Abstract

Luck divides the results of uncertain-outcome situations for a given individual into two main groups, the favorable and the unfavorable, the lucky (luck-positive) and the unlucky (luck negative). But regrettably, the proper answer to the question: What can I do to improve my luck within a given stochastic situation is: Nothing. Counting on luck is here problematic because there just is no way to affect outcomes where chance is the driver’s seat. Once one is embarked in a specific chancy outcome situation the, die is cast. One simply cannot rely on the cooperation of luck. To change the bearing of luck one must change the situation. When chance is in the driver’s seat the steering wheel is out of one’s reach. But before this point is reached there are opportunities. In particular, improving one’s skill is a decidedly effective way of diminishing risk. For when you improve your skill—and thus the win-probability in a particular mode of contest—this correspondingly diminishes your reliance on luck.