An Economist Walks into a Brothel
And Other Unexpected Places to Understand Risk
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An Economist Walks into a Brothel
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Narrated by:
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Holly Palance
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Written by:
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Allison Schrager
About this listen
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.
©2019 Allison Schrager (P)2019 Penguin AudioCritic 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)
What listeners say about An Economist Walks into a Brothel
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- 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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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- 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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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Sriram Iyer
- 28-04-19
Entertaining, Educative.
Explains risk in a very interesting manner using anecdotes and real life examples. Great read !
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1 person found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Aditi Mishra
- 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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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Shradha
- 16-10-21
Good books on risk management for beginners
Very general book with good illustrations on risk management and how ppl are dealing with risks in other domain of lives apart from finance as well
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Anonymous User
- 23-09-21
Ok Read!
This is a collection of few stores intertwined with some risk concepts. If you have more books to read on risk one might skip. Nevertheless a good read.
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Overall2 out of 5 stars
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Performance4 out of 5 stars
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Story2 out of 5 stars
- 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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