This is the third part of the series. The idea is to share with you those essays, articles, and speeches that pass the Lindy Filter.
Investing in the Unknown and Unknowable
Written by Richard Zeckhauser in 2006, the paper looks at how to invest rationally in unknown and unknowable situations and how behavioral finance can shed light on these situations and decisions.
He starts by differentiating between Risk and Uncertainty. He defines risk as the probability of permanent loss of capital whereas uncertainty is the inherent unpredictability of the future.
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