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Grey Swans and Black Elephants: Why We Keep Getting Surprised and What We Can Learn from Them

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Grey Swans and Black Elephants: Why We Keep Getting Surprised and What We Can Learn from Them GREY SWANS AND BLACK ELEPHANTS: WHY WE KEEP GETTING SURPRISED AND WHAT WE CAN LEARN FROM THEM Rade Musulin Principal, Finity Consulting, Sydney, Australia Leigh Wolfrom Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD, Paris, France Agenda Rade Musulin, Finity • Catastrophic complexity, swans, elephants, and butterflies Consulting • Big mistakes and examples of catastrophic complexity • Grey swans • Evolving the risk management paradigm “A Black Swan has three attributes: unpredictability, consequences, and retrospective explainability.” Catastrophic complexity, - Nassim Taleb swans, elephants, “Everything under heaven is in and utter choas; the situation is butterflies excellent.” .ELECTED WORKS OF - Mao Tse-tung MAO TSE-TUNG \' lu1m I David Brooks Opinion Drilling for Certainty By David Brooks May27. 2010 f Ill In the weeks since the Deepwater Horizon explosion, the political debate has fallen into predictably partisan and often puerile categories. Conservatives say this is Obama's Katrina Liberals say the spill is proof the government should have more control over industry. But the real issue has to do with 1isk assessment. It has to do with the bloody crossroads where complex technical systems meet human psychology. over the past decades, we've come to depend on an ever-expanding ru-ray of intricate high-tech systems. These hardwru·e and software systems are the guts of financial mru·kets, energy exploration, space exploration, air travel, defense programs and modern production plants. These systems, which allow us to live as well as we do, are too complex for any single person to understand. Yet every day, individuals ru·e asked to monitor the health of these networks, weigh the tisks of a system failure and take appropriate measures to reduce those tisks. If there is one thing we've leru·ned, it is that humans are not great at measuting and responding to tisk when placed in situations too complicated to understand. In the first place, people have trouble imagining how small failings can combine to lead to catastrophic disasters. At the Three Mile Island nuclear facility, a series of small systems happened to fail at the same time. It was the interplay between these seemingly minor The New York Times events that led to an unanticipated systemic crash. https://www.nytimes.com/2010/05/28/opinion/28brooks.html 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 5 Drilling for certainty – The Deepwater Horizon • On the Deepwater Horizon debacle, “…the bloody crossroads where complex technical systems meet human psychology” • Humans often design systems which: • let small failings lead to catastrophic disasters • allow ourselves get acclimated to risk • place too much faith in elaborate backup devices • match complicated systems with complicated governance • spread good news and hide bad news CBS News • are overcome by “Groupthink” • “We have constructed a world in which the potential for high-tech catastrophe is embedded in day to day life”; he referred to this as “catastrophic complexity” 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 6 Nassim Taleb and Gregory F. Treverton A FOREIG 9 AFFAI~ ~bylM COUIIOI oa Fom,p R.tI.atDII January/ J- e bruary 201 '.> [SSAY The Calm Before the Storm Why Volatility Signals Stability, and Vice Versa Nassim Nicholas Taleb and Gregory F. Treverton NASSIM NICHOLAS TALES is Distinguished Professor of Risk Engineering at New York University's Polytechnic School of Engineering ond the outhor of Antifraglle: Things That Gain From Disorder /1 ] . GREGORY F. TREVERTON is Chair of the U.S. National Intelligence Council. Fram 2009 to 2014, he was Director of the RAND Corporation's Center for Global Risk and Security (where he wrote this article). This essay" adapted from a RAND risk-methodology repon funded by the U.S. government. Even as protests spread across the Middle East in early 201 1, the regime of Bashar al -Assad in Syria appeared immune from the upheaval. Assad had ru led comfortably for over a decade, having replaced his father, Hafez, who himself had held power for the previous th ree decades. Many pundits argued that Syria's stu rdy police state, which exercised tight control over the country's people and economy, would survive the Arab Spring undisturbed. Compared with its neighbor Lebanon, Syria looked positively stable. Business Insider Leading Authorities Civil war had torn through Lebanon throughout much of the 1970s and 1980s, and the assassination of former Prime Minister Rafiq Hariri in 2005 had plunged the country into yet more chaos. 11 1/iJtory of the But appearances were deceiving: today, Syria is in a shambles, with the regime fighting for its very survival, U.S. National fr11PfligP11Ct! C.Ou1,cil whereas Lebanon has withstood the influx of Syrian refugees and the other considerable pressures of the TH E civil war next door. Surprising as it may seem, the per capita death rate from violence in Lebanon in 2013 was lower than that in Washington, D.C. That same year, the body count of the Syrian conflict surpassed BLACK SWA Nassim Taleb is Distinguished 100,000. Professor of Risk Engineering Gregory Why has seemingly stable Syria turned out to be the fragile reg ime, whereas always-in-turmoil Lebanon at New York University’s Treverton is the has so far proved robust? The answer is that prior to its civil war, Syria was exhibiting only pseudo-stability, former Chair of its calm fac;ade concealing deep structural vulnerabilities, Lebanon's chaos, paradoxically, signaled 4li Tandon School of Engineering strength. Fifteen yea rs of civil war had served to decentralize the state and bring about a more balanced the U.S. National Th ,• I M"' "' or t h r and author of “The Black sectarian power sharing structure. Along with Lebanon's small size as an administrative unit. these factors II I G II L, I \I P II O U \ U I. t: Intelligence added to its durability. So did the country's fre e-market economy. In Syria, the ruling Baath Party sought to Swan” control economic variability, replacing the lively chaos of the ancestral souk wi th the top down, Soviet p Council style structure of the office building. This rigidity made Syria (and the other Baathist state, Iraq) much more t~litN.l b) vulnerable to disruption than Lebanon. l\assim Nicho las Tnl eb Uobert I lutchin~ & Grq.;ory f'. Tn.:\-Crton https://www.foreignaffairs.com/articles/africa/calm-storm 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 7 The Calm Before the Storm • Why volatility signals stability, and vice versa • Past experience is a good indicator of “normal” risk, but a bad bellweather of tail risk • Instead of trying to predict “black swan” events, it is more fruitful to focus on how systems can handle disorder • Generally, systems which experience periodic and moderate amounts of change and disorder become more Crop failures resilient, while ones which suppress change and natural cycles become fragile (e.g. periodic disorder is a vaccine against massive upheaval) • Do efforts to create stability sow the seeds for “black swan” events? From top: NASA, Foreign Policy, CNN 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 8 Black elephants • A black elephant is a cross between “a black swan” (an unlikely, unexpected event with enormous ramifications) and the “elephant in the room” (a problem that is visible to everyone), something no one wants to address even though we know that one day it will have vast, black-swan-like consequences • • “There are a herd of black elephants around, such • as global warming, deforestation, ocean • • acidification, mass extinction and massive fresh • water pollution” (Adam Sweidan, 2014) • • Is COVID-19 an example of a black elephant? A GLOBAL PA DE IC EXERC SE e https://www.centerforhealthsecurity.org/event201/ 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 9 Butterflies • The “butterfly effect” per Cambridge Dictionary: • Refers to a situation in which an action or change that does not seem important has a very large effect • Chaos theory relies on the idea of the "butterfly effect," that even slight imbalances in starting conditions lead to huge final variations in outcome because of the fundamental instability of the system • Important to understand that small, random events can have enormous consequences • Examples: • Gore vs. Bush A plot of Lorenz's strange attractor for values ρ=28, σ = 10, β = 8/3 • Archduke Ferdinand’s driver made a wrong turn in 1914 Wikipedia • Lt. Col. Petrov chose not to report false missiles in 1983 12-November-2020 Grey Swans and Black Elephants: Why we keep getting surprised and what we can learn from them 10 “I’ve always believed that America’s government was a unique political system — one designed by Big mistakes geniuses so that it could be run by idiots. I was and examples wrong. No system can be smart enough to survive this level of incompetence and recklessness by the of catastrophic people charged to run it.” complexity - Thomas Friedman, New York Times 2008 Carrington Event – it happened before (technology) (I) A, STORM . OF ELECTRICITY TELEGRAPH . WIRES USELESS JfOR SMVERAL HOURS. In 1859 a severe solar storm ONE OF TIIE MOST SEVERE DISTonnANCEB FOR MANY YEARS, EXTENDING EVEN TO caused auroras visible as far south EUROPE-TELEPJIONE 'IVInES ALSO OB· BTRUCT&D-BUSIN&SS DELAYED A GOOD PART OF TIIE DAY. as the Caribbean and knocked out Yesterday's storm was accompanied by a more serlou~ electrical dlsturbaooo tbau hat been known for years.
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