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An economist walks into a brothel : and other unexpected places to understand risk

Title
An economist walks into a brothel : and other unexpected places to understand risk / Allison Schrager.
ISBN
9780525533962
0525533966
9780525542827
0525542825
9780735219571
Publication
[New York, NY] : Portfolio/Penguin, [2019]
Physical Description
ix, 223 pages : illustrations ; 24 cm
Summary
"Is it worth swimming in shark-infested waters to surf a 50-foot, career-record wave? Is it riskier to make an action movie or a horror movie? Should sex workers forfeit 50 percent of their income for added security or take a chance and keep the extra money? Most people wouldn't expect an economist to have an answer to these questions--or to other questions of daily life, such as who to date or how early to leave for the airport. But those people haven't met Allison Schrager, an economist and award-winning journalist who has spent her career examining how people manage risk in their lives and careers. Whether we realize it or not, we all take risks large and small every day. Even the most cautious among us cannot opt out--the question is always which risks to take, not whether to take them at all. What most of us don't know is how to measure those risks and maximize the chances of getting what we want out of life. In An Economist Walks into a Brothel, Schrager equips readers with five principles for dealing with risk, principles used by some of the world's most interesting risk takers. For instance, she interviews a professional poker player about how to stay rational when the stakes are high, a paparazzo in Manhattan about how to spot different kinds of risk, horse breeders in Kentucky about how to diversify risk and minimize losses, and a war general who led troops in Iraq about how to prepare for what we don't see coming. When you start to look at risky decisions through Schrager's new framework, you can increase the upside to any situation and better mitigate the downsides"-- Provided by publisher.
"Most people wouldn't expect an economist to have an answer to these questions--or to other questions of daily life, such as who to date or how early to leave for the airport. But those people haven't met Allison Schrager, an economist and award-winning journalist who has spent her career examining how people manage risk in their lives and careers. Whether we realize it or not, we all take risks large and small every day. Even the most cautious among us cannot opt out--the question is always which risks to take, not whether to take them at all. What most of us don't know is how to measure those risks and maximize the chances of getting what we want out of life. In An Economist Walks into a Brothel, Schrager equips readers with five principles for dealing with risk, principles used by some of the world's most interesting risk takers. For instance, she interviews a professional poker player about how to stay rational when the stakes are high, a paparazzo in Manhattan about how to spot different kinds of risk, horse breeders in Kentucky about how to diversify risk and minimize losses, and a war general who led troops in Iraq about how to prepare for what we don't see coming. When you start to look at risky decisions through Schrager's new framework, you can increase the upside to any situation and better mitigate the downsides"-- Provided by publisher.
Other formats
Online version: Schrager, Allison, author. Economist walks into a brothel New York : Portfolio, 2019
Format
Books
Language
English
Added to Catalog
July 16, 2019
Bibliography
Includes bibliographical references (pages [209]-213) and index.
Contents
Introducing risk: the what and unusual where of it
Rule 1: No risk, No reward
Reward: getting what you want takes knowing what you want
Taking a risk: when to reject safety and go for more
Risk measurement: Hollywood's never-ending quest for certainty
Different types of risk: the secret lives of the paparazzi
Rule 2: I am irrational and I know it
Prospect theory: tilting towards rationality
Risk misperception: I never thought I'd get caught
Rule 3: Get the biggest bang for your risk buck
Diversification: looking for efficiency in all the wrong places
Rule 4: Be the master of your domain
De-risking: the art of the hedge
Insurance: introducing the spectacular stock option
Moral hazards: surfing big waves with insurance
Rule 5: Uncertainty happens
Uncertainty: the fog of war.
Citation

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