reviews

Skin in the Game by Nassim Nicholas Taleb • risk management • mathematical finance

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Book cover of Skin in the Game by Nassim Nicholas Taleb - risk management

society ● psychology ● money

Recommendation 3 / 5

Skin in the game, in general, is about if you have the rewards you must also get some of the risks. In such a case, you shouldn’t have an option to let others pay the price of your mistakes. For instance, bureaucracy is a construction by which a person is conveniently separated from the consequences of his or her actions. The worst casualty has been a free market as the public already prone to hating finances conflating free market and higher order forms of corruption and cronyism when in fact it is the exact opposite. It is government, not markets that makes these issues possible…

reviews

Big Data by Kenneth Cukier • making predictions • information economy • correlation statistics

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Book cover of Big Data by Kenneth Cukier

technology ● internet ● society

Recommendation 4 / 5

The book starts with the story of a company named Farecast in 2003. Oren Etzioni at the University of Washington is on an airplane. He decides to ask other passengers how much they paid for the seats. And it turns out that one person paid one fare, and another person paid another fare. Of course, this made Oren really upset. And the reason why is that he took his time to book the air ticket long in advance, assuming he was going to pay the lowest price. And he started thinking – if only I knew what stays behind airfares. How would I know if a presented price at an online travel site is a good…