turkey problem
Anecdote popularized (and maybe invented) by the author and former economics professor Nassim Nicholas Taleb that shows the risk in rare but harmful events. - so called "black swans".
It goes as follows:
It goes as follows:
"A Turkey is fed for 1.000 days by a butcher. Every day confirms to the turkey (and the turkey's economics department, and it's risk management department and it's analytics department ...) that in fact the butcher loves turkeys. Every day brings more confidence to the statement. Until one day the Turkey is ripe for Thanks Giving."
Definition of "Turkey Problem": A series of events or actions enticing an unsuspecting party (Turkey; usually used to symbolize people or corporations) to be misled about the amount of risk / potential harm entailed in a transaction.
Definition of "Turkey Problem": A series of events or actions enticing an unsuspecting party (Turkey; usually used to symbolize people or corporations) to be misled about the amount of risk / potential harm entailed in a transaction.