Thanks for kicking off 2025 with such a great podcast! How about exploring how risk connects to liberalism in a future episode? That would be fascinating. Complimenti, buon lavoro e buon anno!
Key notes from the LoR 1: - Risk is an inevitable part of life and shouldn't be avoided at all costs. - Life would be dull without risks, but taking risks doesn’t always lead to new opportunities. - The concept of risk is often misunderstood or taken for granted, resulting in misinformation, especially in the media. - Risk is generally defined as the possibility of a negative event. - Risk and uncertainty are distinct concepts: Risk can be quantified and stems from identifiable factors (endogenous, exogenous, or both) Uncertainty cannot be quantified but complements the definition of risk. - Risk management involves: 1) Identifying potential damage. 2) Quantifying the likelihood of that damage using probability. - Risk management requires risks to be at least partially containable. - The impact of a negative event is subjective, as it varies based on individual circumstances (e.g., losing $1,000 affects a factory worker differently than Jeff Bezos). - Probability, used in risk modeling, is not entirely objective and often involves subjective judgment when selecting models. - Risks can be classified as: Risks we take on (e.g., starting a business). Risks we are subjected to (e.g., natural disasters, financial crashes). - Risk is dynamic; the risks we take can generate negative events that subject entire populations to consequences. - " It's better to assume risks you can quantify than to quantify risks you've already assumed " Nassim Nicholas Taleb. Thank you, professor, for such a concise and insightful course! I'm looking forward to many more enriching sessions 👏
Looking forward to this tremendously
Thanks for kicking off 2025 with such a great podcast! How about exploring how risk connects to liberalism in a future episode? That would be fascinating. Complimenti, buon lavoro e buon anno!
Good idea. Thanks.
Key notes from the LoR 1:
- Risk is an inevitable part of life and shouldn't be avoided at all costs.
- Life would be dull without risks, but taking risks doesn’t always lead to new opportunities.
- The concept of risk is often misunderstood or taken for granted, resulting in misinformation, especially in the media.
- Risk is generally defined as the possibility of a negative event.
- Risk and uncertainty are distinct concepts:
Risk can be quantified and stems from identifiable factors (endogenous, exogenous, or both)
Uncertainty cannot be quantified but complements the definition of risk.
- Risk management involves: 1) Identifying potential damage. 2) Quantifying the likelihood of that damage using probability.
- Risk management requires risks to be at least partially containable.
- The impact of a negative event is subjective, as it varies based on individual circumstances (e.g., losing $1,000 affects a factory worker differently than Jeff Bezos).
- Probability, used in risk modeling, is not entirely objective and often involves subjective judgment when selecting models.
- Risks can be classified as:
Risks we take on (e.g., starting a business).
Risks we are subjected to (e.g., natural disasters, financial crashes).
- Risk is dynamic; the risks we take can generate negative events that subject entire populations to consequences.
- " It's better to assume risks you can quantify than to quantify risks you've already assumed " Nassim Nicholas Taleb.
Thank you, professor, for such a concise and insightful course! I'm looking forward to many more enriching sessions 👏
Cool! will this be a podcast? Will it be hosted here on YT or somewhere else?
It will be here and on all major podcast platforms.
Cool.. Please consider elaborating about ERGODICITY)) Thanks for sharing!!
Excellent. The audio quality could be improved, don't know enough to say how
Thanks. It is an issue I am working on, as you will discover in the second episode.