The idea for insurance, and they understand the problem very well. In many domains, you cannot do that. The reservoir has not been filled. So what happens in the end? Ris accumulates 100 % pobability of one. Who is your next best economist, after alin's messag? That would be a hie is erigo.
Nassim Nicholas Taleb, author of Antifragile, Black Swan, and Fooled by Randomness, talks with EconTalk host Russ Roberts about a recent co-authored paper on the risks of genetically modified organisms (GMOs) and the use of the Precautionary Principle. Taleb contrasts harm with ruin and explains how the differences imply different rules of behavior when dealing with the risk of each. Taleb argues that when considering the riskiness of GMOs, the right understanding of statistics is more valuable than expertise in biology or genetics. The central issue that pervades the conversation is how to cope with a small non-negligible risk of catastrophe.