Allison Schrager: Brothel Economics And Other Unexpected Places to Understand Risk (#128)

Into the Impossible With Brian Keating

Brian Keating

Physics, Natural Sciences, Science

4.7 • 1.1K Ratings

🗓️ 23 March 2021

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#RiskAnalysis #RiskManagement #Economics Learn how an economist analyzes and manages risk in finance, love, retirement, and life in general in this wide-ranging discussion with first-time author Allison Schrager. Allison is a Ph.D. economist, senior fellow at the Manhattan Institute, contributing editor at City Journal, and co-founder of LifeCycle Finance Partners, LLC, a risk advisory firm. Allison diversified her career by working in finance, policy, and media. She led retirement product innovation at Dimensional Fund Advisors and consulted to international organizations, including the OECD and IMF. She has been a regular contributor to the Economist, Reuters, and Bloomberg Businessweek. Her writing has also appeared in Playboy, Wired, National Review and Foreign Affairs. She has an undergraduate degree from the University of Edinburgh and a PhD in economics from Columbia University. She lives in New York City. @AllisonSchrager https://www.allisonschrager.com/ https://www.manhattan-institute.org/expert/allison-schrager https://www.lcfpartners.com/ Support the podcast: https://www.patreon.com/drbriankeating And please join my mailing list to get resources and enter giveaways to win a FREE copy of my book (and more) http://briankeating.com/mailing_list.php 📝 00:00:00 Intro 00:03:40 How did you come up with the title and the cover? 00:11:48 Should you be missing 1 out 10 of your flights? How early should you arrive at the Airport? 00:14:12 What is the origin of the word "risk" and risk analysis? 00:16:18 How do savvy investors go so wrong at underestimating risk? 00:29:33 How is risk apprised in military strategy? 00:31:41 How can risk be taken advantage of? 00:33:11 The risks of academia. 00:41:53 What did you learn about the risks of the contemporary publishing industry? 00:43:39 The risks of marriage and children. 00:46:29 Allison's next book on why we hesitate to take new risks. 00:48:47 Are there changes you would make in your book? 00:50:27 The risks of speculations and investments like Bitcoin. 00:59:22 What would you write in your ethical will? 01:00:51 What would you leave in your billion-year legacy time capsule? 01:01:39 What advice would you give your younger self? 🎥 🎥 Watch my most popular videos🎥 🎥 Frank Wilczek https://youtu.be/3z8RqKMQHe0?sub_confirmation=1 Weinstein and Wolfram https://www.youtube.com/watch?v=OI0AZ4Y4Ip4?sub_confirmation=1 Sheldon Glashow: https://youtu.be/a0_iaWgxQtA?sub_confirmation=1 Michael Saylor The Physics of Bitcoin https://youtu.be/CaN_CDKqXOg?sub_confirmation=1 Sir Roger Penrose, Nobel Prize winner: https://www.youtube.com/watch?v=AMuqyAvX7Wo?sub_confirmation=1 Jill Tarter https://youtu.be/O9K9OBd3vHk?sub_confirmation=1 Sara Seager Venus LIfe: https://youtu.be/QPsEDoOTU6k?sub_confirmation=1 Noam Chomsky: https://youtu.be/Iaz6JIxDh6Y?sub_confirmation=1 Sabine Hossenfelder: https://youtu.be/V6dMM2-X6nk?sub_confirmation=1 Sarah Scoles: https://youtu.be/apVKobWigMw Stephen Wolfram: https://youtu.be/nSAemRxzmXM 🏄‍♂️ Find me on Twitter at https://twitter.com/DrBrianKeating 🔥 Find me on Instagram at https://instagram.com/DrBrianKeating 📖 Buy my book LOSING THE NOBEL PRIZE: http://amzn.to/2sa5UpA 🔔 Subscribe for more great content https://www.youtube.com/DrBrianKeating?sub_confirmation=1 ✍️Detailed Blog posts here: https://briankeating.com/blog.php 📧Join my mailing list: http://briankeating.com/mailing_list.php 👪Join my Facebook Group: https://facebook.com/losingthenobelprize 🎙️Please subscribe, rate, and review the INTO THE IMPOSSIBLE Podcast on iTunes: https://itunes.apple.com/us/podcast/into-the-impossible/id1169885840?mt=2 🎙️Listen on all other platforms: https://wavve.link/into A production of http://imagination.ucsd.edu/ Support the podcast: https://www.patreon.com/drbriankeating Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hi friends, are you considering a lucrative career and working in a brothel?
0:04.3	Well, neither am I, but if you are considering such a new juncture in your career, you
0:09.5	will certainly enjoy today's guest, Allison Shrager, an
0:14.0	author of a book called An Economist Walks Into A Brothel
0:17.2	and other unexpected places to understand risk.
0:20.5	And of course, the subtitle is what was so fascinating to me.
0:23.4	We talked about many, many different things including the economics and risk reduction mechanisms,
0:28.6	not only for brothels, admittedly a little bit less applicable to the erudite listeners of this very
0:34.8	podcast but also risk reduction in things like life insurance even getting
0:39.8	married having children we talked about all these topics, as well as her experiences
0:44.6	with professional poker players, big wave surfers, Nobel Prize-winning economists, and
0:50.1	other fascinating characters that make up the many examples in very clear and
0:55.1	easy to understand prose in this book. It's really an unexpected little treat that
1:00.4	I happen to find out from a well-known scientist Robert
1:03.7	Kiosaki otherwise known as rich dead slash poor dad I don't know but that's
1:08.5	where I heard about Allison I listened to his podcast and sometimes it's pretty interesting you'll find very
1:14.2	very interesting intellectuals such as Allison Shrager. So that was an
1:19.3	unexpected place to find her and I am delighted that I did. So stay tuned today you'll find out
1:25.1	kind of the answers to many questions that we take for granted in a given day
1:29.8	such as how early should you leave to get to the airport for your next flight?
1:34.8	How you could handle the risks of dealing with COVID versus responding to a text message
1:40.4	as you're driving your car and other very interesting risk tidbits back by
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Brian Keating, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Brian Keating and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.