Here we continue our discussion on the Talent vs Luck model proposed by [1]. This time we introduce capital redistribution strategies in to the model, unlike the original authors we do not allow policy makers to create capital - instead they must take from somebody and only then they can redistribute.

Here we continue our discussion on the Talent vs Luck model proposed by [1]. This time we show you the reason why this model is worthy of comparison to the kinetic exchange models. This model is capable of reproducing power-law wealth (capital in this model) distribution.

In this video Bloomberg (renowned source for news on various topics related to economics and business) introduces futuristic job sports data scientist. Actually this job is not as futuristic as there are some people who already do it. In this video Ivana Seric (PhD in Math and ex-basketball player) describes what she does everyday to help Philadelphia 76ers to gain edge against their oponents in the NBA.

During summer we have promised to talk about impact of talent and luck on the individual success. This is the first post in the series, which will introduce you to a rather abstract model, which links all these three concepts. Admittedly, the model is really general and thus detached from actual economic or social realities. Therefore this model is not suitable for any policy making, but is perfect for a general discussion on the topic.

Talent vs Luck model was introduced by a group of Italian researchers in [1].

How often football commentators say something along the lines "striker has to score from here", "it was an easy stop for goalkeeper" or "it was an excellent opportunity"? How many times have you cursed, because your favorite team missed an obvious chance to take the lead? In a tense game, both we (the fans) and the commentators tend to give the way to emotions and leave rational thinking on the bench. Yet with the modern technology and understanding of statistics it is quite possible to calculate odds of scoring a goal in a particular situation.

Watch this video by Opta in which their metric "expected goals" is explained. Though it is not very detailed explanation, but it could spark your own imagination.