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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 ...
The ludic fallacy, proposed by Nassim Nicholas Taleb in his book The Black Swan , is "the misuse of games to model real-life situations". [1] Taleb explains the fallacy as "basing studies of chance on the narrow world of games and dice". [2] The adjective ludic originates from the Latin noun ludus, meaning "play, game, sport, pastime". [3]
The Black Swan: The Impact of the Highly Improbable is a 2007 book by Nassim Nicholas Taleb, who is a former options trader. The book focuses on the extreme impact of rare and unpredictable outlier events—and the human tendency to find simplistic explanations for these events, retrospectively. Taleb calls this the Black Swan theory.
Here are two black swans, but even with no black swans to possibly falsify it, "All swans are white" would still be shown falsifiable by "Here is a black swan"—a black swan would still be a state of affairs, only an imaginary one. [A]
A Black Swan fund is an investment fund based on the black swan theory that seek to reap big rewards from sharp market downturns. They became more known after the financial crisis of 2007–2008 . One example of a "Black Swan" fund is Universa, which was founded by Mark Spitznagel and advised by Nicholas Taleb .
For example, a business plan for a non-profit might discuss the fit between the business plan and the organization's mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization's ability to repay the loan.
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A grey swan is an event that is known and possible to happen, but which is assumed to be unlikely to occur. [1] The term derives from black swan theory, which describes an event which is unlikely but unknown. [1] In electrical engineering, gray swan refers to the kind of events that rarely happens but have great impact on power systems. [2]