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An Economist Walks into a Brothel
- And Other Unexpected Places to Understand Risk
- Narrated by: Holly Palance
- Length: 7 hrs and 32 mins
- Categories: Business & Careers, Personal Success
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Apt Title
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We think we are rational creatures. Economics and business rely on the assumption that we make logical decisions based on evidence. But we aren’t, and we don’t. In many crucial areas of our lives, reason plays a vanishingly small part. Instead we are driven by unconscious desires, which is why placebos are so powerful. We are drawn to the beautiful, the extravagant and the absurd - from lavish wedding invitations to tiny bottles of the latest fragrance. So if you want to influence people’s choices you have to bypass reason.
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enjoyable and informative
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Publisher's Summary
A Financial Times Book of the Month pick for April!
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 listeners 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.
Critic Reviews
"In this delightful book, financial economist and risk expert Allison Schrager shows us that the same principles employed by multi-billion dollar pension funds can help us improve risk management in our own lives. She teaches these principles while entertaining us with a series of off-the-beaten-path case studies. By creating distance from our own experiences, she allows us to better understand the principles of risk. It works! Whether a complete novice or a seasoned risk professional, the reader is in for a treat: Bon Appetit!" (Robert C Merton, distinguished professor of finance, MIT Sloan School and Nobel Laureate)
“Allison Schrager offers a highly readable, yet nuanced, guide to navigating the risks inherent in today’s increasingly complex world. A must-read for anyone seeking to command, to govern, or to teach.” (General Stanley McCrystal)
“If you want to understand risk better, you have to go into some unconventional settings. In the tradition of Freakonomics, that’s what Allison Schrager does as an economist, and her book is not just informative - it’s an entertaining read too.” (Adam Grant, New York Times best-selling author of Originals and Give and Take)
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What listeners say about An Economist Walks into a Brothel
Reviews - Please select the tabs below to change the source of reviews.
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- Ram Mohan N
- 18-12-20
Nothing great
can't really think of any takeaway from this audible book. nothing really new. a few examples are good, but beyond that......
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- Sanjoy
- 21-05-20
Becoming a smart risk taker
Very well written with instructive examples to illustrate how to measure and manage risk.
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- Anuradha
- 19-04-20
Teaches you life, not just economics
I have severe anxiety and risk taking is a huge issue for me. This makes me feel safer somehow in making choices. I have learnt a lot from this, which is very surprising. I initially bought the book for its quirky title, but I loved the concept of this book. Author explains how risk is so thoroughly interwoven with human life. Definitely recommended
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- Kindle Customer
- 31-08-19
must read
it's an unusual but very good book. I enjoyed it a lot and a must read for any one wanting to learn investing.
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- Sriram Iyer
- 28-04-19
Entertaining, Educative.
Explains risk in a very interesting manner using anecdotes and real life examples. Great read !
1 person found this helpful
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- Richard Redano
- 14-04-19
Great Brothel Analysis But Oblivious To Bond Risks
The author's risk analysis of both sides of a brothel transaction is wonderfully creative. Yet, it is astounding that a PhD economist would repeatedly use the term "risk free" to refer to bonds, thereby evidencing a failure to appreciate credit and duration risk.
9 people found this helpful
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- henryj
- 26-04-19
a few good stories
Good basic ideas and some good examples, but repetative and few specifics
Narration was good, easy to understand.
3 people found this helpful
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- Thomas E. Morley
- 23-06-19
Good not Great
I heard the author interviewed on NPR. The opening portion is interesting but the subsequent stories just get progressively dull. I really wanted to like this book but by the time it gets to the end, the battle of 38 easting and I just didn't care.
2 people found this helpful
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- Madison
- 23-04-19
Makes Risk Fun
Allison Schrager highlights different occupations and people who manage risk in their own ways, whether or not that’s how they thought about it that way. Prostitution, gambling, and sports.
1 person found this helpful
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- komsan charoentanyarak
- 30-01-21
Great book about risks and how to deal with it
The writer is the economist specialize in retirement plan. She explains risk in comparing with many occupation such as a prostitute, a poker player and a big wave surfer, all of which have a high risk and how to deal with it. Also what is it comparing to the investment and financial world. In short, I love the book.
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- Josh Denesnah
- 13-01-21
Easy to understand
These were interesting ways to think about risk. Perfect for someone newer to the concept of economic risks.
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- Anonymous User
- 15-09-20
Mediocre content sounds interesting but no essence
Nothing new, no explosive determinations - i loved the battle story !
Read it only if u lack financial notions.
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- Tom Thacker
- 24-04-20
Easy to understand
This is an excellent narrative guide to economics. The stories are easy to follow. I'll probably listen again
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- Simmy
- 24-04-20
Boring
You will understand the concept after an hour of listening. Author uses real life stories about publicly known people so those parts of the book are interesting.
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- Peter Gerdes
- 30-03-20
Very Basic
It was a fun book and well written but if you have even passing familiarity with markets or statistics you won’t find any of the content informative (but the stories she uses to illustrate them are still lots of fun). Overall, I’d expect most consumers of these types of books would prefer one of the freakonomics series but it’s still a fun listen and great for anyone who never understood stats.
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- Anna Davis
- 09-07-19
Great book
Really enjoyed this. Well explained and very thought provoking for anyone interested in financial markets.