Statistical consequences of fat tails. On new computational approaches to decision making

The new book by the world-renowned thinker, author of "The Black Swan", Nassim Nicholas Taleb, opens the series The Technical Incerto Collection and is dedicated to those classes of statistical distributions from which extreme events can be expected.
If you are... not familiar with graphs and formulas, you will only glean information about scandals and the exposure of quack scientists from this book. If you studied mathematical statistics, this book will help you retrain. If you are a student or a scholar, this book is an invaluable masterclass. For the first time, research articles by Taleb and his students are collected under one cover, where in Taleb's unique style, the thought process of an applied mathematician confronted with a real-life problem is vividly and brightly traced, not knowing whether it can be solved analytically, where to start, what to tackle, — but set to deploy, if necessary, the entire arsenal of classical and modern mathematics and the full power of computers. The author and his followers generously share their early guesses, intuition, and analogies with the reader, which ultimately helped them find a solution.
“The books of the Incerto series are dedicated to survival in the real world with its structure of uncertainty, which is too complex for our understanding. The cycle aims to combine five areas of knowledge related to fat tails and extreme events: in mathematics, philosophy, social sciences, contract theory, and decision-making theory, — with the experience of professionals.” (Nassim Nicholas Taleb)