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英文标题：
《The Skin In The Game Heuristic for Protection Against Tail Events》
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作者：
Nassim N. Taleb and Constantine Sandis
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最新提交年份：
2014
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英文摘要：
Standard economic theory makes an allowance for the agency problem, but not the compounding of moral hazard in the presence of informational opacity, particularly in what concerns high-impact events in fat tailed domains (under slow convergence for the law of large numbers). Nor did it look at exposure as a filter that removes nefarious risk takers from the system so they stop harming others. \\textcolor{red}{ (In the language of probability, skin in the game creates an absorbing state for the agent, not just the principal)}. But the ancients did; so did many aspects of moral philosophy. We propose a global and morally mandatory heuristic that anyone involved in an action which can possibly generate harm for others, even probabilistically, should be required to be exposed to some damage, regardless of context. While perhaps not sufficient, the heuristic is certainly necessary hence mandatory. It is supposed to counter voluntary and involuntary risk hiding$-$ and risk transfer $-$ in the tails. We link the rule to various philosophical approaches to ethics and moral luck.
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中文摘要：
标准经济理论考虑了代理问题，但不考虑在信息不透明的情况下道德风险的复合，尤其是在厚尾领域（在大数定律缓慢收敛的情况下）涉及高影响事件的情况下。它也没有将暴露视为一个过滤器，将邪恶的冒险者从系统中清除，从而停止伤害他人。\\textcolor{red}{（用概率的语言来说，游戏中的皮肤为代理创造了一种吸引人的状态，而不仅仅是委托人）}。但古人做到了；道德哲学的许多方面也是如此。我们提出了一个全球性的、道德上强制性的启发，即任何参与可能对他人造成伤害的行为的人，即使是在概率上，都应该被要求暴露在某种损害之下，而不管其背景如何。虽然可能还不够，但启发法肯定是必要的，因此是强制性的。它应该能够对抗自愿和非自愿的风险隐藏$-$和风险转移$-$。我们将这一规则与伦理和道德运气的各种哲学方法联系起来。
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Risk Management 风险管理
分类描述：Measurement and management of financial risks in trading, banking, insurance, corporate and other applications
衡量和管理贸易、银行、保险、企业和其他应用中的金融风险
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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