Saxo Bank

A look at how pollsters have adjusted their methods for the 2020 election cycle.

The election result in 2016 seemed to show a catastrophic error in the US pre-election polls, triggering a great deal of forensic work on what went wrong. Investigations revealed that the national polls were actually quite accurate and correctly saw that Hillary Clinton would win the popular vote, with only a small deviation from the poll estimate. Specific state-level polls for Pennsylvania, Michigan and Wisconsin, however, were another matter. The polling averages for these three states showed Clinton with a solid lead. But they ended up going to Donald Trump by a razor-thin margin, making the difference in the election outcome.

In nearly all US Presidential elections, the winner of the national popular vote also wins the Electoral College and thus the presidency. This also appeared to be the case in the days leading up to Election Day 2016, where forecasts gave Clinton around a 90% probability of winning the presidency, with a range of 71% to 99%.

Below, we review some of the findings from analysts such as the American Association for Public Opinion Research (AAPOR) and Marist College’s Institute for Public Opinion regarding why key state polls underestimated the support for Trump.

1. Undecided voters played a significant role 
In key states, more than half of undecided votes went for Trump. In Pennsylvania, Michigan, Florida, and Wisconsin, 11-15% of voters made their decision in the final week. On a national basis, 20% of voters in 2016 had not decided three months prior to the election. This time around, things look a bit different. Three months before the 2020 election, only 10% of those polled said they were undecided (or did not care), but analysts still see this as sizeable enough to affect the election.

Undecided voters tend to be heavily affected by events, and studies have shown that negative campaigns and campaign ads may have a bigger effect on undecided voters than positive campaigning. Will Biden’s heavy negative ad spending and Trump’s recent cash woes tilt the balance for Biden, or can Trump make a sprint to the finish on a bad debate performance from Biden? Past election cycles show that significant changes can occur in the final weeks of the campaign, though the polls have been far more stable in this election cycle.

2. Adjustment for education level 
This was implemented in many national polls, but fewer state ones. Voters with higher education levels are more likely to complete surveys compared to less-educated peers. In a survey from 2017 looking at typical national polls, 45% of the respondents had a bachelor’s degree or higher, although this number was only around 30% in the general population.

During the two Obama elections, whites with lower educational achievement began tilting more Republican. Furthermore, less-educated voters tend to follow news on a less consistent basis and may thus be more open for persuasion – especially via targeted social media, a possibly decisive factor in battleground states in 2016. Key-states polls in the 2016 election may likely have had an overrepresentation of higher education levels, which were associated with the overestimated support for Clinton.

3. Geography
Geography plays a role when drawing representative samples for polls, as certain voter classifications may vote very differently depending on whether they live in urban, suburban or rural areas. Following the previous point, an uneducated white man living in the countryside may have a very different political opinion relative to an uneducated white man living in living in a large city or suburb in the same state.

4. A change in the voter turnout for key demographics 
This was another key factor in the 2016 election relative to the patterns in 2012. There was an increased participation among Republicans and rural voters in some key states, while the turnover decreased for some of the core Democratic voters – especially African Americans. The fact that Clinton had a significant lead in the polls may have kept some of the Democratic voters in their couch, feeling that their vote would not matter anyway. 

5. Shy Trump voters 
Trump voters that did not want to reveal themselves in the pre-election polls may have outnumbered the late-revealing Clinton voters in 2016, although no clear effect has been definitively proven. A recent study by CloudResearch shows that for the 2020 election, Trump voters are half as likely to reveal their true opinion about their preferred presidential candidate compared to Biden supporters.

Adjusting the 2020 polls
Polling organisations conduct surveys in different ways and through different media, and may thus be biased toward certain voter segments. As an example, 10% of American adults do not use the internet – an internet-based survey will underrepresent this group, which stereotypes might describe as a 65+ person with no higher education and low income, living in rural areas. The perfectly unbiased survey will forever remain unachievable, but being aware of these biases can help pollsters adjust for overrepresentations.

Over time, especially due to the internet, the barriers for conducting a poll have been drastically lowered, and the polling landscape is easily polluted by low-quality polls. In many polls, the errors tend to repeat in similar states, introducing a systematic miss, and the correlation between the poll results could easily be underestimated.

The typical polling margin is ±3% in state polls that can only ask a small subset of the whole population. Recent studies have shown that, when accounting for other possible errors such as the correlation between the state poll errors, the real-world margin of error should be twice as big. In practice, this means that some of the 2016 state polls would not have been able to call a winner within the uncertainty limits of the poll.

The larger polling organisations seem to be better prepared for the 2020 election, and are trying to learn from the pitfalls of their 2016 misses. Many of the errors above may be addressed by conducting thorough polling. One downside risk to this, however, is that it could result in polls which try to ‘overfit’ the 2016 scenario and may miss new developments specific to 2020. One new challenge is the Covid-19 pandemic, which may affect particular categories of voters more than others and may even lower overall turnout.

So, when analyzing 2020 election polls, one should be aware of i) how the survey group was selected, ii) if the survey is asking for other parameters such as education and geography, and iii) if the polls also report the uncertainty in their predictions. This seems to be a minimum requirement for conducting a reliable 2020 election poll, and if these things are not specified, one should be extra careful about drawing important conclusions.

The average error in national polls (first figure) has been in a downward trend and was relatively low for the 2016 election. The average error in state-level polls (second figure) was, however, higher in 2016 than in the past four presidential elections. Figures recreated from AAPOR.

Quarterly Outlook

01 /

  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

  • Equity Outlook: Will lower rates lift all boats in equities?

    Quarterly Outlook

    Equity Outlook: Will lower rates lift all boats in equities?

    Peter Garnry

    Chief Investment Strategist

    After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto...
  • FX Outlook: USD in limbo amid political and policy jitters

    Quarterly Outlook

    FX Outlook: USD in limbo amid political and policy jitters

    Charu Chanana

    Chief Investment Strategist

    As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ...
  • Macro Outlook: The US rate cut cycle has begun

    Quarterly Outlook

    Macro Outlook: The US rate cut cycle has begun

    Peter Garnry

    Chief Investment Strategist

    The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c...
  • Commodity Outlook: Gold and silver continue to shine bright

    Quarterly Outlook

    Commodity Outlook: Gold and silver continue to shine bright

    Ole Hansen

    Head of Commodity Strategy

  • FX: Risk-on currencies to surge against havens

    Quarterly Outlook

    FX: Risk-on currencies to surge against havens

    Charu Chanana

    Chief Investment Strategist

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo...
  • Equities: Are we blowing bubbles again

    Quarterly Outlook

    Equities: Are we blowing bubbles again

    Peter Garnry

    Chief Investment Strategist

    Explore key trends and opportunities in European equities and electrification theme as market dynami...
  • Macro: Sandcastle economics

    Quarterly Outlook

    Macro: Sandcastle economics

    Peter Garnry

    Chief Investment Strategist

    Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p...
  • Bonds: What to do until inflation stabilises

    Quarterly Outlook

    Bonds: What to do until inflation stabilises

    Althea Spinozzi

    Head of Fixed Income Strategy

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ...
  • Commodities: Energy and grains in focus as metals pause

    Quarterly Outlook

    Commodities: Energy and grains in focus as metals pause

    Ole Hansen

    Head of Commodity Strategy

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)

Saxo
40 Bank Street, 26th floor
E14 5DA
London
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo is a registered Trading Name of Saxo Capital Markets UK Ltd (‘Saxo’). Saxo is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

©   since 1992