The Ludic fallacy
Firm's must prepare themselves for those 'extreme events', no matter how much more comfortable life could seem without such a worry. Such was the subject matter of Nassim Nicholas Taleb's keynote speech at OpRisk USA 2008
Nassim Nicholas Taleb, author of bestselling book The Black Swan, stunned the audience with his keynote speech, opening OpRisk USA 2008 with something of a 'bang'.
"The probabilities that we have in real life have absolutely nothing to do with what you encounter in a casino. Nothing. I call it the Ludic fallacy," he said. "There are things that you can not mathematise, and by mathematising them, you close yourself to a representation of probabilities, which is misleading. In real life, you don't
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