If we aim to get success, the reality is that we need to take risks. And for most people, what we want is not to be number one, but to have a very good distribution of results. Much of life has the characteristics of the kind of risks we're talking about. So explain Russian roulette and the kind of mistakes people make when they think about it.
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.