Fooled by Randomness

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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
Fooled by Randomness
Author(s)Nassim Nicholas Taleb
LanguageEnglish
Genre(s)Statistics, Philosophy, Finance
PublisherRandom House
Publication date2001
Pages316
ISBN0-8129-7521-9
OCLC Number60349198
Dewey Decimal123/.3 22
LC ClassificationHG4521 .T285 2005
Followed byThe Black Swan
 
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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
Fooled by Randomness
Author(s)Nassim Nicholas Taleb
LanguageEnglish
Genre(s)Statistics, Philosophy, Finance
PublisherRandom House
Publication date2001
Pages316
ISBN0-8129-7521-9
OCLC Number60349198
Dewey Decimal123/.3 22
LC ClassificationHG4521 .T285 2005
Followed byThe Black Swan

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets is a book by Nassim Nicholas Taleb that deals with the fallibility of human knowledge.

Contents

Reaction

The book was selected by Fortune as one of the 75 "Smartest Books of All Time."[1]

Thesis

Taleb sets forth the idea that modern humans are often unaware of the existence of randomness. They tend to explain random outcomes as non-random.

Human beings:

  1. overestimate causality, e.g., they see elephants in the clouds instead of understanding that they are in fact randomly shaped clouds that appear to our eyes as elephants (or something else);
  2. tend to view the world as more explainable than it really is. So they look for explanations even when there are none.

Other misperceptions of randomness that are discussed include:

Editions

In 2001, TEXERE published the first edition of the book. (ISBN 1-58799-071-7, London : Texere, 2001)
In 2004, TEXERE published a revamped second edition.
In 2005, Random House published a softback edition with more changes. (ISBN ISBN 1-58799-190-X, New York : Random house, 2005)
In 2005, a French version appeared, with many unique changes.[citation needed]
The book has been translated into 20 languages,[2] and is reported to have sold over half a million copies.
Further editions have been published by Penguin (softback, May 2007) and Random House (hardback, October 2008.)

See also

References

  1. ^ http://money.cnn.com/magazines/fortune/fortune_archive/2005/03/21/8254826/index.htm
  2. ^ fooled by randomness

External links