Read - Reading: Behavioral Economics When Psychology and Economics Collide by Scott Huettel (The Great Courses)
Lecture 6: Probability Weighting
"Probability weighting” describes how people tend to convert objective information about probability into a subjective sense of what may happen—which can lead to bias and error. Observe how this applies to real-life situations such as buying life or travel insurance, and learn two tools to change how you deal with probabilities.
Finished lecture 6 on probability and availability heuristic/bias

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Listened to S1 E5: A Level Playing Field? (Contested, Part 5 of 6) by John Biewen from Scene on Radio

Two families, both making big investments of time and money to involve their kids in sports. But the investments they’re able to make are very different. In Part 5 of “Contested,” our series on sports, society and culture: Sports and the American Dream.

Composite Photo: Thomas Schmidt, left, video still by Ian McClerin, and Jalani (“JT”) Taylor, video still by Hannah Colton.

This is an awesome and eye-opening episode. The misconceptions about sports as a “way out” are apparently even worse than I thought they were. The statistics about becoming an elite physician being better than being a pro athlete are just stunning. The availability heuristic we’re given with relation to sports constantly on television and in the media is apparently heavily hampering a lot of people specifically and society at large.

Very few people really make any money through sports. Less than 5,000 men and women all-in make a living by doing it.

There are more black cardiologists in the US than there are black men in the NBA. The odds of getting an elite job by going to medical school are infinitely better than trying to get into professional sports.