“In some cases you can think of outcomes as being combinations of skill and luck, and you can determine how much skill and how much luck by looking at variations in outcomes. Is there a lot of flipping, or is there sort of consistent winners? We also then got from this very simple model, a paradoxical result. And a paradoxical result is, is that when you get all high skill people competing against one another, even when it’s a low luck environment, luck will play a large role because of the paradoxical skill. Alright, so that’s a luck and skill model, now we’re going to move on to a model of random walks. “- Transcript from Scott Page Coursera
Source:
Scott Page Model Thinking MOOC Course
