The Myth of the Secret Genius – By Brian Klaas(brianklaas.substack.com)
brianklaas.substack.com
The Myth of the Secret Genius – By Brian Klaas
https://brianklaas.substack.com/p/the-myth-of-the-secret-genius
https://brianklaas.substack.com/p/the-myth-of-the-secret-genius
They use a model where, in each step, wealth is halved with p=0.5, and doubled with p=0.5*talent, where no individuals have a talent above 0.9. In other words, in the absence of randomness, everyone has zero wealth.
Does randomness cause wealth in a model designed so that lack of randomness causes zero wealth ? The answer may surprise you.....