2 Types of uncertainty: Extremistan vs. Mediocristan - Deepstash

2 Types of uncertainty: Extremistan vs. Mediocristan

2 Types of uncertainty: Extremistan vs. Mediocristan

• In Mediocristan environments, there’s a limit to the amount of randomness or deviation from the average. Inequalities exist, but they’re mild or controlled. Usually, there’re some physical constraints (e.g. height, weight, running speed) which limit the amount of variability. For example, if you add the tallest or heaviest man in history to a sample size of 1,000 people, the outlier won’t make a real difference to the average.

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