Skilled decision-makers understand that they do not walk on water. They show discipline in reflecting on the quality of their decisions and are humble in recognizing the role of luck.
However, the illusion of control is often most evident in those considered disciplined with a strong internal locus of control who believe they are responsible for what they do and who can delay gratification. It is not easy to determine what is within your control, even more so to grasp probability theory. It is still more challenging to understand that the test of the right decision is not the result. The decision PROCESS is as crucial as the OUTCOME.
In life luck matters and is random. There are so many things beyond our control. In her excellent new book, “The Biggest Bluff,” Maria Konnikova argues that unlike chess, poker is a good metaphor for life. There is both imperfect information and skill. You do not know someone else’s cards; neither can you be sure how they might react to your play. You can have an incredible hand and still lose, or a weak hand and win.
What do you think? Should the lessons of poker be kept within the walls of a casino? Or should it be offered as an educational tool within business schools? Could it help develop humility?
However, the illusion of control is often most evident in those considered disciplined with a strong internal locus of control who believe they are responsible for what they do and who can delay gratification. It is not easy to determine what is within your control, even more so to grasp probability theory. It is still more challenging to understand that the test of the right decision is not the result. The decision PROCESS is as crucial as the OUTCOME.
In life luck matters and is random. There are so many things beyond our control. In her excellent new book, “The Biggest Bluff,” Maria Konnikova argues that unlike chess, poker is a good metaphor for life. There is both imperfect information and skill. You do not know someone else’s cards; neither can you be sure how they might react to your play. You can have an incredible hand and still lose, or a weak hand and win.
What do you think? Should the lessons of poker be kept within the walls of a casino? Or should it be offered as an educational tool within business schools? Could it help develop humility?