Book summary: the success equation

  • When more skilled than opponent, make rules simpler to reduce variance introduced by luck
  • when being the underdog, make rules more complex to introduce variance introduced by luck
  • imoortant to differentiate luck and skill
  • when situation is mainly dependent on luck judge likelihood of outcome by base rate
  • when situation is mainly dependent on skill, judge likelihood of outcome base on single success story
  • practices equanimity towards luck
  • focus on practice to improve skill

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