Allison Schrager: How Do We Master Risk?
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Bethany talks with Allison Schrager, author of the new book, “An Economist Walks Into A Brothel.” She’s a retirement finance economist, and has spent years talking to risk takers in all kinds of businesses. In a Hollywood-worthy twist, she has lately been studying risk in the unlikeliest of places -- talking to sex workers at The Bunny Ranch brothel in Nevada. It turns out, they are experts at pricing and reducing risk. Allison has learned that there is a science to good risk taking. No one reaches the top of their field—be it sex work or running a Fortune 500 company—without mastering risk. They don’t jump in and just go with their gut. They possess a deliberate, thoughtful strategy so they know what risks to take, and reduce the downside if things don’t go their way. So, today we discuss - how do you master risk?