This week on the Value Perspective podcast, we’re joined by Harry Crane, Professor of Statistics at Rutgers University. Harry is a master in probability, risk and their real world applications. His book Probability, Intuition and Common Sense covers how the role of intuition and common sense is often diminished in decision making in professional contexts. This episode is co-hosted by returning guest Luca Dellanna. We discuss: the differences between studying probability and statistics; challenges in teaching probability and how to improve it; models with unallocated probability variables; the role and benefits of prediction markets; and the value, or limitations of base rate analysis. Enjoy!

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