ABSTRACT
Luck is a matter of the positive outcome for someone of a contingently chancy development that can yield positivities or negativities for the individual. Even a high-probability outcome can be very lucky when a low-probability alternative that it averts is catastrophic. The distinction between objective probability and subjective probability is crucially important for an understanding of luck. One must accordingly distinguish between objective luck based on measurable quantities and subjective luck based on personal sentiments. All of the factors at issue with luck-yield evaluation, outcome probability, and result estimation can be assessed both on a personally subjective basis and with reference to measurably objective factors. So, for present purposes, probabilities, outcomes, and expectations are to be construed in the objective mode, with personal probabilities and other subjective evaluations reserved for the psychological treatment of luck-related issues.
