1- What is a Black Swan event?

2- Does it ever make sense a priori to devote resources to preventing a black swan event? Explain.

3- Does it ever make sense a priori to devote resources to containing a black swan event should one occur? Explain.

4-Is human error different than a black swan event? Can human error lead to a black swan event?

5- If you were BP's executive and you were looking at the cost of a blowiut loss of 87% market value, possible bankruptcy, and so on, and you were determining whether to spend several million dollars providing redundancies- releif wells drilled at the same tim as the main well, how would you decide whether to spend the money?