1. What role does luck play in success?

Luck is significant in people success as lucky people have the opportunities to learn from different experiences to change their bad luck. They, therefore, focus on nurturing behaviors that will contribute to the success and eliminated bad luck.

2. Why do people notice bad luck more than good luck? What is meant by the phrase “hindsight bias”?

People notice bad luck than good luck because bad luck has a severe impact on a person’s life as well as the life of other people. Hindsight bias means that individuals tend to overestimate their ability to predict a specific outcome that they in normal circumstances they cannot predict (LSE, 2016).

3. Why is the Mona Lisa famous?

Mona Lisa is famous because she had the opportunity to feature in artistic works of the famous painter Leonardo da Vinci.

4. What role did the “bandwagon effect” play in the music ranking experiment?

The bandwagon effect is significant in music ranking as the number of individuals that already accepted the music influences the rate at which other people will also adapt to the specific music (LSE, 2016). Despite knowing the effect of the music, individuals would want to associate themselves as they wish to conform to the music.

5. What does Frank mean by “winner take all” society?

A winner takes all is a society with high levels of competition and individualism such that no care about the needs of other individuals thus contributing to income inequality.

6. What is the importance of gratitude?

Gratitude is essential as it benefits the life of everyone. People who show appreciation have emotional fulfillment and become optimistic in life thus living a happy and healthy life.

7. According to Frank, how would raising marginal tax rates on the rich affect their ability to acquire desired goods and services?

Raising marginal tax on the rich has a positive impact on the provision of goods and services since the generated revenue act as a source of income to facilitate the development infrastructures that will be beneficial for everyone.

8. What does Frank mean when he compares a “Porsche” society and a “Ferrari” society?

Frank uses Porsche and Ferrari society to compare how low-income individuals could have standard living conditions given the availability of well-maintained infrastructures (LSE, 2016). The wealthy may also suffer as they also use the same infrastructures thus the need to contribute towards development.

Reference

LSE (2016). LSE Events.  Professor Robert H Frank. Success and Luck: good fortune and the myth of meritocracy. Retrieved on March 16, 2019, from https://www.youtube.com/watch?v=4smxz38IHRA&t=907s