Abstract
In his 2014 book “Zero to One”, a software mogul Peter Thiel lists the lessons he learned from his business practice. Most of these lessons make intuitive sense, with one exception – his observation that “a bad plan is better than no plan” seems to be counterintuitive. In this paper, we provide a possible theoretical explanation for this somewhat counterintuitive empirical observation.
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Thiel, P., Masters, B.: Zero to One: Notes on Startups, or How to Build the Future. Crown Business, New York (2014)
Voit, J.: The Statistical Mechanics of Financial Markets. Springer, Heidelberg (2010)
Acknowledgments
We acknowledge the partial support of the Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Thailand. This work was also supported in part by the National Science Foundation grants HRD-0734825 and HRD-1242122 (Cyber-ShARE Center of Excellence) and DUE-0926721, and by an award “UTEP and Prudential Actuarial Science Academy and Pipeline Initiative” from Prudential Foundation.
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Sriboonchitta, S., Kreinovich, V. (2018). A Bad Plan Is Better Than No Plan: A Theoretical Justification of an Empirical Observation. In: Kreinovich, V., Sriboonchitta, S., Chakpitak, N. (eds) Predictive Econometrics and Big Data. TES 2018. Studies in Computational Intelligence, vol 753. Springer, Cham. https://doi.org/10.1007/978-3-319-70942-0_19
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DOI: https://doi.org/10.1007/978-3-319-70942-0_19
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