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An erosion gully in Australia caused by rabbits, an unintended consequence of their introduction as game animals. In the social sciences, unintended consequences (sometimes unanticipated consequences or unforeseen consequences, more colloquially called knock-on effects) are outcomes of a purposeful action that are not intended or foreseen.
Taleb contends that banks and trading firms are very vulnerable to hazardous black swan events and are exposed to unpredictable losses. On the subject of business, and quantitative finance in particular, Taleb critiques the widespread use of the normal distribution model employed in financial engineering , calling it a Great Intellectual Fraud .
Relational antonyms are word pairs where opposite makes sense only in the context of the relationship between the two meanings (teacher, pupil). These more restricted meanings may not apply in all scholarly contexts, with Lyons (1968, 1977) defining antonym to mean gradable antonyms, and Crystal (2003) warning that antonymy and antonym should ...
It is used in law to describe a decision or action that is motivated by hatred or anger instead of reason and is detrimental to those whom it affects. ab origine: from the source: i.e., from the origin, beginning, source, or commencement; or, "originally". Root of the word aboriginal. ab ovo: from the egg: i.e., from the beginning or origin.
A merchant ship in heavy seas as a large wave looms ahead, Bay of Biscay, c. 1940. Rogue waves (also known as freak waves or killer waves) are large and unpredictable surface waves that can be extremely dangerous to ships and isolated structures such as lighthouses. [1]
One manifestation of the overconfidence effect is the tendency to overestimate one's standing on a dimension of judgment or performance. This subsection of overconfidence focuses on the certainty one feels in their own ability, performance, level of control, or chance of success.
Oxymorons are words that communicate contradictions. An oxymoron (plurals: oxymorons and oxymora) is a figure of speech that juxtaposes concepts with opposite meanings within a word or in a phrase that is a self-contradiction. As a rhetorical device, an oxymoron illustrates a point to communicate and reveal a paradox.
Most theoretical analyses of risky choices depict each option as a gamble that can yield various outcomes with different probabilities. [2] Widely accepted risk-aversion theories, including Expected Utility Theory (EUT) and Prospect Theory (PT), arrive at risk aversion only indirectly, as a side effect of how outcomes are valued or how probabilities are judged. [3]