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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 ...
Taleb's five volume philosophical essay on uncertainty, titled Incerto, includes Fooled by Randomness (2001), The Black Swan (2007–2010), The Bed of Procrustes (2010), Antifragile (2012), and Skin in the Game (2018). It was originally published in November 2016 including only the first four books. The fifth book was added in August 2019.
Nassim Taleb is well known for his work as a trader and professor, as well as the author of the book " Black Swan." He often concentrates his work on market volatility and the likelihood of ...
Nicholas stresses therefore the surprising side and unpredictability of the black swan as well as their certainty (or unavoidability). Another concept that comes close to the concept of wild cards and black swans is the tipping point of Malcolm Gladwell's The Tipping Point, which actually is a special form of a wild card that realizes itself by ...
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.
The stock market crashed last month on recession fears but has since soared to fresh record highs as the Federal Reserve began cutting rates and China unveiled stimulus measures.. To Mark ...
It was first published in 2001. Updated editions were released a few years later. The book is the first part of Taleb's multi-volume philosophical essay on uncertainty, titled the Incerto, which also includes The Black Swan (2007–2010), The Bed of Procrustes (2010–2016), Antifragile (2012), and Skin in the Game (2018).
The smaller this value is, the weaker the test, and the closer one is to black swan territory. In practice the selection of the optimal decision, and the computation of its properties must be done by cross validation with historical data (if available), or on simulated data (if one knows how to simulate the dragon kings).