Risk Savvy: How to Make Good Decisions

by Gerd Gigerenzer
Book summary by John Petrone for

Living with risk and uncertainty is a fact of life. We face threats and uncertainties when we drive to work, buy a stock for our retirement portfolio or take a new job in a different city. Since there are no sure bets, Gerd Gigerenzer’s Risk Savvy: How to Make Good Decisions is the next best thing to help us cope with everyday uncertainty.
Understand the difference between risk and uncertainty
“In an uncertain world, it is impossible to determine the optimal course of action by calculating the exact risks. We have to deal with ‘unknown unknowns.’”
“The quest for certainty is the biggest obstacle to becoming risk savvy. While there are things we can know, we must also be able to recognize when we cannot know something.”

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