An Economist Walks into a Brothel
And Other Unexpected Places to Understand Risk
Failed to add items
Add to Cart failed.
Add to Wish List failed.
Remove from wish list failed.
Follow podcast failed
Unfollow podcast failed
Buy Now for $23.31
No default payment method selected.
We are sorry. We are not allowed to sell this product with the selected payment method
-
Narrated by:
-
Holly Palance
-
Written by:
-
Allison Schrager
About this listen
A Financial Times Book of the Month pick for April!
Is it worth swimming in shark-infested waters to surf a 50-foot, career-record wave?
Is it riskier to make an action movie or a horror movie?
Should sex workers forfeit 50 percent of their income for added security or take a chance and keep the extra money?
Most people wouldn't expect an economist to have an answer to these questions - or to other questions of daily life, such as who to date or how early to leave for the airport. But those people haven't met Allison Schrager, an economist and award-winning journalist who has spent her career examining how people manage risk in their lives and careers.
Whether we realize it or not, we all take risks large and small every day. Even the most cautious among us cannot opt out - the question is always which risks to take, not whether to take them at all. What most of us don't know is how to measure those risks and maximize the chances of getting what we want out of life.
In An Economist Walks into a Brothel, Schrager equips listeners with five principles for dealing with risk, principles used by some of the world's most interesting risk takers. For instance, she interviews a professional poker player about how to stay rational when the stakes are high, a paparazzo in Manhattan about how to spot different kinds of risk, horse breeders in Kentucky about how to diversify risk and minimize losses, and a war general who led troops in Iraq about how to prepare for what we don't see coming.
When you start to look at risky decisions through Schrager's new framework, you can increase the upside to any situation and better mitigate the downside.
©2019 Allison Schrager (P)2019 Penguin AudioYou may also enjoy...
-
The House of Morgan
- An American Banking Dynasty and the Rise of Modern Finance
- Written by: Ron Chernow
- Narrated by: Robertson Dean
- Length: 34 hrs and 37 mins
- Unabridged
-
Overall
-
Performance
-
Story
A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.
-
-
legendary book does not disappoint
- By Amazon Customer on 2018-03-28
Written by: Ron Chernow
-
Knowledge and Decisions
- Written by: Thomas Sowell
- Narrated by: Robertson Dean
- Length: 20 hrs and 53 mins
- Unabridged
-
Overall
-
Performance
-
Story
This reissue of Thomas Sowell’s classic study of decision making, which includes a preface by the author, updates his seminal work in the context of The Vision of the Anointed. Sowell, one of America’s most celebrated public intellectuals, describes in concrete detail how knowledge is shared and disseminated throughout modern society. He warns that society suffers from an ever-widening gap between firsthand knowledge and decision making—a gap that threatens not only our economic and political efficiency but our very freedom.
-
-
Brilliant. Required material for modern humans
- By Matt on 2018-04-26
Written by: Thomas Sowell
-
Churchill
- Written by: Roy Jenkins
- Narrated by: Simon Vance
- Length: 38 hrs and 18 mins
- Unabridged
-
Overall
-
Performance
-
Story
In this magisterial book, Roy Jenkins' unparalleled command of the political history of Britain and his own high-level government experience combine in a narrative account of Churchill's astounding career that is unmatched in its shrewd insights, its unforgettable anecdotes, the clarity of its overarching themes, and the author's nuanced appreciation of his extraordinary subject.
Written by: Roy Jenkins
-
Don't Trust Your Gut
- Using Data to Get What You Really Want in Life
- Written by: Seth Stephens-Davidowitz
- Narrated by: Timothy Andrés Pabon
- Length: 6 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
Big decisions are hard. We consult friends and family, make sense of confusing “expert” advice online, maybe we read a self-help book to guide us. In the end, we usually just do what feels right, pursuing high stakes self-improvement—such as who we marry, how to date, where to live, what makes us happy—based solely on what our gut instinct tells us. But what if our gut is wrong? Biased, unpredictable, and misinformed, our gut, it turns out, is not all that reliable. And data can prove this.
-
-
Didn’t always identify the limitations of the data
- By Shane Ison on 2024-02-05
Written by: Seth Stephens-Davidowitz
-
The CEO Next Door
- The 4 Behaviors that Transform Ordinary People into World-Class Leaders
- Written by: Tahl Raz, Kim R. Powell, Elena L. Botelho
- Narrated by: Bernadette Dunne
- Length: 8 hrs and 50 mins
- Unabridged
-
Overall
-
Performance
-
Story
Much of what we hear about who gets to the top, and how, is wrong. Those who become chief executives set their sights on the C-suite at an early age. In fact, over 70 percent of the CEOs didn't have designs on the corner office until later in their careers. You must graduate from an elite college. In fact, only seven percent of CEOs in the dataset are Ivy League graduates - and eight percent didn't graduate from college at all. To become a CEO you need a flawless résumé. The reality: 45 percent of CEO candidates had at least one major career blowup.
-
-
Good insights
- By Chris P on 2023-09-07
Written by: Tahl Raz, and others
-
The Complete TurtleTrader
- How 23 Novice Investors Became Overnight Millionaires
- Written by: Michael W. Covel
- Narrated by: Joel Richards
- Length: 10 hrs and 8 mins
- Unabridged
-
Overall
-
Performance
-
Story
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules.
-
-
What a waste
- By Matt on 2020-12-12
Written by: Michael W. Covel
-
The House of Morgan
- An American Banking Dynasty and the Rise of Modern Finance
- Written by: Ron Chernow
- Narrated by: Robertson Dean
- Length: 34 hrs and 37 mins
- Unabridged
-
Overall
-
Performance
-
Story
A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.
-
-
legendary book does not disappoint
- By Amazon Customer on 2018-03-28
Written by: Ron Chernow
-
Knowledge and Decisions
- Written by: Thomas Sowell
- Narrated by: Robertson Dean
- Length: 20 hrs and 53 mins
- Unabridged
-
Overall
-
Performance
-
Story
This reissue of Thomas Sowell’s classic study of decision making, which includes a preface by the author, updates his seminal work in the context of The Vision of the Anointed. Sowell, one of America’s most celebrated public intellectuals, describes in concrete detail how knowledge is shared and disseminated throughout modern society. He warns that society suffers from an ever-widening gap between firsthand knowledge and decision making—a gap that threatens not only our economic and political efficiency but our very freedom.
-
-
Brilliant. Required material for modern humans
- By Matt on 2018-04-26
Written by: Thomas Sowell
-
Churchill
- Written by: Roy Jenkins
- Narrated by: Simon Vance
- Length: 38 hrs and 18 mins
- Unabridged
-
Overall
-
Performance
-
Story
In this magisterial book, Roy Jenkins' unparalleled command of the political history of Britain and his own high-level government experience combine in a narrative account of Churchill's astounding career that is unmatched in its shrewd insights, its unforgettable anecdotes, the clarity of its overarching themes, and the author's nuanced appreciation of his extraordinary subject.
Written by: Roy Jenkins
-
Don't Trust Your Gut
- Using Data to Get What You Really Want in Life
- Written by: Seth Stephens-Davidowitz
- Narrated by: Timothy Andrés Pabon
- Length: 6 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
Big decisions are hard. We consult friends and family, make sense of confusing “expert” advice online, maybe we read a self-help book to guide us. In the end, we usually just do what feels right, pursuing high stakes self-improvement—such as who we marry, how to date, where to live, what makes us happy—based solely on what our gut instinct tells us. But what if our gut is wrong? Biased, unpredictable, and misinformed, our gut, it turns out, is not all that reliable. And data can prove this.
-
-
Didn’t always identify the limitations of the data
- By Shane Ison on 2024-02-05
Written by: Seth Stephens-Davidowitz
-
The CEO Next Door
- The 4 Behaviors that Transform Ordinary People into World-Class Leaders
- Written by: Tahl Raz, Kim R. Powell, Elena L. Botelho
- Narrated by: Bernadette Dunne
- Length: 8 hrs and 50 mins
- Unabridged
-
Overall
-
Performance
-
Story
Much of what we hear about who gets to the top, and how, is wrong. Those who become chief executives set their sights on the C-suite at an early age. In fact, over 70 percent of the CEOs didn't have designs on the corner office until later in their careers. You must graduate from an elite college. In fact, only seven percent of CEOs in the dataset are Ivy League graduates - and eight percent didn't graduate from college at all. To become a CEO you need a flawless résumé. The reality: 45 percent of CEO candidates had at least one major career blowup.
-
-
Good insights
- By Chris P on 2023-09-07
Written by: Tahl Raz, and others
-
The Complete TurtleTrader
- How 23 Novice Investors Became Overnight Millionaires
- Written by: Michael W. Covel
- Narrated by: Joel Richards
- Length: 10 hrs and 8 mins
- Unabridged
-
Overall
-
Performance
-
Story
This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. What happens when ordinary people are taught a system to make extraordinary money? Richard Dennis made a fortune on Wall Street by investing according to a few simple rules.
-
-
What a waste
- By Matt on 2020-12-12
Written by: Michael W. Covel
-
The Reality Bubble
- How Science Reveals the Hidden Truths that Shape Our World
- Written by: Ziya Tong
- Narrated by: Ziya Tong
- Length: 11 hrs and 29 mins
- Unabridged
-
Overall
-
Performance
-
Story
Our naked eyes see only a thin sliver of reality. We are blind in comparison to the X-rays that peer through skin, the mass spectrometers that detect the dead inside the living, or the high-tech surveillance systems that see with artificial intelligence. And we are blind compared to the animals that can see in infrared, or ultraviolet, or in 360-degree vision. These animals live in the same world we do, but they see something quite different when they look around.
-
-
this book was a bittersweet and very entertaining
- By Gypsymama on 2019-07-10
Written by: Ziya Tong
-
Fundamentals of Software Architecture
- An Engineering Approach
- Written by: Mark Richards, Neal Ford
- Narrated by: Benjamin Lange
- Length: 13 hrs and 10 mins
- Unabridged
-
Overall
-
Performance
-
Story
This book provides the first comprehensive overview of software architecture’s many aspects. Aspiring and existing architects alike will examine architectural characteristics, architectural patterns, component determination, diagramming and presenting architecture, evolutionary architecture, and many other topics. Mark Richards and Neal Ford—hands-on practitioners who have taught software architecture classes professionally for years—focus on architecture principles that apply across all technology stacks.
Written by: Mark Richards, and others
-
Team Topologies: Organizing Business and Technology Teams for Fast Flow
- Written by: Matthew Skelton, Manuel Pais
- Narrated by: Edward Bauer
- Length: 6 hrs and 31 mins
- Unabridged
-
Overall
-
Performance
-
Story
Team Topologies is a practical, step-by-step, adaptive model for organizational design and team interaction based on four fundamental team types and three team interaction patterns. It is a model that treats teams as the fundamental means of delivery, where team structures and communication pathways are able to evolve with technological and organizational maturity. In Team Topologies, IT consultants Matthew Skelton and Manuel Pais share secrets of successful team patterns and interactions to help listeners choose and evolve the right team patterns for their organization.
-
-
Extremely helpful vision of engineering teams
- By Pablo de Oliveira Castro on 2021-08-16
Written by: Matthew Skelton, and others
-
Capitalism in America
- A History
- Written by: Alan Greenspan, Adrian Wooldridge
- Narrated by: Ray Porter
- Length: 16 hrs and 14 mins
- Unabridged
-
Overall
-
Performance
-
Story
From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen.
Written by: Alan Greenspan, and others
-
From Here to Eternity
- Traveling the World to Find the Good Death
- Written by: Caitlin Doughty
- Narrated by: Caitlin Doughty
- Length: 5 hrs and 37 mins
- Unabridged
-
Overall
-
Performance
-
Story
Fascinated by our pervasive terror of dead bodies, mortician Caitlin Doughty set out to discover how other cultures care for their dead. In rural Indonesia, she observes a man clean and dress his grandfather's mummified body. Grandpa's mummy has lived in the family home for two years, where the family has maintained a warm and respectful relationship. She meets Bolivian natitas (cigarette-smoking, wish-granting human skulls) and introduces us to a Japanese kotsuage.
-
-
Amazing Content! Stellar author.
- By Melissa on 2018-09-19
Written by: Caitlin Doughty
-
No Filter
- The Inside Story of Instagram
- Written by: Sarah Frier
- Narrated by: Megan Tusing, Sarah Frier
- Length: 11 hrs and 20 mins
- Unabridged
-
Overall
-
Performance
-
Story
In 2010, Kevin Systrom and Mike Krieger released a photo-sharing app called Instagram, with one simple but irresistible feature: It would make anything you captured look more beautiful. The cofounders cultivated a community of photographers and artisans around the app, and it quickly went mainstream. In less than two years, it caught Facebook’s attention: Mark Zuckerberg bought the company for a historic one billion dollars when Instagram had only 13 employees.
-
-
Phenomenal: engaging, funny, fascinating.
- By Brooke on 2021-08-14
Written by: Sarah Frier
-
The New Market Wizards
- Conversations with America's Top Traders
- Written by: Jack D. Schwager
- Narrated by: DJ Holte
- Length: 16 hrs and 1 min
- Unabridged
-
Overall
-
Performance
-
Story
In The New Market Wizards, successful traders relate the financial strategies that have rocketed them to success. Asking questions that listeners with an interest or involvement in the financial markets would love to pose to the financial superstars, Jack D. Schwager encourages these financial wizards to share their insights. Entertaining, informative, and invaluable, The New Market Wizards is destined to become another Schwager classic.
-
-
Chapters
- By Jeremy on 2018-10-04
Written by: Jack D. Schwager
-
Everybody Lies
- Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are
- Written by: Seth Stephens-Davidowitz, Steven Pinker - foreword
- Narrated by: Timothy Andrés Pabon
- Length: 7 hrs and 39 mins
- Unabridged
-
Overall
-
Performance
-
Story
By the end of on average day in the early 21st century, human beings searching the Internet will amass eight trillion gigabytes of data. This staggering amount of information - unprecedented in history - can tell us a great deal about who we are - the fears, desires, and behaviors that drive us, and the conscious and unconscious decisions we make. From the profound to the mundane, we can gain astonishing knowledge about the human psyche that less than 20 years ago seemed unfathomable.
-
-
Totally worth the effort.
- By Stacy Richter on 2022-01-20
Written by: Seth Stephens-Davidowitz, and others
-
The Great Mental Models
- General Thinking Concepts
- Written by: Shane Parrish
- Narrated by: Shane Parrish
- Length: 3 hrs and 23 mins
- Unabridged
-
Overall
-
Performance
-
Story
The Great Mental Models: General Thinking Concepts is the first book in The Great Mental Models series designed to upgrade your thinking with the best, most useful and powerful tools so you always have the right one on hand. This volume details nine of the most versatile all-purpose mental models you can use right away to improve your decision making, your productivity, and how clearly you see the world.
-
-
Great information let down by the narration
- By Jason on 2019-04-27
Written by: Shane Parrish
-
The Man Who Solved the Market
- How Jim Simons Launched the Quant Revolution
- Written by: Gregory Zuckerman
- Narrated by: Will Damron
- Length: 10 hrs and 44 mins
- Unabridged
-
Overall
-
Performance
-
Story
Jim Simons is the greatest money maker in modern financial history. No other investor - Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros - can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth 23 billion dollars.
-
-
Good book, can't get much details of the how to
- By Sean Arani on 2020-01-26
Written by: Gregory Zuckerman
-
Astroball
- The New Way to Win It All
- Written by: Ben Reiter
- Narrated by: Ben Reiter
- Length: 7 hrs and 51 mins
- Unabridged
-
Overall
-
Performance
-
Story
Astroball is the inside story of how a gang of outsiders went beyond the stats to find a new way to win. When new Astros general manager Jeff Luhnow and his top analyst, the former rocket scientist Sig Mejdal, arrived in Houston in 2011, they had already spent more than half a decade trying to understand how human instinct and expertise could be blended with hard numbers. Astroball is the story of the next wave of thinking in baseball and beyond, at once a remarkable underdog story and a fascinating look at the cutting edge of evaluating and optimizing human potential.
-
-
A Very Entertaining Baseball Book
- By Michael Da Silva on 2018-09-13
Written by: Ben Reiter
-
Secondhand
- Travels in the New Global Garage Sale
- Written by: Adam Minter
- Narrated by: Daniel Henning
- Length: 10 hrs and 2 mins
- Unabridged
-
Overall
-
Performance
-
Story
In Secondhand, Adam Minter delves into the vast, multibillion-dollar industry that resells used stuff around the world. He follows the trail of unwanted objects from the closets, garages, and storage units of Middle America to epic used-goods markets in Canada, Mexico, Japan, Ghana, India, Malaysia, and beyond. Secondhand takes us through the often painful and heartbreaking process of cleaning out a lifetime’s worth of possessions and shows that used stuff still has a place in a world that values the new and shiny.
-
-
Read by robot Will Shatner
- By GiantSquid! on 2021-11-29
Written by: Adam Minter
What the critics say
"In this delightful book, financial economist and risk expert Allison Schrager shows us that the same principles employed by multi-billion dollar pension funds can help us improve risk management in our own lives. She teaches these principles while entertaining us with a series of off-the-beaten-path case studies. By creating distance from our own experiences, she allows us to better understand the principles of risk. It works! Whether a complete novice or a seasoned risk professional, the reader is in for a treat: Bon Appetit!" (Robert C Merton, distinguished professor of finance, MIT Sloan School and Nobel Laureate)
“Prostitution seems like a long stretch from the risks most of us deal with, such as outliving our retirement funds, but Schrager inventively extracts five life lessons from her interviews with practitioners of the so-called oldest profession, as well as others who’ve chosen unusual career paths.” (Bloomberg Businessweek)
“If you want to understand risk better, you have to go into some unconventional settings. In the tradition of Freakonomics, that’s what Allison Schrager does as an economist, and her book is not just informative - it’s an entertaining read too.” (Adam Grant, New York Times best-selling author of Originals and Give and Take)
What listeners say about An Economist Walks into a Brothel
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
-
Overall
-
Performance
-
Story
- Lexloco
- 2023-04-20
A good introduction to everyday risk
The author hit the zone of an easy, interesting listen. Concepts are explained using everyday examples, not that I go to brothels everyday. In the audio version, at least, there are no footnotes to check the research behind the theory, but — as you can guess from the title — this is not an academic treatise. I would recommend it as a film and solid introduction to the economics of risk, but not necessarily for those who have already taken courses in the area.
Something went wrong. Please try again in a few minutes.
You voted on this review!
You reported this review!
-
Overall
-
Performance
-
Story
- DougG
- 2019-05-25
Excellent and Entertaining Exploration of Risk for all of Us
The combination of the author’s text and the narrator’s delivery creates both a compelling and very entertaining primer on risk and its management. While the book does deal with risk in traditional applications like military and financial planning, her delving into both unusual and very much everyday examples of risk assessment and strategy provide timely and highly a valuable map for all of us to follow as we make decisions - small and large - in our lives and businesses. Highly highly recommended. Will be watching for Allison’s next book!
Something went wrong. Please try again in a few minutes.
You voted on this review!
You reported this review!
-
Overall
-
Performance
-
Story
- Mark S. Yamada
- 2019-05-24
Amazing!
Imaginative use of engaging images to explain the important but unapproachable topic of risk. Proof that storytelling is a powerful tool for communication. Having spent a career working with these concepts, I applaud Ms. Schrager's deep subject knowledge and succinct style. Almost convinced me that actuaries are people too!
Something went wrong. Please try again in a few minutes.
You voted on this review!
You reported this review!
-
Overall
-
Performance
-
Story
- gregory luciani
- 2019-11-24
snore bore
there was a lot of academic double speak and cliche after cliche about assuming risk.
Something went wrong. Please try again in a few minutes.
You voted on this review!
You reported this review!