A Quote by Nassim Nicholas Taleb
Probability and expectation are not the same. Its probability and probability times the pay off.
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It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
It was our use of probability theory as logic that has enabled us to do so easily what was impossible for those who thought of probability as a physical phenomenon associated with "randomness". Quite the opposite; we have thought of probability distributions as carriers of information.
According to theism, if a universe is to have any probability of existing, this probability is dependent upon God's beliefs, desires and creative acts. But the Hartle-Hawking probability is not dependent on any supernatural considerations; Hartle and Hawking do not sum over anything supernatural in their path integral derivation of the probability amplitude.
The probability that we will get into a car accident is a million times higher than the probability we will suffer as a result of terrorist act.
The grand assertion is that you must see the world through probability and that probability is the only guide you need.
It follows that the word probability, in its mathematical acceptance, has reference to the state of our knowledge of the circumstances under which an event may happen or fail. With the degree of information we possess concerning the circumstances of an event, the reason we have to think that it will occur, or, to use a single term, our expectation of it will vary. Probability is the expectation founded upon partial knowledge.
If you get rid of emotion for a minute and think about the threat of terrorism statistically, it's not even there. The probability that you will slip on a wet floor in your bathroom and die is a thousand times higher than the probability of you dying as a result of terrorism.
The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.
The price of freedom is the probability of crime. The price of protection is the probability of slavery.
I've debated many economists who claim to specialize in risk and probability: when one takes them slightly outside their narrow focus, but within the discipline of probability, they fall apart, with the disconsolate face of a gym rat in front of a gangster hit man.
Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.
The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.
Projects are usually undertaken to either solve a problem or take advantage of an opportunity. The probability that the project - even if precisely executed - will complete on time, on budget, and on performance is typically small. Project management is utilized to increase this probability. So in a sense, project management is risk management.
Probability is expectation founded upon partial knowledge. A perfect acquaintance with all the circumstances affecting the occurrence of an event would change expectation into certainty, and leave nether room nor demand for a theory of probabilities.
The source of Pyrrhonism comes from failing to distinguish between a demonstration, a proof and a probability. A demonstration supposes that the contradictory idea is impossible; a proof of fact is where all the reasons lead to belief, without there being any pretext for doubt; a probability is where the reasons for belief are stronger than those for doubting.
Among all the occurrences possible in the universe the a priori probability of any particular one of them verges upon zero. Yet the universe exists; particular events must take place in it, the probability of which (before the event) was infinitesimal. At the present time we have no legitimate grounds for either asserting or denying that life got off to but a single start on earth, and that, as a consequence, before it appeared its chances of occurring were next to nil. ... Destiny is written concurrently with the event, not prior to it.
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