Between Luck And Skill: The Psychology of Chance And Expertise
Most decisions in your life have known and unknown variables. In a transaction, you know that you have a set amount of money – but, you don’t know if a seller is giving you a good deal or is hiding something.
The outcome of your decisions have properties that you can and can’t control. Let’s say, you realize that a product isn’t up to your expectations, you probably wouldn’t buy from the seller again. You could ask a third-party to review next time – or you could improve your negotiation skills. Still, it doesn’t guarantee how a product, or a service will turn out.
In poker, you could be dealt bad cards and win. You could be dealt great cards and lose. In a sense, this is like our life decisions. The difference is, in games like poker, it is easier to observe since it is structured and repeatable. You could get insights into how luck and skill affect results.
This is the subject of this book. The author, armed with a PhD in Psychology, chose poker as the testing grounds for this exploration of luck and skill. The book follows her journey from being a complete novice to a poker champion. In between story beats, aspects of the game are related to decision-making, uncertainty, and handling emotions.
Some takeaways. Yes, you can improve outcomes, but it’s not guaranteed. You have to learn to:
Pay attention.
Learn to sit with uncertainty.
You’re not going to have all the information. You have to act anyway.
Recognize your own and other people’s biases
Don’t dwell on losses and bad beats.
Figure out your own and other people’s motivations
Learn how and when to be aggressive.
Why read The Biggest Bluff?
You learn how to adjust and improve where you can, and how to put yourself in a better position prior to leaving things up to chance.
How can you use this information?
You may not know how the day turns out. Prepare. Practice.
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