Behavioral economics: Choices, Values and Frames , edited by Amos Tversky

An acquaintance sent this little quote from a book (mentioned in the title above) he read and enjoyed a lot.

 ” One of the things book talks about is, ‘illusion of control’. When people feel more in control of a particular situation, they are willing to bet more money/time/resources to that task; even though the outcome of the task may purely driven by luck and not skill levels of the participants.”

 Its hard to accept that what we achieve can be factored to other things such as ‘ just being in the right place and enviroment’ (for example) or ‘ luck’ or ‘ some other random notion’ than our skill.

 It kills our ego. Though it has a completely opposite reaction on others. Factoring somebody else’s sucess to luck is a great boost for self.

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