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A black swan (Cygnus atratus) in Australia. The black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight. The term is based on a Latin expression which presumed that black swans did ...
This is the problem of induction. Suppose we want to put the hypothesis that all swans are white to the test. We come across a white swan. We cannot validly argue (or induce) from "here is a white swan" to "all swans are white"; doing so would require a logical fallacy such as, for example, affirming the consequent. [3]
The observation of these black swans contradicts the law "All swans are white", but even if there were no black swans, the law would still be falsifiable, because identifying a swan and observing the color black would remain possible. Informally, a statement is falsifiable if some observation might show it to be false.
A perfect storm led to Bayesian sinking, experts say. The combination of unlikely factors that could have contributed to the ship's fate constituted a "black swan event," Matthew Schanck, chairman ...
It’s a white swan event,” Taleb said during the interview. He believes the economic risks we currently face are obvious. After years of ultra-low interest rates in the U.S., Americans have ...
It is an example of jumping to conclusions. [2] For example, one may generalize about all people or all members of a group from what one knows about just one or a few people: If one meets a rude person from a given country X, one may suspect that most people in country X are rude. If one sees only white swans, one may suspect that all swans are ...
The book asserts that a "Black Swan" event depends on the observer: for example, what may be a Black Swan surprise for a turkey is not a Black Swan surprise for its butcher. Hence the objective should be to "avoid being the turkey", by identifying areas of vulnerability in order to "turn the Black Swans white".
White privilege means not having nearly every deck of cards stacked against you from the moment you’re born, just because you happen to be a certain race. 10 Everyday Examples of the Glaring ...