Risk Savvy
Gerd Gigerenzer’s Risk Savvy (2014) book is an exploration of the way we (mis)understand risk and uncertainty, often at great expense to our health, finances and relationships. However, if we better understand risk, we can develop the tools necessary to navigate this highly complex world without having to become an “expert in everything.”
Summary
In a world of uncertainty, logical thinking is not enough to ensure that your decisions actually represent your best interests. Instead, you should make an attempt to recognize your ignorance and find good, simple rules of thumb in order to make sound decisions in spite of complex circumstances.
Key insights:
Risk and uncertainty are fundamentally different.
People often mistake uncertainty for risk and risk for certainty.
In order to make good decisions, we need to know how risks are calculated.
Simple rules of thumb can help you make decisions in the face of uncertainty.
Sometimes you have to accept that there’s no best option — so just trust your gut.
Mistakes are nothing to fear — sometimes they can even bring you great rewards.
Risks are often presented in a misleading way that causes unnecessary panic.
With the right information and approach, you can be risk savvy.
We have an obligation to teach children how to manage risks.
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