You really should read Taleb; you can probably start with The Black Swan. His terms for these are “Mediocristan,” domains that are described by Gaussian distributions, and “Extremistan,” domains that are described by power laws.
OK. But isn’t power law too specific? There are other distributions with heavy tails, e.g. log-normal.
You really should read Taleb; you can probably start with The Black Swan. His terms for these are “Mediocristan,” domains that are described by Gaussian distributions, and “Extremistan,” domains that are described by power laws.
OK. But isn’t power law too specific? There are other distributions with heavy tails, e.g. log-normal.