Allison
Schrager

Worth the Risk

The Seven Myths That Keep Us from Taking the Chances We Need to Take

Yale University Press · September 22, 2026 · $28.00

Why fear of risk is holding us back, and how we can reclaim the confidence to thrive in unpredictable times.

Something is out of sync in today's economy. People feel insecure and unable to reach their potential. We worry that the world has become too risky, that investing is only for the rich, that our nest egg might not last, that it's all or nothing. We retreat into lives of minimal uncertainty. Economist Allison Schrager argues that there has never been a better time to take risks, and yet we as a society have never been more risk-averse. She explains how the fears surrounding risk are unfounded — and that these myths are exactly why so many are falling behind. In the meantime, the very wealthy are still taking risks that generate outsized rewards and widen economic divides.

Blending economic history and behavioral science, Schrager traces how our understanding and tolerance of risk have changed — how we have become less willing to open a business, start a family, or even drive a car. Along the way, she reveals the secrets of unconventional risk-takers, from a mob hit man to America's last frontiersman to a high-wire walker.

An Economist Walks into a Brothel

And Other Unexpected Places to Understand Risk

Whether we realize it or not, we all take risks large and small every day. Even the most cautious among us cannot opt out — the question is always which risks to take, not whether to take them at all. What most of us don't know is how to measure those risks and maximize the chances of getting what we want out of life. In An Economist Walks into a Brothel, Schrager equips readers with five principles for dealing with risk, principles used by some of the world's most interesting risk takers. For instance, she interviews a professional poker player about how to stay rational when the stakes are high, a paparazzo in Manhattan about how to spot different kinds of risk, horse breeders in Kentucky about how to diversify risk and minimize losses, and a war general who led troops in Iraq about how to prepare for what we don't see coming. When you start to look at risky decisions through Schrager's new framework, you can increase the upside to any situation and better mitigate the downside.