The president of Shilam College in Israel has a five year contract. By law, he is not allowed to be the president for more than 12 years. "I should act as if I have skin in the game beyond my formal tenure," says Ben-Ghiat.
Author and consultant Luca Dellanna talks with EconTalk host Russ Roberts about the importance of avoiding ruin when facing risk. Along the way Dellanna makes understandable the arcane concept of ergodicity and shows the importance of avoiding ruin in every day life.