Luck Theory

Book excerpt: This book is an original—the first-ever treatment of the mathematics of Luck. Setting out from the principle that luck can be measured by the gap between reasonable expectation and eventual realization, the book develops step-by-step a mathematical theory that accommodates the entire range of our pre-systematic understanding of the way in which luck functions in human affairs. In so moving from explanatory exposition to mathematical treatment, the book provides a clear and accessible account of the way in which luck assessment enters into the calculations of rational decision theory.