Skin in the Game: Hidden Asymmetries in Daily Life

by Nassim Nicholas Taleb

DO WE NEED A JUDGE? As I mentioned earlier in Prologue 3, I have held for most of my (sort of) academic career no more than a quarter position. A quarter is enough to have somewhere to go, particularly when it rains in New York, without being emotionally socialized and losing intellectual independence for fear of missing a party or having to eat alone. But one (now “resigned”) department head one day came to me and emitted the warning: “Just as, when a businessman and author you are judged by other businessmen and authors, here as an academic you are judged by other academics. Life is about peer assessment.” It took me a while to overcome my disgust—I am still not fully familiar with the way non-risk-takers work; they actually don’t realize that others are not like them, and can’t get what makes real people tick. No, businessmen as risk takers are not subjected to the judgment of other businessmen, only to that of their personal accountant. They just need to avoid having a documented record of (some) ethical violations. Furthermore, not only did you not want peer approval, you wanted disapproval (except for ethical matters): an old fellow pit trader once shared his wisdom: “If people over here like you, you are doing something wrong.” Further, You can define a free person precisely as someone whose fate is not centrally or directly dependent on peer assessment. And as an essayist, I am not judged by other writers, book editors, and book reviewers, but by readers. Readers? ...