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Inside this Book – This book, while standalone, is a continuation of the Incerto collection, which is a combination of a) practical discussions, b) philosophical tales, and c) scientific and analytical commentary on the problems of randomness, and how to live, eat, sleep, argue, fight, befriend, work, have fun, and make decisions under uncertainty. While accessible to a broad group of readers, don’t be fooled: the Incerto is an essay, not a popularization of works done elsewhere in boring form (leaving aside the Incerto’s technical companion). Skin in the Game is about four topics in one: a) uncertainty and the reliability of knowledge (both practical and scientific, assuming there is a difference), or in less polite words bull***t detection, b) symmetry in human affairs, that is, fairness, justice, responsibility, and reciprocity, c) information sharing in transactions, and d) rationality in complex systems and in the real world. That these four cannot be disentangled is something that is obvious when one has… skin in the game. * It is not just that skin in the game is necessary for fairness, commercial efficiency, and risk management: skin in the game is necessary to understand the world.
Inside this book –Skin in the Game PDF Book by Nassim Nicholas Taleb – Why you don’t have to smoke in the smoking section—Your food choices on the fall of the Saudi king—How to prevent a friend from working too hard—Omar Sharif’s conversion—How to make a market collapse he main idea behind complex systems is that the ensemble behaves in ways not predicted by its components. The interactions matter more than the nature of the units. Studying individual ants will almost never give us a clear indication of how the ant colony operates. For that, one needs to understand an ant colony as an ant colony, no less, no more, not a collection of ants. This is called an “emergent” property of the whole, by which parts and whole differ because what matters are the interactions between such parts. And interactions can obey very simple rules. The rule we discuss in this chapter is the minority rule, the mother of all asymmetries. It suffices for an intransigent minority—a certain type of intransigent minority—with significant skin in the game (or, better, soul in the game) to reach a minutely small level, say 3 or 4 percent of the total population, for the entire population to have to submit to their preferences. Further, an optical illusion comes with the dominance of the minority: a naive observer (who looks at the standard average) would be under the impression that the choices and preferences are those of the majority. If it seems absurd, it is because our scientific intuitions aren’t calibrated for this. (Fughedabout scientific and academic intuitions and snap judgments; they don’t work, and your standard intellectualization fails with complex systems, though your grandmothers’ wisdom doesn’t.) Among other things, many other things, the minority rule will show us how all it takes is a small number of intolerant, virtuous people with skin in the game, in the form of courage, for society to function properly.
Skin in the Game by Nassim Nicholas Taleb PDF : eBook Information
- Full Book Name – Skin in the Game
- Author of this Book – Nassim Nicholas Taleb
- Language – English
- Book Genre – Nonfiction, Psychology, Philosophy, Business, Finance
- Download Format – PDF
- Size – 9.1 MB
- eBook Pages – 234
- Price – Free