Part 1: Entrepreneurship is like evaluating a fancy bottle of wine

Based on taste tests, it turns out that experts are very bad at predicting the future price of fine Bordeaux wines – so realised Orley Ashenfelter, a Priceton economist. As told by Daniel Kahneman in┬áThinking Fast and Slow, when Ashenfelter built simple rules of thumb┬áto predict prices he was able to achieve accuracy far beyondContinue reading “Part 1: Entrepreneurship is like evaluating a fancy bottle of wine”