Black swan: Synthesis and Future Research Directions
Forsman, Erik (2018)
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This literature review attempts to synthesize existing research of black swan phenomenon. Using a systematic methodology, a total of 66 key articles are identified as relevant. A framework is developed for black swans, which studies theoretical aspects of black swans, black swans' effects and protection against black swans. The results show that there are only few black swan related studies and main focus should be creating a common theoretical ground work for black swan concept which should lead to more efficient prevention and protection studies, which is most vital study direction regarding black swans. The results also suggest that black swans work in complex and systematic manner and the effects can spread to other systems directly or indirectly. Study also highlights possible teleological aspects of black swan events. The study also notices that prior black swan related research which is not connected to current black swan research should be actively collected and added to current black swan research to eliminate potential unnecessary research. The thesis concludes by offering some theoretical and managerial implications.