When things go your way – or don’t go your way – how much of that is luck?
In this episode, we chat with UTS Economics Professor Lionel Page. Among other things, Lionel studies how we perceive or value a process or a person’s performance based on how things turn out. For example, in sports a couple of centimetres either way sometimes makes a world of difference on whether a person or team succeeds. In football (soccer), when a ball hits the post, sometimes it goes in and other times it doesn't. But our judgment is often based on that chance result.
There are other chance events in life that he studies. Does your birthday play a role in whether you succeed in school or in your career? Does early success in getting research funding translate to later success?
Finally, is there something we should be doing to give others a second chance who may not have had things go their way for whatever reason? Lionel has some interesting thoughts and research on all of this!
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ADDITIONAL LINKS
- Story in The Conversation: "Skill vs Luck: who really deserves the rewards from success?"
- Story in The Conversation: "How your birth date influences how well you do in school, and later in life"
- TEDxQUT Talk: "To stop fake news, challenge your own views first"
- New York Times: "‘Trust Your Gut’ Might Actually Be Profitable Advice on Wall Street, Study Says"