The World's Best Book Summaries
What is the anchoring and adjustment bias? How does it impact your decisions? The anchoring and adjustment bias takes something you know and adjusts it to estimate what you don’t know. The “bias” comes from the way that what you know skews your estimation. Read more about the anchoring and adjustment bias.
What is the availability heuristic and the availability heuristic bias? How does it affect decisions? The availability heuristic is the desire to compare an unknown to something known. This can create the availability bias where it skews thinking. Read on to understand the availability heuristic and the availability bias.
What can you learn from Moneyball? What are the top Moneyball themes in the book? These Moneyball themes discuss a new system of managing a baseball team based on metrics and value. The major themes of Moneyball include seeing players as investments and a ballclub as a business.
What is the DIPS baseball statistic? What does it have to do with Moneyball? The DIPS baseball statistic, or defense independent pitching statistic, is a statistical measurement developed by a paralegal named Voros McCracken. The DIPS baseball statistic offers a way to measure pitching more effectively, and it was adopted by Billy Beane and the Oakland A’s.
What is the runs created formula? How does the runs created formula work? The runs created formula is a mathematical equation developed to analyze the ability of a team to produce runs and wins. The formula’s creator, Bill James, argues that the most important measurement of predicting wins is not traditional statistics like batting average and RBI, but a new metric called the runs created formula, with a runs created calculator that helped them determine player value.
What are MLB sabermetrics? What are the steps to understanding sabermetrics and what kind of statistics are used? Understanding sabermetrics is complicated. Sabermetrics are a fairly new concept pioneered by Bill James. MLB sabermetrics were made famous by their adoption by Oakland A’s GM Billy Beane, and the book Moneyball that chronicled the A’s first season of using and understanding sabermetrics.
What is on base percentage, and how does it factor into the strategy in Moneyball? Is on base percentage really the most important statistic? In Moneyball, on base percentage is touted by Sabermetrics enthusiasts as one of the best predictors of player performance. Sabermetrics argues that on base percentage offers the most opportunity to players to create runs, and is most likely to lead to wins.
What are the Moneyball statistics that made 2002 Oakland A’s successful? What Moneyball stats were useful? As documented in the book Moneyball, there are numerous important Moneyball statistics, but most notably, Moneyball stats were not the traditional baseball stats that baseball insiders used. Moneyball statistics focused primarily on the ability to get on base and create the opportunity for runs. These are a few examples of the statistics they used.
What is game theory? What’s a good game theory example? Game theory is the study of outcomes in negotiation and conflict that aren’t actually intended by the individuals involved in that negotiation or conflict. In these situations, the outcome is determined not by an individual’s choices, but by the way an individual’s choices interact with the choices of other “players.” We’ll look at a game theory example and explore other theories that explore the idea that we’re serving cultures, not the other way around.
What is a chaotic system? What are some examples of chaotic systems, and how does the fact that history is a chaotic system affect our ability to explain the past? A chaotic system is a dynamical system that’s highly influenced by its beginnings. A chaotic system can’t be explained because it’s impossible to see how all its variables interact. There are two kinds of chaotic systems: level one chaotic systems and level two chaotic systems. We’ll cover how chaotic systems work, why they’re unpredictable, and the difference between level one and level two chaotic systems.