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Which of these two options would you choose?
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Daniel Kahneman, the author of Thinking, Fast and Slow, did an experiment. ​ He gave two options: ​ Would you accept a gamble that offers a 10% chance to win $95 and a 90% chance to lose $5? Or. Would you pay $5 to participate in a lottery that offers a 10% chance to win $100 and a 90% chance to win nothing? ​ Well… if you studied engineering, you have convinced yourself that the two problems are identical. ​ In both, you are either richer by $95 or poorer by $5. ​ But that’s engineering mindset… ​ No question why we take so long to find someone that can endure us. ​ The reality is that the second option attracts more people. ​ A bad outcome is much more acceptable if it is framed as the cost of a lottery ticket that did not win than if it is simply described as losing a gamble. ​ We should not be surprised: losses evoke stronger negative feelings than costs. ​ If you have no idea what I’m talking about, you should take a look to the book below. It will teach you to avoid gambles and call some costs, investments. ​
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Vicente Valencia
I talk about Personal Growth, Management, Infrastructure and More | 👇JOIN +2k readers 👇
The Channel Tunnel. 50-km underwater megastructure linking France and the UK. An engineering icon. A masterpiece. A miracle of geology, finance, diplomacy, and caffeine or theine. A day like today in 1998. New Year’s Day. Half the team hungover. Half asleep. Half the world still partying. The temperature suddenly dropped. Outside: freezing. Inside the service tunnels: warm and humid. A perfect recipe for the gods of engineering to say: “Let’s mess with them.” Condensation froze. Ice formed on...
If you thought that I’ll be telling you happy new year stuff, you don’t know me enough. Once that you over drink and over eat tonight, you have one year ahead. To grow. To become better. To achieve great things. Up to you, what you want to do tomorrow. When there are some people messing around with “resaca” or a “hangover”, others will be running. Vicente Valencia Academy PD 1: If you liked this email, don't keep it in secret and forward it to a friend. They will thank you enormously one day....
Brisbane, Australia. 2011. A hot, humid year, and an even hotter PPP disaster: the Clem7 Tunnel. Traffic numbers tanked. Revenue collapsed. The SPV went into voluntary administration. And the government, tired, embarrassed, politically cornered… decided to move fast. Maybe too fast. “Take control. Sort the mess. Do it now.” And they did. At light speed. They pushed what, in PPP terms, is basically the nuclear button: step-in, buy-out, asset recovery… messily… everything at once. OMG. The...