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Luck. Model an agent that has some odds of doubling wealth, maintaining wealth, or halving wealth per iteration of some game. It's easy to generate downward tre
by z5h 2y ago
Luck. Model an agent that has some odds of doubling wealth, maintaining wealth, or halving wealth per iteration of some game. It's easy to generate downward trends.
- djmips 2y agoYeah it was a bit annoying they didn't mention luck in the opening of this article. That being said, work ethic and a some inoculation against nihilism are necessary ingredients.
- wrp 2y agoYes. TFA ignores what I think is the biggest factor. In researching family history, I've been struck by how important chance was regardless of how smart and hardworking they were.