Skin in the Game: Hidden Asymmetries in Daily Life

FromthebestsellingauthorofTheBlackSwan,aboldbookthatchallengesmanyofourlong-heldbeliefsaboutriskandreward,politicsandreligion,financeandpersonalresponsibility'Skininthegamemeansthatyoudonotpayattentiontowhatpeoplesay,onlytowhattheydo,andhowmuchoftheirnecktheyareputtingontheline'Citizens,artisans,police,fishermen,politicalactivistsandentrepreneursallhaveskininthegame.Policywonks,corporateexecutives,manyacademics,bankersandmostjournalistsdon't.It'sallabouthavingsomethingtoloseandsharingriskswithothers.Inhismostprovocativeandpracticalbookyet,NassimNicholasTalebshowsthatskininthegame,oftenseenasthefoundationofriskmanagement,infactappliestoallaspectsofourlives.Inhisinimitablestyle,TalebdrawsoneverythingfromAntaeustheGianttoHammurabitoDonaldTrump,fromethicstousedcarsalesmen,tocreateajaw-droppingframeworkforunderstandingthisidea.Amonghisinsights:Forsocialjustice,focusonsymmetryandrisksharing.Minorities,notmajorities,runtheworld.Youcanbeanintellectualyetstillbeanidiot.Bewareofcomplicatedsolutions(thatsomeonewaspaidtofind).JustasTheBlackSwandidduringthe2007financialcrisis,SkinintheGamecomesatpreciselytherightmomenttochallengeourlong-heldbeliefsaboutrisk,reward,politics,religionandbusiness-andmakeusrethinkeverythingwethoughtweknew.