Harvard Business Review

JANUARY 27, 2014

Daniel Kahneman has claimed the following as his favorite equation: Success = talent + luck. Kahneman’s implication is that the difference between moderate and great success is mostly luck, not skill. Chance plays a much greater role in our careers than we might wish or even realize. There are no “starving dentists.”

Career 8

Career Planning Kahneman Uncertainty 8

Harvard Business Review

JUNE 21, 2012

Daniel Kahneman and Amos Tversky provide perhaps the best theoretical framework in which to understand the phenomenon. We will pay far more for a medical operation that increases our chance of surviving from 0% to 1% than one that increases it from 10% to 11%. Embracing Risk in Career Decisions.

Tversky 11

Tversky Kahneman Rate of Return Sports 11

Harvard Business Review

FEBRUARY 29, 2012

This idea of prospect theory, developed by Tversky and Kahneman and reported in a classic 1979 article (for which the Nobel prize was awarded) demonstrated that individuals do not make decisions rationally by selecting options with the highest expected value, because they are risk-averse and 'losses loom larger than gains.'.

Kahneman 14

Kahneman Tversky Company Innovation 14