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Antifragile

Author : Nassim Nicholas Taleb
Publisher : Random House Trade Paperbacks
ISBN 13 : 0812979680
Total Pages : 546 pages
Book Rating : 4.8/5 (129 download)

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Book Synopsis Antifragile by : Nassim Nicholas Taleb

Download or read book Antifragile written by Nassim Nicholas Taleb and published by Random House Trade Paperbacks. This book was released on 2014-01-28 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: Antifragile is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are Fooled by Randomness, The Black Swan, Skin in the Game, and The Bed of Procrustes. Nassim Nicholas Taleb, the bestselling author of The Black Swan and one of the foremost thinkers of our time, reveals how to thrive in an uncertain world. Just as human bones get stronger when subjected to stress and tension, and rumors or riots intensify when someone tries to repress them, many things in life benefit from stress, disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. In The Black Swan, Taleb showed us that highly improbable and unpredictable events underlie almost everything about our world. In Antifragile, Taleb stands uncertainty on its head, making it desirable, even necessary, and proposes that things be built in an antifragile manner. The antifragile is beyond the resilient or robust. The resilient resists shocks and stays the same; the antifragile gets better and better. Furthermore, the antifragile is immune to prediction errors and protected from adverse events. Why is the city-state better than the nation-state, why is debt bad for you, and why is what we call “efficient” not efficient at all? Why do government responses and social policies protect the strong and hurt the weak? Why should you write your resignation letter before even starting on the job? How did the sinking of the Titanic save lives? The book spans innovation by trial and error, life decisions, politics, urban planning, war, personal finance, economic systems, and medicine. And throughout, in addition to the street wisdom of Fat Tony of Brooklyn, the voices and recipes of ancient wisdom, from Roman, Greek, Semitic, and medieval sources, are loud and clear. Antifragile is a blueprint for living in a Black Swan world. Erudite, witty, and iconoclastic, Taleb’s message is revolutionary: The antifragile, and only the antifragile, will make it. Praise for Antifragile “Ambitious and thought-provoking . . . highly entertaining.”—The Economist “A bold book explaining how and why we should embrace uncertainty, randomness, and error . . . It may just change our lives.”—Newsweek

Incerto 4-Book Bundle

Author : Nassim Nicholas Taleb
Publisher : Random House
ISBN 13 : 0812997697
Total Pages : 1253 pages
Book Rating : 4.8/5 (129 download)

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Book Synopsis Incerto 4-Book Bundle by : Nassim Nicholas Taleb

Download or read book Incerto 4-Book Bundle written by Nassim Nicholas Taleb and published by Random House. This book was released on 2016-01-26 with total page 1253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nassim Nicholas Taleb’s landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don’t understand, in nonoverlapping and standalone books. All four volumes—Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material—are now together in one ebook bundle. ANTIFRAGILE “Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides.”—The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls “antifragile” is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN “[A book] that altered modern thinking.”—The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we—especially the experts—are blind to them. FOOLED BY RANDOMNESS “[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther’s ninety-five theses were to the Catholic Church.”—Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill—the markets—Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES “Taleb’s crystalline nuggets of thought stand alone like esoteric poems.”—Financial Times This collection of aphorisms and meditations expresses Taleb’s major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.

The Great Mental Models, Volume 1

Author : Shane Parrish
Publisher : Penguin
ISBN 13 : 0593719972
Total Pages : 209 pages
Book Rating : 4.5/5 (937 download)

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Book Synopsis The Great Mental Models, Volume 1 by : Shane Parrish

Download or read book The Great Mental Models, Volume 1 written by Shane Parrish and published by Penguin. This book was released on 2024-10-15 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover the essential thinking tools you’ve been missing with The Great Mental Models series by Shane Parrish, New York Times bestselling author and the mind behind the acclaimed Farnam Street blog and “The Knowledge Project” podcast. This first book in the series is your guide to learning the crucial thinking tools nobody ever taught you. Time and time again, great thinkers such as Charlie Munger and Warren Buffett have credited their success to mental models–representations of how something works that can scale onto other fields. Mastering a small number of mental models enables you to rapidly grasp new information, identify patterns others miss, and avoid the common mistakes that hold people back. The Great Mental Models: Volume 1, General Thinking Concepts shows you how making a few tiny changes in the way you think can deliver big results. Drawing on examples from history, business, art, and science, this book details nine of the most versatile, all-purpose mental models you can use right away to improve your decision making and productivity. This book will teach you how to: Avoid blind spots when looking at problems. Find non-obvious solutions. Anticipate and achieve desired outcomes. Play to your strengths, avoid your weaknesses, … and more. The Great Mental Models series demystifies once elusive concepts and illuminates rich knowledge that traditional education overlooks. This series is the most comprehensive and accessible guide on using mental models to better understand our world, solve problems, and gain an advantage.

The Coddling of the American Mind

Author : Greg Lukianoff
Publisher : Penguin
ISBN 13 : 0735224900
Total Pages : 352 pages
Book Rating : 4.7/5 (352 download)

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Book Synopsis The Coddling of the American Mind by : Greg Lukianoff

Download or read book The Coddling of the American Mind written by Greg Lukianoff and published by Penguin. This book was released on 2018-09-04 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Something is going wrong on many college campuses in the last few years. Rates of anxiety, depression, and suicide are rising. Speakers are shouted down. Students and professors say they are walking on eggshells and afraid to speak honestly. How did this happen? First Amendment expert Greg Lukianoff and social psychologist Jonathan Haidt show how the new problems on campus have their origins in three terrible ideas that have become increasingly woven into American childhood and education: what doesn’t kill you makes you weaker; always trust your feelings; and life is a battle between good people and evil people. These three Great Untruths are incompatible with basic psychological principles, as well as ancient wisdom from many cultures. They interfere with healthy development. Anyone who embraces these untruths—and the resulting culture of safetyism—is less likely to become an autonomous adult able to navigate the bumpy road of life. Lukianoff and Haidt investigate the many social trends that have intersected to produce these untruths. They situate the conflicts on campus in the context of America’s rapidly rising political polarization, including a rise in hate crimes and off-campus provocation. They explore changes in childhood including the rise of fearful parenting, the decline of unsupervised play, and the new world of social media that has engulfed teenagers in the last decade. This is a book for anyone who is confused by what is happening on college campuses today, or has children, or is concerned about the growing inability of Americans to live, work, and cooperate across party lines.

The Bed of Procrustes

Author : Nassim Nicholas Taleb
Publisher : Random House
ISBN 13 : 0679643680
Total Pages : 209 pages
Book Rating : 4.6/5 (796 download)

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Book Synopsis The Bed of Procrustes by : Nassim Nicholas Taleb

Download or read book The Bed of Procrustes written by Nassim Nicholas Taleb and published by Random House. This book was released on 2010-11-30 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author of the modern classics The Black Swan, Fooled by Randomness, and Antifragile, Nassim Nicholas Taleb expresses major ideas in ways you least expect in this collection of aphorisms and meditations—now expanded with fifty percent more material than the hardcover. The Bed of Procrustes takes its title from the Greek myth of a man who made his visitors fit his bed to perfection, either by stretching them or by cutting their limbs. It represents Taleb’s view of modern civilization’s hubristic side effects—modifying humans to satisfy technology, blaming reality for not fitting economic models, inventing diseases to sell drugs, defining intelligence as what can be tested in a classroom, and convincing people that employment is not slavery. Playful and irreverent, these aphorisms will surprise you by exposing self-delusions you have been living with but never recognized. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical values of courage, elegance, and erudition with the modern diseases of nerdiness, philistinism, and phonies.

Incerto

Author : Nassim Nicholas Taleb
Publisher : Random House Trade
ISBN 13 : 059324365X
Total Pages : 1873 pages
Book Rating : 4.5/5 (932 download)

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Book Synopsis Incerto by : Nassim Nicholas Taleb

Download or read book Incerto written by Nassim Nicholas Taleb and published by Random House Trade. This book was released on 2021-05-04 with total page 1873 pages. Available in PDF, EPUB and Kindle. Book excerpt: The landmark five-book series--all together in one boxed set The Incerto is an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision making when we don't understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientific discussions, in non-overlapping volumes that can be accessed in any order. The main thread is that while there is inordinate uncertainty about what is going on, there is great certainty as to what one should do about it. This boxed set includes: FOOLED BY RANDOMNESS THE BLACK SWAN THE BED OF PROCRUSTES ANTIFRAGILE SKIN IN THE GAME

Myth, Meaning, and Antifragile Individualism

Author : Marc Champagne
Publisher : Andrews UK Limited
ISBN 13 : 1788360311
Total Pages : 173 pages
Book Rating : 4.7/5 (883 download)

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Book Synopsis Myth, Meaning, and Antifragile Individualism by : Marc Champagne

Download or read book Myth, Meaning, and Antifragile Individualism written by Marc Champagne and published by Andrews UK Limited. This book was released on 2020-02-11 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jordan Peterson has attracted a high level of attention. Controversies may bring people into contact with Peterson's work, but ideas are arguably what keep them there. Focusing on those ideas, this book explores Peterson's answers to perennial questions. What is common to all humans, regardless of their background? Is complete knowledge ever possible? What would constitute a meaningful life? Why have humans evolved the capacity for intelligence? Should one treat others as individuals or as members of a group? Is a single person powerless in the face of evil? What is the relation between speech, thought, and action? Why have religious myths and narratives figured so prominently in human history? Are the hierarchies we find in society good or bad? After devoting a chapter to each of these questions, Champagne unites the different strands of Peterson's thinking in a handy summary. Champagne then spends the remaining third of the book articulating his main critical concerns. He argues that while building on tradition is inevitable and indeed desirable, Peterson’s individualist project is hindered by the non-revisable character and self-sacrificial content of religious belief. This engaging multidisciplinary study is ideal for those who know little about Peterson’s views, or for those who are familiar but want to see more clearly how Peterson’s views hang together. The debates spearheaded by Peterson are in full swing, so Myth, Meaning, and Antifragile Individualism should become a reference point for any serious engagement with Peterson’s ideas.

Anti-fragile ICT Systems

Author : Kjell Jørgen Hole
Publisher : Springer
ISBN 13 : 3319300709
Total Pages : 159 pages
Book Rating : 4.3/5 (193 download)

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Book Synopsis Anti-fragile ICT Systems by : Kjell Jørgen Hole

Download or read book Anti-fragile ICT Systems written by Kjell Jørgen Hole and published by Springer. This book was released on 2016-03-22 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces a novel approach to the design and operation of large ICT systems. It views the technical solutions and their stakeholders as complex adaptive systems and argues that traditional risk analyses cannot predict all future incidents with major impacts. To avoid unacceptable events, it is necessary to establish and operate anti-fragile ICT systems that limit the impact of all incidents, and which learn from small-impact incidents how to function increasingly well in changing environments. The book applies four design principles and one operational principle to achieve anti-fragility for different classes of incidents. It discusses how systems can achieve high availability, prevent malware epidemics, and detect anomalies. Analyses of Netflix’s media streaming solution, Norwegian telecom infrastructures, e-government platforms, and Numenta’s anomaly detection software show that cloud computing is essential to achieving anti-fragility for classes of events with negative impacts.

Skin in the Game

Author : Nassim Nicholas Taleb
Publisher : Random House
ISBN 13 : 0425284638
Total Pages : 305 pages
Book Rating : 4.4/5 (252 download)

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Book Synopsis Skin in the Game by : Nassim Nicholas Taleb

Download or read book Skin in the Game written by Nassim Nicholas Taleb and published by Random House. This book was released on 2018-02-27 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: #1 NEW YORK TIMES BESTSELLER • A bold work from the author of The Black Swan that challenges many of our long-held beliefs about risk and reward, politics and religion, finance and personal responsibility In his most provocative and practical book yet, one of the foremost thinkers of our time redefines what it means to understand the world, succeed in a profession, contribute to a fair and just society, detect nonsense, and influence others. Citing examples ranging from Hammurabi to Seneca, Antaeus the Giant to Donald Trump, Nassim Nicholas Taleb shows how the willingness to accept one’s own risks is an essential attribute of heroes, saints, and flourishing people in all walks of life. As always both accessible and iconoclastic, Taleb challenges long-held beliefs about the values of those who spearhead military interventions, make financial investments, and propagate religious faiths. Among his insights: • For social justice, focus on symmetry and risk sharing. You cannot make profits and transfer the risks to others, as bankers and large corporations do. You cannot get rich without owning your own risk and paying for your own losses. Forcing skin in the game corrects this asymmetry better than thousands of laws and regulations. • Ethical rules aren’t universal. You’re part of a group larger than you, but it’s still smaller than humanity in general. • Minorities, not majorities, run the world. The world is not run by consensus but by stubborn minorities imposing their tastes and ethics on others. • You can be an intellectual yet still be an idiot. “Educated philistines” have been wrong on everything from Stalinism to Iraq to low-carb diets. • Beware of complicated solutions (that someone was paid to find). A simple barbell can build muscle better than expensive new machines. • True religion is commitment, not just faith. How much you believe in something is manifested only by what you’re willing to risk for it. The phrase “skin in the game” is one we have often heard but rarely stopped to truly dissect. It is the backbone of risk management, but it’s also an astonishingly rich worldview that, as Taleb shows in this book, applies to all aspects of our lives. As Taleb says, “The symmetry of skin in the game is a simple rule that’s necessary for fairness and justice, and the ultimate BS-buster,” and “Never trust anyone who doesn’t have skin in the game. Without it, fools and crooks will benefit, and their mistakes will never come back to haunt them.”

Fooled by Randomness

Author : Nassim Nicholas Taleb
Publisher : Random House
ISBN 13 : 1588367673
Total Pages : 369 pages
Book Rating : 4.5/5 (883 download)

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Book Synopsis Fooled by Randomness by : Nassim Nicholas Taleb

Download or read book Fooled by Randomness written by Nassim Nicholas Taleb and published by Random House. This book was released on 2008-10-14 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fooled by Randomness is a standalone book in Nassim Nicholas Taleb’s landmark Incerto series, an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision-making in a world we don’t understand. The other books in the series are The Black Swan, Antifragile, Skin in the Game, and The Bed of Procrustes. Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill. This book is about luck–or more precisely, about how we perceive and deal with luck in life and business. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill–the world of trading–Fooled by Randomness provides captivating insight into one of the least understood factors in all our lives. Writing in an entertaining narrative style, the author tackles major intellectual issues related to the underestimation of the influence of happenstance on our lives. The book is populated with an array of characters, some of whom have grasped, in their own way, the significance of chance: the baseball legend Yogi Berra; the philosopher of knowledge Karl Popper; the ancient world’s wisest man, Solon; the modern financier George Soros; and the Greek voyager Odysseus. We also meet the fictional Nero, who seems to understand the role of randomness in his professional life but falls victim to his own superstitious foolishness. However, the most recognizable character of all remains unnamed–the lucky fool who happens to be in the right place at the right time–he embodies the “survival of the least fit.” Such individuals attract devoted followers who believe in their guru’s insights and methods. But no one can replicate what is obtained by chance. Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? It may be impossible to guard ourselves against the vagaries of the goddess Fortuna, but after reading Fooled by Randomness we can be a little better prepared. Named by Fortune One of the Smartest Books of All Time A Financial Times Best Business Book of the Year

Building Anti-Fragile Organisations

Author : Tony Bendell
Publisher : Routledge
ISBN 13 : 1317171063
Total Pages : 268 pages
Book Rating : 4.3/5 (171 download)

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Book Synopsis Building Anti-Fragile Organisations by : Tony Bendell

Download or read book Building Anti-Fragile Organisations written by Tony Bendell and published by Routledge. This book was released on 2016-04-22 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every day human organisations fail. Building Anti-Fragile Organisations explores a powerful alternative framework for risk in the design and management of human systems. Anti-Fragility is a new way of thinking about mitigating risk that builds on earlier work on the characteristics of biological systems that, being more than just robust, actually improve their resilience through being stressed. Professor Bendell explains how applying this concept to the development and management of organisations, services and products, allows us to identify the characteristics that will not only mitigate against the realisation of hazards, but enable growth in protection, strength and anti-fragility over time. In this context, anti-fragility also encompasses flexibility, agility and the exploitation of opportunities. At the organisational level, anti-fragility (or its absence) is determined by the organisational strategy, structure and systems, its people, relationships and culture. The book focuses on establishing the Anti-Fragile concept of the firm, and explores its application in private and public sector organisations of all types. It identifies characteristics relevant to survival in a turbulent world, and how our approaches to risk and governance need to change in order to create and manage anti-fragile organisations. It provides practical insight into the concept of Anti-Fragility and its deployment within human organisations of all types, and give readers the opportunity to start to make sense to applying the concepts within their own worlds.

Incerto 5-Book Bundle

Author : Nassim Nicholas Taleb
Publisher : Random House
ISBN 13 : 0593243668
Total Pages : 1345 pages
Book Rating : 4.5/5 (932 download)

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Book Synopsis Incerto 5-Book Bundle by : Nassim Nicholas Taleb

Download or read book Incerto 5-Book Bundle written by Nassim Nicholas Taleb and published by Random House. This book was released on 2021-05-04 with total page 1345 pages. Available in PDF, EPUB and Kindle. Book excerpt: The landmark five-book series—all together in one ebook bundle The Incerto is an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision making when we don’t understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientific discussions, in non-overlapping volumes that can be accessed in any order. The main thread is that while there is inordinate uncertainty about what is going on, there is great certainty as to what one should do about it. This ebook bundle includes: FOOLED BY RANDOMNESS THE BLACK SWAN THE BED OF PROCRUSTES ANTIFRAGILE SKIN IN THE GAME

The Black Swan

Author : Nassim Nicholas Taleb
Publisher : Random House Digital, Inc.
ISBN 13 : 0812979184
Total Pages : 388 pages
Book Rating : 4.8/5 (129 download)

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Book Synopsis The Black Swan by : Nassim Nicholas Taleb

Download or read book The Black Swan written by Nassim Nicholas Taleb and published by Random House Digital, Inc.. This book was released on 2009-10-13 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the author's point of view, a black swan is an improbable event with three principal characteristics - It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random, and more predictable, than it was. Why do we not acknowledge the phenomenon of black swans until after they occur? Part of the answer, according to Taleb, is that humans are hardwired to learn specifics when they should be focused on generalities. We concentrate on things we already know and time and time again fail to take into consideration what we don't know. We are, therefore, unable to truly estimate opportunities, too vulnerable to the impulse to simplify, narrate, and categorize, and not open enough to rewarding those who can imagine the 'impossible'.

Antifragile Systems and Teams

Author : Dave Zwieback
Publisher : "O'Reilly Media, Inc."
ISBN 13 : 149190853X
Total Pages : 19 pages
Book Rating : 4.4/5 (919 download)

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Book Synopsis Antifragile Systems and Teams by : Dave Zwieback

Download or read book Antifragile Systems and Teams written by Dave Zwieback and published by "O'Reilly Media, Inc.". This book was released on 2014-04-21 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: How Can DevOps Make You Antifragile? All complex computer systems eventually break, despite all of the heavy-handed, bureaucratic change-management processes we throw at them. But some systems are clearly more fragile than others, depending on how well they cope with stress. In this O’Reilly report, Dave Zwieback explains how the DevOps methodology can help make your system antifragile. Systems are fragile when organizations are unprepared to handle changing conditions. As generalists adept at several roles, DevOps practitioners adjust more easily to the fast pace of change. Rather than attempt to constrain volatility, DevOps embraces disorder, randomness, and impermanence to make systems even better. This concise report covers: Why Etsy, Netflix, and other antifragile companies constantly introduce volatility to test and upgrade their systems How DevOps removes the schism between developers and operations, enlisting developers to deploy as well as build Using continual experimentation and minor failures to make critical adjustments—and discover breakthroughs How an overreliance on measurement and automation can make systems fragile Why sharing increases trust, collaboration, and tribal knowledge Download this free report and learn how the DevOps philosophy of Culture, Automation, Measurement, and Sharing makes use of changing conditions and even embarrassing mistakes to help improve your system—and your organization. Dave Zwieback has been managing large-scale, mission-critical infrastructure and teams for 17 years.

Statistical Consequences of Fat Tails

Author : Nassim Nicholas Taleb
Publisher :
ISBN 13 : 9781544508054
Total Pages : pages
Book Rating : 4.5/5 (8 download)

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Book Synopsis Statistical Consequences of Fat Tails by : Nassim Nicholas Taleb

Download or read book Statistical Consequences of Fat Tails written by Nassim Nicholas Taleb and published by . This book was released on 2020-06-30 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The book investigates the misapplication of conventional statistical techniques to fat tailed distributions and looks for remedies, when possible. Switching from thin tailed to fat tailed distributions requires more than "changing the color of the dress." Traditional asymptotics deal mainly with either n=1 or n=∞, and the real world is in between, under the "laws of the medium numbers"-which vary widely across specific distributions. Both the law of large numbers and the generalized central limit mechanisms operate in highly idiosyncratic ways outside the standard Gaussian or Levy-Stable basins of convergence. A few examples: - The sample mean is rarely in line with the population mean, with effect on "naïve empiricism," but can be sometimes be estimated via parametric methods. - The "empirical distribution" is rarely empirical. - Parameter uncertainty has compounding effects on statistical metrics. - Dimension reduction (principal components) fails. - Inequality estimators (Gini or quantile contributions) are not additive and produce wrong results. - Many "biases" found in psychology become entirely rational under more sophisticated probability distributions. - Most of the failures of financial economics, econometrics, and behavioral economics can be attributed to using the wrong distributions. This book, the first volume of the Technical Incerto, weaves a narrative around published journal articles.

The Anti-Fragility Edge

Author : Sinan Si Alhir
Publisher : Lid Publishing
ISBN 13 : 9780996943307
Total Pages : 208 pages
Book Rating : 4.9/5 (433 download)

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Book Synopsis The Anti-Fragility Edge by : Sinan Si Alhir

Download or read book The Anti-Fragility Edge written by Sinan Si Alhir and published by Lid Publishing. This book was released on 2016-12-13 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's business world, business organizations experience unprecedented levels of disruption and can only expect the unexpected! While they must perform in a VUCA world (one characterized by volatility, uncertainty, complexity, and ambiguity), their ability to OODA (observe, orient, decide, and act) is no longer enough to survive and thrive amidst disorder! While agility is quintessential for adapting in this new reality, antifragility is quintessential for evolving in this new reality! Conclusively, business organizations must embrace this new reality and emerge stronger! In "The Antifragility Edge: Antifragility in Practice," Si Alhir demystifies antifragility, explores how antifragility may be operationalized or put into practice by business organizations (at the individual, collective, and enterprise level), and offers an actionable roadmap for how business organizations can achieve greater antifragility.

Fooled by Randomness

Author : Nassim Nicholas Taleb
Publisher : Editeurs divers USA
ISBN 13 : 0399590455
Total Pages : 1570 pages
Book Rating : 4.3/5 (995 download)

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Book Synopsis Fooled by Randomness by : Nassim Nicholas Taleb

Download or read book Fooled by Randomness written by Nassim Nicholas Taleb and published by Editeurs divers USA. This book was released on 2016 with total page 1570 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nassim Nicholas Taleb's landmark Incerto series is an investigation of luck, uncertainty, probability, opacity, human error, risk, disorder, and decision-making in a world we don't understand, in nonoverlapping and standalone books. All four volumes--Antifragile, The Black Swan, Fooled by Randomness, and the expanded edition of The Bed of Procrustes, updated with more than 50 percent new material--are now together in one boxed set. ANTIFRAGILE "Startling . . . richly crammed with insights, stories, fine phrases and intriguing asides."--The Wall Street Journal Just as human bones get stronger when subjected to stress and tension, many things in life benefit from disorder, volatility, and turmoil. What Taleb has identified and calls "antifragile" is that category of things that not only gain from chaos but need it in order to survive and flourish. The resilient resists shocks and stays the same; the antifragile gets better and better. What is crucial is that the antifragile loves errors, as it incurs small harm and large benefits from them. Spanning politics, urban planning, war, personal finance, economic systems, and medicine in an interdisciplinary and erudite style, Antifragile is a blueprint for living in a Black Swan world. THE BLACK SWAN "[A book] that altered modern thinking."--The Times (London) A black swan is a highly improbable event with three principal characteristics: It is unpredictable; it carries a massive impact; and, after the fact, we concoct an explanation that makes it appear less random and more predictable. The astonishing success of Google was a black swan; so was 9/11. In this groundbreaking and prophetic book, Taleb shows that black swan events underlie almost everything about our world, from the rise of religions to events in our own personal lives, and yet we--especially the experts--are blind to them. FOOLED BY RANDOMNESS "[Fooled by Randomness] is to conventional Wall Street wisdom approximately what Martin Luther's ninety-five theses were to the Catholic Church."--Malcolm Gladwell, The New Yorker Are we capable of distinguishing the fortunate charlatan from the genuine visionary? Must we always try to uncover nonexistent messages in random events? Fooled by Randomness is about luck: more precisely, about how we perceive luck in our personal and professional experiences. Set against the backdrop of the most conspicuous forum in which luck is mistaken for skill--the markets--Fooled by Randomness is an irreverent, eye-opening, and endlessly entertaining exploration of one of the least understood forces in our lives. THE BED OF PROCRUSTES "Taleb's crystalline nuggets of thought stand alone like esoteric poems."--Financial Times This collection of aphorisms and meditations expresses Taleb's major ideas in ways you least expect. The Bed of Procrustes takes its title from Greek mythology: the story of a man who made his visitors fit his bed to perfection by either stretching them or cutting their limbs. With a rare combination of pointed wit and potent wisdom, Taleb plows through human illusions, contrasting the classical views of courage, elegance, and erudition against the modern diseases of nerdiness, philistinism, and phoniness.