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Understand the role of luck in decisionmaking from "summary" of Thinking in Bets by Annie Duke
Luck plays a significant role in our decision-making process, whether we acknowledge it or not. We tend to attribute our successes to skill and our failures to bad luck, creating a distorted view of reality. In reality, luck is a crucial factor that can influence the outcomes of our decisions, regardless of how skilled or knowledgeable we are. Understanding the role of luck in decision-making can help us make better choices and avoid falling into the trap of hindsight bias. By recognizing the presence of luck in our decisions, we can adopt a more humble and realistic approach to evaluating our outcomes. Instead of assuming that our successes are solely a result of our skills and abilities, we can acknowledge the role that luck played in the process. This shift in perspective allows us to appreciate the factors that are beyond our control and make dec...
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