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My definition of fragility and antifragility lie in path dependence, the "ratchet" property and its nonlinearity: pass a certain level of stress, something irreversible takes place. What breaks doesn't return to its initial state. I get this from option theory as they are a certain form of CLIQUET options.

My definition of fragility and antifragility lie in path dependence, the “ratchet” property and its nonlinearity: pass a certain level of stress, something irreversible takes place. What breaks doesn’t return to its initial state. I get this from option theory as they are a certain form of CLIQUET options.

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