http://phys.org/news/2016-02-exploring-gambles-reveals-foundational-difficulty.html
This is a very interesting article on economic theory and the problems inherent in the assumptions that economists make.
Interestingly enough, I forwarded this to Nassim Nicholas Taleb and he followed up with a short blurb on Facebook.
Just found out I was not alone in finding something weird in economists not understanding dynamic vs static ruin problems.
It is a strange feeling to realize the answer to the question "Is it me or are they blind to something obvious?" is "no, it is not me".
Murray Gell-Mann and colleague found the SAME point (though expressed in a more physical setting).
It is a strange feeling to realize the answer to the question "Is it me or are they blind to something obvious?" is "no, it is not me".
Murray Gell-Mann and colleague found the SAME point (though expressed in a more physical setting).
Here is a link to his ideas on the subject.
