Нассим Талеб 4

Explains why you do not decrease tail risks by increasing benefits, you decrease tail risk by decreasing tail risk. This is a very short exposition of a fallacy quite generalized, but particularly present in discussions concerning the benefits of GMO. Biologists dealing with probability have a problem with tail risk. ---- Also sows why “Pascal’s wager“ has nothing to do with risk arguments. --- Technical Note: By “variance“ is meant in the lingo of the author the scale of the distribution: this is a Student T with infinite variance (as one can see above) and \sigma is the scale.