Download PDF An Economist Walks into a Brothel And Other Unexpected Places to Understand Risk eBook Allison Schrager
Download As PDF : An Economist Walks into a Brothel And Other Unexpected Places to Understand Risk eBook Allison Schrager
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 downside.
Download PDF An Economist Walks into a Brothel And Other Unexpected Places to Understand Risk eBook Allison Schrager
"This is a brilliantly conceived book in which Dr. Schrager presents a wonderful series of stories, or as she calls them ‘parables,’ to support her thesis that the basic principles of financial economics can be applied to everyday risk decisions. Each chapter features an interesting narrative about a fascinating character or two she has interviewed to cleverly illustrate various ways to more realistically assess and manage risk.
In a recent interview about this book, Dr Schrager shares her passion for her work. It is clear that this lead her to interview people who were just as passionate about their work. This contributes significantly to the ability of the author to delightfully and lucidly share her expertise in a notoriously difficult field of study. I think this book is a significant contribution to the field for its originality and intelligibility."
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An Economist Walks into a Brothel And Other Unexpected Places to Understand Risk eBook Allison Schrager Reviews :
An Economist Walks into a Brothel And Other Unexpected Places to Understand Risk eBook Allison Schrager Reviews
- If the title doesn't induce you to buy this book, then the first few pages will do it. Alison Schrager has done a masterful job explaining in plain English -- using rather (ahem) unconventional examples and illustrations -- of how to take account of and manage risk in your life, drawing on fundamental lessons of finance and economics. I predict this book will be huge best seller, and help make believers out of some doubters about the usefulness of economic reasoning. An economics and a best seller? -- no not a contradiction in terms. This book demonstrates that, get it, read it and you'll see what I mean
- What a great and fun read! An economist and a journalist, Schrager writes lucidly and compellingly about how to hedge our bets and plan for the future. The book is incredibly readable, and the author explains economic principles without dumbing down the material or giving it a partisan spin. By using examples of big time risk takers, from prostitutes and horse breeders to magicians and big wave surfers, she gives the reader unexpected models that highlight important economic concepts. A fascinating read with smart analysis, this is a book we should all own!
- If you haven't given much thought to risk or read any of the pertinent literature or studies, then perhaps this book will help focus you and provide some new insights into human decision making that had been hidden. But I struggled to find anything new here. Moreover, the deference to finance seems misplaced. "Financial economics is the science of risk," writes Schrager. A science? What about the last financial crisis? And the 2000 stock market bubble? And the numerous hedge funds that have closed shop in the past 10 years? And the persistent underperformance of most fund managers? Obviously, other forces are at work here, which makes the study of risk complex and nuanced.
That said, risk management is a subject that deserves everyone's attention, to be sure. I suspect most of us aren't great at spotting, weighing and managing opportunities and risks, and perhaps this book will help -- so long as you haven't already delved deeply into the subject. If you're just starting out or early in your thought process, this book isn't a bad place to start. - This book is intended for people new to concepts of risk management, using some colorful real-life examples, such as big wave surfing, racehorse breeding, and the titular brothels. Alas, some of the connections between real-life risk-takers and the specified concepts are very thin. In addition, there was a dimension to risk that I found not explored quite as well, which is the human element.
For example, in the section about paparazzi, the person profiled set up a "cartel" of sorts, which members would sometime break - a risk hedging tool often can break due how humans actually behave. Similarly, the book ends talking about the need for regulators to keep up with evolving risks (no argument there), but without the recognition there's a reason the savviest risk-taking aren't regulators.
I think this would be a good book for the general public as well as schools, going down to high school level. You hook them with what seems like it would be a titillating story (legal brothels), but it's really about how to structure a business so that it's a win-win for all involved (owner, employees, and customers). There's a good index and lots of notes at the end that could be used for deeper discussion and exploration in class. - Entertaining and filled with examples, this book is a great read for non-economists (think Freakonomics). I did spot a couple typos, but they were minor and nothing that can't easily be forgiven, considering how recently the book came out. Would recommend for those interested in economics, probability or statistical thinking. The author references several interviews with lots of different people which make this book a lovely experience even for those already familiar with risk assessment and financial economics. 5 stars, worth checking out.
- This is a brilliantly conceived book in which Dr. Schrager presents a wonderful series of stories, or as she calls them ‘parables,’ to support her thesis that the basic principles of financial economics can be applied to everyday risk decisions. Each chapter features an interesting narrative about a fascinating character or two she has interviewed to cleverly illustrate various ways to more realistically assess and manage risk.
In a recent interview about this book, Dr Schrager shares her passion for her work. It is clear that this lead her to interview people who were just as passionate about their work. This contributes significantly to the ability of the author to delightfully and lucidly share her expertise in a notoriously difficult field of study. I think this book is a significant contribution to the field for its originality and intelligibility.
