Question
Robin Hogarth has suggested that uncertainty lies within us, not in the world around us.Because of inadequacies in a) our levels of knowledge and b)
Robin Hogarth has suggested that uncertainty lies within us, not in the world around us.Because of inadequacies in a) our levels of knowledge and b) abilities to process information, we use terms such as "uncertain", "random", "probabilistic", or "chance" to describe events or processes.Strictly speaking, it is inaccurate to do so because the environment "knows" what it will do.As such, we must learn to make effective decisions under conditions of limited knowledge and uncertainty.
Question:
Nassim Taleb has written a bestselling book titled "Fooled by Randomness:The Hidden Role of Chance in Life and in the Markets."Would Hogarth agree with Taleb's title?Briefly, why or why not?
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