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Fermi estimation: order-of-magnitude from anchored factors

Bracket the answer with order-of-magnitude factors that are easy to estimate. Geometric mean of low and high gives you within one order of magnitude.

Method · Fermi Estimation
Intro

Fermi estimation answers questions like “how many X in city Y?” by decomposing the unknown into a product of factors you each have rough intuition about. The recipe: (i) write the unknown as a multiplicative chain of 3–5 ratios, (ii) anchor each factor to something you know, (iii) multiply (in logs to propagate uncertainty cleanly). The goal is the right order of magnitude, not the right number β€” and the discipline is being honest about which factors you actually have evidence for.

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