Randomness

Now in a striking new hardcover edition, Fooled by Randomness is the word-of-mouth sensation that will change the way you think about business and the world. Nassim Nicholas Taleb–veteran trader, renowned risk expert, polymathic scholar, erudite raconteur, and New York Times bestselling author of The Black Swan–has written a modern classic that turns on its head what we believe about luck and skill.

Intuitively, a sequence such as 101010101010101010… does not seem random, whereas 101101011101010100…, obtained using coin tosses, does. How can we reconcile this intuition with the fact that both are statistically equally likely? What does it mean to say that an individual mathematical object such as a real number is random, or to say that one real is more random than another? And what is the relationship between randomness and computational power. The theory of algorithmic randomness uses tools from computability theory and algorithmic information theory to address questions such as these.