Have you ever wondered how do insurance companies make money? How exactly?? We have heard of some actuarial scientists yes who do all the dirty calculations and who are generally intelligent. However one cuts it, insurance companies must make profit from arbitraging the perceived risks between the issuers (i.e. the insurance companies with all the geeky […]
Entries Tagged as 'turkey'
The turkey under the butcher’s knife
June 6th, 2011 1 Comment
Tags: butcher · likelihood · magnitude · Nassim Taleb · probabilistic risk assessment · probability · randomness · rational · severity · The Black Swan · turkey
