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Quote by Nassim Nicholas Taleb

“Assume that someone tells you that the probability of an event is exactly zero. You ask him where he got this from. “Baal told me” is the answer. In such case, the person is coherent, but would be deemed unrealistic by non-Baalists. But if on the other hand, the person tells you “I estimated it to…” quote by Nassim Nicholas Taleb
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““Assume that someone tells you that the probability of an event is exactly zero. You ask him where he got this from. “Baal told me” is the answer. In such case, the person is coherent, but would be deemed unrealistic by non-Baalists. But if on the other hand, the person tells you “I estimated it to be zero,” we have a problem. The person is both unrealistic and inconsistent. Something estimated needs to have an estimation error. So probability cannot be zero if it is estimated, its lower bound is linked to the estimation error; the higher the estimation error, the higher the probability, up to a point. As with Laplace’s argument of total ignorance, an infinite estimation error pushes the probability toward ½.””

Nassim Nicholas Taleb

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