Probability and Economic Consequences
- Black swan theory, term developed by Nassim Taleb to label unexpected, rare events
- The Black Swan, a book by Nassim Taleb often cited in financial circles
Read more about this topic: Black Swans
Famous quotes containing the words probability, economic and/or consequences:
“The probability of learning something unusual from a newspaper is far greater than that of experiencing it; in other words, it is in the realm of the abstract that the more important things happen in these times, and it is the unimportant that happens in real life.”
—Robert Musil (1880–1942)
“What exacerbates the strain in the working class is the absence of money to pay for services they need, economic insecurity, poor daycare, and lack of dignity and boredom in each partner’s job. What exacerbates it in upper-middle class is the instability of paid help and the enormous demands of the career system in which both partners become willing believers. But the tug between traditional and egalitarian models of marriage runs from top to bottom of the class ladder.”
—Arlie Hochschild (20th century)
“[As teenager], the trauma of near-misses and almost- consequences usually brings us to our senses. We finally come down someplace between our parents’ safety advice, which underestimates our ability, and our own unreasonable disregard for safety, which is our childlike wish for invulnerability. Our definition of acceptable risk becomes a product of our own experience.”
—Roger Gould (20th century)