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Does luck play a part in business? According to Chengwei Liu's research it plays a huge part, with good luck largely underestimated by managers and bad luck overestimated.

Listen to the Associate Professor of Strategy and Behavioural Science tell Core Insights host Trevor Barnes how luck and people's ignorance of it can be used to build a strategy to beat your rivals.

Read more on the subject:

How to exploit luck to gain a competitive advantage

Why it can pay to invest in underdogs

Why do managers make bad strategic decisions?

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