In honour of Daniel Kahneman, Nobel Prize winner and author of the brilliant book: ‘Thinking Fast and Slow’ who died last week, I share an exercise I learned from him that I’ve adapted and run with hundreds of business owners and senior directors over the last two decades – the relevance of which is still as powerful today.
Imagine you’re in a casino and you are £1,000 up. You have 2 options:
A. One more hand with an 80% chance of winning £1,500 in total AND a 20% chance of winning nothing, you leave with what you started with.
B. You leave with your £1,000 winnings.
Now whichever way you chose, you return to the casino on another evening and face a different scenario.
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