An Economist Walks into a Brothel

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Is it worth swimming in shark-infested waters to surf a 50-foot wave? Is making an action movie riskier than a horror film? Should sex workers give up half their income for security or keep the extra money? Most wouldn't expect an economist to address these questions, but Allison Schrager, an award-winning journalist and economist, has dedicated her career to exploring how people manage risk in their lives. We all take risks daily, and even the most cautious among us must choose which risks to embrace. The challenge lies in measuring those risks and maximizing our chances of achieving our goals. Schrager provides readers with five principles for navigating risk, drawn from interviews with fascinating risk-takers. She speaks with a professional poker player on maintaining rationality under pressure, a Manhattan paparazzo on identifying various risks, Kentucky horse breeders on diversifying risk, and a war general about preparing for the unexpected. By applying Schrager's framework to risky decisions, readers can enhance the potential benefits of any situation while effectively managing the downsides.