I like to think: "My brain is wired to live in a village but I live in a global village. I often times mistake the dynamics of village life for the dynamics of the world at large." I think following from Daniel Kahneman's work that this is at the heart of why fat-tails and power laws despite being so common are so severely overlooked by analysts and forecasters.
Knew about heavy tails and stuff, but your insights starting at 3:30 give some really nice food for thought! Thank you!
Such a concise yet thorough and enthusiastic explanation. Top form Anders!
I like to think: "My brain is wired to live in a village but I live in a global village. I often times mistake the dynamics of village life for the dynamics of the world at large." I think following from Daniel Kahneman's work that this is at the heart of why fat-tails and power laws despite being so common are so severely overlooked by analysts and forecasters.
Very articulate. Thank you!
Glad you enjoyed it!
The beef is at the ending start from 3:40
That last sentence.
For an ideal population, all x values have been taken into account. You were actually talking about the sample distribtuion and the sample mean.
Second, good video thanks
Thats the message to become rich. It is possible according to heavy tail law .D
First