Those Near Misses Might Not Be So Bad After All

The long-term benefits of losing, according to science – Fast Company

The answers used to be simple. Research from multiple domains has shown that winners keep winning (the rich get richer). That means even a narrow win can snowball to generate runaway inequality, increasingly distancing winners from losers. So conventional wisdom would be always to bet on narrow winners.

That’s not what we found.

Horse Racing tips: Our traders’ 5 to follow from Saturday’s cardsWe examined both groups’ track records over the 10 years following their initial grant application, including grants won, publications, and publication impact (number of citations). As expected, winners gained more NIH and other grants over time—the rich did get richer.

But their near-miss peers matched them on number of papers published. And the most surprising part: their work had a greater impact than that of those who’d narrowly won early-career NIH grants.

These so-called losers outperformed the winners longer term.

One explanation is a “screening effect.” Failure weeds out those less equipped to succeed in the future. Indeed, near-miss scientists had a greater than 10% chance of permanently leaving the NIH system. But we found that wasn’t sufficient to explain our results. So we offer some of the first empirical evidence for Nietzsche’s classic phrase “What doesn’t kill me makes me stronger.”

 

Racino Failure: Monticello Raceway casino closing

Monticello Harness track remains open

MONTICELLO – The casino operation at the Monticello Casino and Raceway will soon close, but the harness racing track will stay open for now.

Empire Resorts, the Monticello racino’s parent company, will close its electronic gaming operations at the track “on or about” April 23, according to a Securities and Exchange Commission filing on Tuesday.

Forty employees will remain at the raceway, while the operation’s other 160 can take jobs at the nearby Resorts World Catskills casino, also owned by Empire Resorts, or receive severance packages.

“We’re happy about the fact that they have offered jobs to laid-off members, and we’re constructively talking with the company about adding additional severance,” Hotel Trades Council, the union that represents most of the workers, said in a statement.

Empire Resorts Inc. said horse racing will continue. But, in a written statement and in an SEC filing, it made no guarantees about the track’s long-term future.

The goal for now, the company said, is to avoid cannibalizing revenues from the 2,157 slot machines and 150 table games at Resorts World Catskills in the Town of Thompson.

Plus, Empire Resorts, which has averaged losses of between $10 million and $13 million per month since it began its phased opening of the Resorts World Catskills last February, is looking to improve earnings…