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Benno Hansen

Nassim Taleb: my rules for life | Books | The Observer - 0 views

www.guardian.co.uk/...-antifragile-finance-interview

black swan Nicholas Nassim Taleb economics statistics finance risk risk management

shared by Benno Hansen on 29 Nov 12 - No Cached
  • the "non-natural" has to prove its harmlessness
  • A clerk in a large company is fragile as he has only one source of income. A taxi driver is antifragile. A banker is fragile. A prostitute is antifragile.
  • Benno Hansen on 29 Nov 12
     
    ""An erudite is someone who displays less than he knows; a journalist or consultant the opposite.""
Benno Hansen

Blame Nobel for crisis, says author of Black Swan | Reuters - 0 views

www.reuters.com/...idUSTRE68R2SK20100928

Nassim Nicholas Taleb economy economics risk management nobel

shared by Benno Hansen on 03 Oct 10 - No Cached
  • "I want to remove the harm from these economic models. And the Nobel is not helping. They should be held partly responsible, if not largely responsible, for the crisis,
  • a list of Nobel prize winners who make his blood boil. They include: Harry Markowitz, William Sharpe, Robert Merton, Myron Scholes, Robert Engle, Franco Modigliani and Merton Miller
  • Forecasting methods, which he discusses in detail in his book, create a false sense of security or, worse, send people in the wrong direction. Universities then compound the problem by teaching these Nobel-approved ideas as orthodoxy.
Benno Hansen

Carbon pricing is planetary Russian Roulette - The Ecologist - 0 views

www.theecologist.org/...lanetary_russian_roulette.html

carbon Nassim Nicholas Taleb economy black swan risk risk management

shared by Benno Hansen on 28 Nov 09 - Cached
  • How do you price the tonne of carbon that, once burned, tips the balance and triggers catastrophic, irreversible global warming?This question is phrased to give scope for only one answer: there is no price and therefore carbon markets are pointless.
  • how effective is pricing in carbon markets?
  • There is no mechanism for pricing in this situation because the outcomes are so asymmetrical: extinction or cash.
  • ...4 more annotations...
  • prices are almost always imperfect for a number of reasons, ranging from lack of information to ignoring costs such as pollution
  • The theory of unintended consequences states simply that whatever we do in a complex system will have a range of consequences we did not intend and could not forecast because of our lack of knowledge.
  • the most important events in the future are the largest events and these we cannot forecast.
  • it would be stupid to discard carbon markets provided they are considered as only one innovation amongst many other areas which require innovation including education, law, business, technology etc.
Benno Hansen

FT.com / World - Class of '83 author recalls 'likeable' guy - 0 views

www.ft.com/...04-11de-a7ec-00144feab49a.html

economy Nassim Nicholas Taleb black swan economics risk

shared by Benno Hansen on 25 Oct 09 - Cached
  • The insider trading scandal is potentially embarrassing for Wharton, whose MBA degree is ranked the best in the world by the Financial Times. Business schools have been squirming recently as the financial crisis thrust some of their alumni into the unforgiving gaze of an angry public.
Benno Hansen

Fresh From Davos: Taleb and Roubini Summarize Their Warnings -- Seeking Alpha - 0 views

seekingalpha.com/...ubini-summarize-their-warnings

shared by Benno Hansen on 17 May 09 - Cached
  • The same people who did not see the financial crisis coming are still in charge.
  • The financial system needs to be more robust against "black swans." This will require living with less debt.
  • We need to eliminate the socialization of risk, privatization of profits.
  • ...2 more annotations...
  • We should get out of the mentality that we need to build debt on top of housing to drive the economy.
  • We need to invest in real (productive) physical and human capital
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