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Definition: Black Swan Theory is a decision making concept by Nassim Taleb using a black swan as a metaphor to indicate low-probability, high-impact events that are impossible to forecast or predict with heuristics. |
More on individual decision making: Anchoring Bias, Bayesian Theory, Bounded Rationality, Cognitive Bias, Cognitive Dissonance, more on individual decision making... MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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