Statistical consequences of fat tails. On new computational approaches to decision-making

The new book by the world-renowned thinker, author of 'The Black Swan' Nassim Nicholas Taleb, opens the series The Technical Incerto Collection and is dedicated to those classes of statistical distributions from which extreme events can be expected. If you are not familiar with graphs and formulas, then from this book you will only learn about scandals and the exposure of pseudo-scientists. If you have studied mathematical statistics, this book will help you relearn. If you are a student or a scientist, this book is a priceless master class. For the first time, research articles by Taleb and his students are collected under one cover, where in the unique Talebian style, the thought process of an applied mathematician facing a real-life problem is vividly and brightly traced, not knowing if it can be solved analytically, where to start, what to grab onto - but ready to unleash the entire arsenal of classical and modern mathematics and the power of computers if needed. The author and his followers generously share their early guesses, intuition, and analogies with the reader that ultimately helped them find a solution. 'The Incerto series of books is dedicated to survival in the real world with its structure of uncertainty, which is too complex for our understanding. The cycle aims to unite five areas of knowledge related to fat tails and extreme events: in mathematics, philosophy, social sciences, contract theory, and decision theory, - with the experience of professionals.' (Nassim Nicholas Taleb)