Description

The Black Swan: The Impact of the Highly Improbable By Nassim Nicholas Taleb ... In Black Swan: The Impact of The Highly Improbable, the author projects randomness and uncertainty as a single idea. He puts forth a theory that promotes the idea and value of a society that stands robust in the face of negative events, and manipulates the positive ones to its advantage.According to Taleb, a Black Swan event is a rare event that has large magnitude and powerful consequences owing to its unpredictability. Such an event is initially a surprise to its observer, but is rationalized by him/her in retrospect. World War I, the rise of the Internet, and the 9/11 attacks on the World Trade Center are cited as examples of Black Swan events. Taleb introduces a fictional character called Yevgenia Nikolayevna Krasnova to elucidate his theory. Krasnova is a neuroscientist, who is interested in philosophy. She writes a book called A Story Of Recursion. A small publishing firm picks up the book and publishes it in its unedited form. In an unexpected turn of events, the book goes on to become an international bestseller, catapulting the author and the publishing firm to fame. This event is described as a Black Swan Event.The book is divided into four parts. Part 1 and the first section of Part 2 deal with psychology. The author then moves on to the subjects of science and business in the later part of Part 2 and the whole of Part 3. Part 4 provides strategies to enjoy life amidst all the uncertainties in the world. The book was first released in 2007 and went on to become extremely successful. It was listed by The Sunday Times as one of the 12 most influential books post World War II. It stayed on The New York Times bestseller list for 36 weeks. It was published in 32 languages, and sold almost 3 million copies as of February 2011.

Author

Nassim Nicholas Taleb Nassim Nicholas Taleb

Nassim Nicholas Taleb spent 21 years as a risk taker (quantitative trader) before becoming a flaneur and researcher in philosophical, mathematical and (mostly) practical problems with probability. 
 Taleb is the author of a multivolume essay, the Incerto (The Black Swan, Fooled by Randomness, Antifragile, and Skin in the Game) an investigation of opacity, luck, uncertainty, probability, human error, risk, and decision making when we don’t understand the world, expressed in the form of a personal essay with autobiographical sections, stories, parables, and philosophical, historical, and scientic discussions in nonover lapping volumes that can be accessed in any order. In addition to his trader life, Taleb has also written, as a backup of the Incerto, more than 50 scholarly papers in statistical physics, statistics, philosophy, ethics, economics, international affairs, and quantitative finance, all around the notion of risk and probability. Taleb is currently Distinguished Professor of Risk Engineering at NYU's Tandon School of Engineering (only a quarter time position). His current focus is on the properties of systems that can handle disorder ("antifragile"). Taleb believes that prizes, honorary degrees, awards, and ceremonialism debase knowledge by turning it into a

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