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
Nassim Nicholas Taleb, author of Skin in the Game, talks with EconTalk host Russ Roberts about the ideas in the book. This is the third episode of EconTalk with Taleb related to the general topic of skin in the game and how it affects decision-making and policy in an uncertain world. This episode focuses on rationality, religion, and the challenge of thinking about probability and risk correctly in a dynamic world.