Texas electricity regulators do not require power plant owners to invest extra capital in infrastructure to prevent disruptions during more extreme weather conditions. I doubt that we will ever be able to fully prepare against tail events. These are extremely unlikely, after all, and we may lack the imagination to conceive all the tail events. Indeed, with technological advances being what they are, even existing technologies, when taken to the extreme, can result in tail events in society. Our social system is built on millions of people, with a near-infinite set of norms and practices.

Source: The Edge Markets March 12, 2021 04:07 UTC