[YouTube] COVID Risk Conversation: Yaneer Bar-Yam and Nassim Nicholas Taleb

A continuation of Nassim and Yaneer’s regular conversation. In this video, they discuss:

1) The errors in ignoring scaling for pandemics. Why a doctor’s micro-expertise doesn’t transfer to collective risks?

2) How evidence-based medicine is closer to anecdote based medicine owing to silent risks?

3) The risks of morbidity must be accounted for.

4) How the dangers of vaccines do not scale.

[Medium] The Masks Masquerade

I want to travel this summer

Incompetence and Errors in Reasoning Around Face Covering

SIX ERRORS: 1) missing the compounding effects of masks, 2) missing the nonlinearity of the probability of infection to viral exposures, 3) missing absence of evidence (of benefits of mask wearing) for evidence of absence (of benefits of mask wearing), 4) missing the point that people do not need governments to produce facial covering: they can make their own, 5) missing the compounding effects of statistical signals, 6) ignoring the Non-Aggression Principle by pseudolibertarians (masks are also to protect others from you; it’s a multiplicative process: every person you infect will infect others).

In fact masks (and faceshields) supplemented with constraints of superspreader events can save us trillions of dollars in future lockdowns (and lawsuits) and be potentially sufficient (under adequate compliance) to stem the pandemic. Bureaucrats do not like simple solutions.

Continue reading on Medium: medium.com/incerto/the-masks-masquerade

[EndCoronavirus.Org] Town Hall discussion with Yaneer Bar-Yam

Nassim Taleb joins EndCoronavirus.org Founder, Yaneer Bar-Yam, for a Town Hall discussion.
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Nature.com Paper: Tail risk of contagious diseases

Pasquale Cirillo & Nassim Nicholas Taleb

The COVID-19 pandemic has been a sobering reminder of the extensive damage brought about by epidemics, phenomena that play a vivid role in our collective memory, and that have long been identified as significant sources of risk for humanity. The use of increasingly sophisticated mathematical and computational models for the spreading and the implications of epidemics should, in principle, provide policy- and decision-makers with a greater situational awareness regarding their potential risk. Yet most of those models ignore the tail risk of contagious diseases, use point forecasts, and the reliability of their parameters is rarely questioned and incorporated in the projections. We argue that a natural and empirically correct framework for assessing (and managing) the real risk of pandemics is provided by extreme value theory (EVT), an approach that has historically been developed to treat phenomena in which extremes (maxima or minima) and not averages play the role of the protagonist, being the fundamental source of risk. By analysing data for pandemic outbreaks spanning over the past 2500 years, we show that the related distribution of fatalities is strongly fat-tailed, suggesting a tail risk that is unfortunately largely ignored in common epidemiological models. We use a dual distribution method, combined with EVT, to extract information from the data that is not immediately available to inspection. To check the robustness of our conclusions, we stress our data to account for the imprecision in historical reporting. We argue that our findings have significant implications, including on the extent to which compartmental epidemiological models and similar approaches can be relied upon for making policy decisions.

Link to the Paper – Tail risk of contagious diseases

Never use Single-point Estimates for Pandemics

ERRORS 101
Never produce a point estimate for risk management, esp. in a fat-tailed domain, rather show statistical properties. Never judge a risk management stance from point forecasts.