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I always select luck as my favored attribute in the beginning because of the fact it improves everything like your melee accuracy, lockpicking, pickpocketing, and successfuly casting spells.
Luck will help a new character starting out alot, although you probably won't be able to tell the difference.
There is an NPC names Gaenor that has 770 Luck that you will have to fight. The fight is probably the best example of how powerful luck can be.
Defeating Gaenor will get you an amulet with a constant Luck 15.
Taken from UESPwiki:
Luck, however, has no effect on the quality or quantity of random loot that you find. This is an old myth that has been proven to be false.
It is worth investing in, but there are so many things to invest in early on that I can't personally justify investing into luck at an early level although I know some people do start raising Luck from the beginning so that they can cap luck as early as possible.
I chose to level Strength, Endurance, and Speed for 8 levels. Speed using Athletics because I hate running so slowly. But now I am focusing on Luck.
Oh, well thanks for clearing that up.
Yes, but minutely.
All characters start out with a +4% to actions because all have 40 Luck. Since everyone has it, it can be considered baseline. You can max out Luck at 100 which will give you +6% chances for all your actions above the baseline. Sure, everything helps, but regarding my original question is it worth to invest in Luck, the answer is NO. You are better off investing in a point of a real attribute. Most actions have a basic attribute (for example, dodging attacks=Agility) where every point contributes 2/10 of a percent to the chances. So, while 10 Luck contribute 1% to dodging, 5 Agility also contribute 1% to dodging. And you can gain 5 Agility in a levelup, but only 1 Luck. In favor of Luck, we can say that it's puny but it affects everything you do. Yes, but IMO it's *too* puny, given the costs it should be more rewarding.