Read Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto)

Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto)

Nassim Nicholas Taleb

4.9/5 (22636 ratings)

Description:The monograph investigates the misapplication of conventional statistical techniques to fat tailed distributions and looks for remedies, when possible.Switching from thin tailed to fat tailed distributions requires more than "changing the color of the dress". Traditional asymptotics deal mainly with either n=1 or n=∞, and the real world is in between, under of the "laws of the medium numbers" --which vary widely across specific distributions. Both the law of large numbers and the generalized central limit mechanisms operate in highly idiosyncratic ways outside the standard Gaussian or Levy-Stable basins of convergence.A few + The sample mean is rarely in line with the population mean, with effect on "naive empiricism", but can be sometimes be estimated via parametric methods.+ The "empirical distribution" is rarely empirical.+ Parameter uncertainty has compounding effects on statistical metrics.+ Dimension reduction (principal components) fails.+ Inequality estimators (GINI or quantile contributions) are not additive and produce wrong results.+ Many "biases" found in psychology become entirely rational under more sophisticated probability distributions+ Most of the failures of financial economics, econometrics, and behavioral economics can be attributed to using the wrong distributions.This book, the first volume of the Technical Incerto, weaves a narrative around published journal articles.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto). To get started finding Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto), you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: 415

Format: PDF, EPUB & Kindle Edition

Publisher: N/A

Release: N/A

ISBN

Description: The monograph investigates the misapplication of conventional statistical techniques to fat tailed distributions and looks for remedies, when possible.Switching from thin tailed to fat tailed distributions requires more than "changing the color of the dress". Traditional asymptotics deal mainly with either n=1 or n=∞, and the real world is in between, under of the "laws of the medium numbers" --which vary widely across specific distributions. Both the law of large numbers and the generalized central limit mechanisms operate in highly idiosyncratic ways outside the standard Gaussian or Levy-Stable basins of convergence.A few + The sample mean is rarely in line with the population mean, with effect on "naive empiricism", but can be sometimes be estimated via parametric methods.+ The "empirical distribution" is rarely empirical.+ Parameter uncertainty has compounding effects on statistical metrics.+ Dimension reduction (principal components) fails.+ Inequality estimators (GINI or quantile contributions) are not additive and produce wrong results.+ Many "biases" found in psychology become entirely rational under more sophisticated probability distributions+ Most of the failures of financial economics, econometrics, and behavioral economics can be attributed to using the wrong distributions.This book, the first volume of the Technical Incerto, weaves a narrative around published journal articles.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto). To get started finding Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto), you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Special Offer | $0.00

Special Offer! | $0.00

Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto)

Statistical Consequences of Fat Tails: Real World Preasymptotics, Epistemology, and Applications (Revised Edition) (Technical Incerto)

More Books

The Hour of the Star

The Hour of the Star

Steelheart (The Reckoners, #1)

Steelheart (The Reckoners, #1)

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing

Flash Boys: A Wall Street Revolt

Flash Boys: A Wall Street Revolt

The Big Picture: On the Origins of Life, Meaning, and the Universe Itself

The Big Picture: On the Origins of Life, Meaning, and the Universe Itself

Going Infinite: The Rise and Fall of a New Tycoon

Going Infinite: The Rise and Fall of a New Tycoon

Menti tribali. Perché le brave persone si dividono su politica e religione

Menti tribali. Perché le brave persone si dividono su politica e religione

Range: Why Generalists Triumph in a Specialized World

Range: Why Generalists Triumph in a Specialized World

The Laws of Human Nature

The Laws of Human Nature