
Nassim Nicholas Taleb on Rationality, Risk, and Skin in the Game
EconTalk
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What Is an Absorbing Barrier?
The notion of survival is central to the lessons that you have to teach in terms of decision making under uncertainty and dusk an in the game. So for most people don't realize that, as one mothod keeps saying, he says, in order to make money, you must first survive. It's not like an option. It's a condition. And if you hit, once you hit that point, let's be undone, you yor er, your you're finished. That applies in the financial world, of course, to the whatl we call ruin, financial ruin. But it can be any formo ruin. It can be ecological ruin. It could be personal ruin. Could
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