The average expected win from playing Russian roulette is five-sixth of the reward. But if you play many times, the average outcome is that you end up dead. If you have a very ambitious demanding job and it pushes you to work long hours, I think for most of us, you better be aware of those other risks," he says.
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.