Tim Harford:: Trial, error and the God complex I TED Talks

We don’t know what we don’t know and, even though we know that we don’t know, we STILL don’t want to know!!!

A standout lecture from Tim Harford that would benefit little from some dull introduction by me! I couldn’t help but note some words and phrases that sprang to mind as I enjoyed this video…it isn’t a complete Iist nor is it in a precise order just what I could remember! So feel free to contribute

THE BEGINNING: information – simplicity – system – interdependence –complexity – biology – survival – adaptability – empathy – iteration – fractal – scale – physics – risk – evolution – fallibility – innovation – politics – learning – statistics – correlation – transparency – assumption – uncertainty – psychological denial – mathematics – critical complexity – release* – simplification: THE END or another BEGINNING…   Read more of this post

Systemic Risk:: are insurers “systemically important”? – Insurance Insight [poll]

Insurance Insight poll question result

roadsignLast week Insurance Insight asked for opinions:

Is it right not to label insurance companies as systemically risk institutions?

Research by the Geneva Association has found an insolvent global insurer would not pose systemic risk to the global financial system. It, therefore maintains that insurance companies should not be labelled systemically risks institutions.

The stakes are so high that erring on the side of caution is the only prudent course…but I suspect that we will just have to wait and see if we get lucky – Systemic Risk:: deep collapse in “nested adaptive cycles”