1. Preliminaries

1.1 Risk & Chance in Life & Business: Course Introduction

We all face situations that involve risks and uncertainties on a daily basis. This video discusses options for dealing with randomness and serves as an introduction to the course, outlining learning objectives and methods. This course aims at providing one with the tools to make better-educated decisions in uncertain situations.

1.2 Thinking Modes

This video discusses the two different modes, or “systems”, of thinking: automatic and controlled. These systems each have certain, situation-dependent advantages and disadvantages. Both must be employed to make the most well informed choice. This video is based on the book “Thinking, Fast and Slow” by Daniel Kahneman.

1.3 Randomness and Thinking Flaws

Randomness: this video examines the concept by examining the results of a coin toss. The Law of Large Numbers is explained and the concept of clustering in relation to randomness is explored.