Choiceology With Katy Milkman podcast

#Science #Trading #Society #Business #Social Sciences #Charles Schwab #Katy Milkman #Behavioral Economics #Decision Making #Dan Heath

22:08

Host Francesca Amiker sits down with directors Joe and Anthony Russo, producer Angela Russo-Otstot, stars Millie Bobby Brown and Chris Pratt, and more to uncover how family was the key to building the emotional core of The Electric State . From the Russos’ own experiences growing up in a large Italian family to the film’s central relationship between Michelle and her robot brother Kid Cosmo, family relationships both on and off of the set were the key to bringing The Electric State to life. Listen to more from Netflix Podcasts . State Secrets: Inside the Making of The Electric State is produced by Netflix and Treefort Media.…

Choiceology with Katy Milkman

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Can we learn to make smarter choices? Listen in as host Katy Milkman--behavioral scientist, Wharton professor, and author of How to Change--shares stories of high-stakes decisions and what research reveals they can teach us. Choiceology, an original podcast from Charles Schwab, explores the lessons of behavioral economics to help you improve your judgment and change for good. Season 1 of Choiceology was hosted by Dan Heath, bestselling author of Made to Stick and Switch. Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit schwab.com/contactus for contact options. (0321-1S88)

97 episodes

Choiceology with Katy Milkman

updated 4 days ago

Series home•Feed

97 episodes

#Science #Trading #Society #Business #Social Sciences #Charles Schwab #Katy Milkman #Behavioral Economics #Decision Making #Dan Heath

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Choiceology with Katy Milkman

1
The Reality Trap: With Guests Ken Adelman & Julia Minson 38:22

4 days ago38:22

38:22

Is it ever possible to see the world objectively, as it is? Turn on the news, open social media, engage with that family member at Thanksgiving, and it appears to some the answer is yes. But what if our biggest blind spot is thinking we don't have a blind spot? In this episode of Choiceology with Katy Milkman , we look at how we can easily be fooled into believing that our subjective experience of the world is objective, and believing that anyone who disagrees with us must be biased or wrong. We consider how this was part of the interaction between world leaders Ronald Reagan and Mikhail Gorbachev at a high-stakes nuclear summit in 1986. Ken Adelman was the arms control director in the Reagan administration at the time and was with Reagan at this historic summit. His book Reykjavik: Forty-Eight Hours That Ended the Cold War details how these politicians with opposing world views came together as men. Next, Katy speaks with Julia Minson , an associate professor of public policy at the Harvard Kennedy School of Government. She is a decision scientist with research interests in conflict management, negotiations, and judgment and decision-making. Her main line of research addresses the "psychology of disagreement"—how do people engage with opinions, values, and judgments that conflict with their own? Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk including loss of principal. The books How to Change: The Science of Getting from Where You Are to Where You Want to Be and Reykjavik: Forty-Eight Hours That Ended the Cold War are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content. (0425-DLMP)…

Choiceology with Katy Milkman

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A Numbers Game: With Guests Linda Chang & Stephen M. Colbert 29:37

18 days ago29:37

29:37

Workplaces often rely on numerical ratings for performance reviews. Election debates focus on poll numbers and approval ratings. Your watch counts your steps in a day. Numbers increasingly influence our decisions. In this episode of Choiceology with Katy Milkman , we look at our very human tendency to fixate on digits even when words or graphs represent the very same information. Stephen M. Colbert writes about movies and the film industry and shares the heated story of when the DC Extended Universe came up against some unfavorable Rotten Tomatoes scores. You'll hear about a battle of wills between a famous director, some powerful studio executives, and a legion of fans, proving that numbers don't tell the whole story. Next, Katy speaks with Linda Chang , a behavioral scientist at the Toyota Research Institute and former MindCORE post-doctoral research fellow at the University of Pennsylvania. Katy and Linda, together with University of Chicago Professor Erika Kirgios and MIT Professor Sendhil Mullainathan , worked on the paper " Does Counting Change What Counts? Quantification Fixation Biases Decision-Making ." Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0325-8K30)…

Choiceology with Katy Milkman

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Coming Soon: A New Season of Choiceology 1:35

5 weeks ago1:35

1:35

It’s a new season of Choiceology, an original podcast from Charles Schwab. New episodes arrive every two weeks, so please follow us in your favorite podcasting app. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0325-43AS)…

Choiceology with Katy Milkman

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A Hero's Journey: With Guests Ethan Gilsdorf, David Fajgenbaum & Kurt Gray 39:52

25 weeks ago39:52

39:52

Luke Skywalker, Frodo Baggins, Katniss Everdeen, the main characters of many great stories, they all have one thing in common: the shape of their journey. From answering the call to adventure, to undergoing tests of character and strengths, to triumphantly returning home forever changed. It's a classic narrative structure that's inspired countless tales from ancient myths to modern media. But it's not just great for entertainment. In this episode of Choiceology with Katy Milkman , we look at how this specific type of storytelling can be leveraged to make your life more manageable, exciting, and meaningful. Writer and performer Ethan Gilsdorf has written and spoken about how his childhood obsession with the fantasy role-playing game Dungeons & Dragons saved his life. For David Fajgenbaum , a physician and associate professor of medicine at the University of Pennsylvania, what saved his life was sheer determination and faith, but sharing his story has given new meaning to the incredible feats he's overcome. David is also the co-founder and president of the Castleman Disease Collaborative Network and co-founder and president of Every Cure , a non-profit that helps repurpose drugs for multiple diseases. He's the author of Chasing My Cure: A Doctor's Race to Turn Hope Into Action . Katy speaks with Kurt Gray , a professor of psychology and neuroscience at the University of North Carolina at Chapel Hill, about what happens when you tell the story of your life in the style of a "hero's journey." Kurt directs the Deepest Beliefs Lab and the Center for the Science of Moral Understanding . He's also the author of a new book out in January 2025 called Outraged: Why We Fight About Morality and Politics , which you can pre-order now. Choiceology is an original podcast from Charles Schwab . For more on the show, visit schwab.com/podcast. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. {1024-0BGR)…

Choiceology with Katy Milkman

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Rebel With a Cause: With Guests Francis Kelly & Christopher Bryan 35:34

27 weeks ago35:34

35:34

Most parents encounter resistance from their children. Perhaps when the kids are young and turning their noses up at vegetables, or when they're teenagers and balking at curfews or dress codes. So what's the best way to encourage good choices in the face of a rebellious kid? Or a rebellious adult, for that matter? In this episode of Choiceology with Katy Milkman , we look at the surprising ways that resistance to authority can be leveraged for positive change. During the mid 1990s, the "Truth" anti-youth smoking campaign was everywhere. Many TV ads cleverly harnessed the teenage penchant for rebellion, using guerilla filming techniques and revealing hidden truths about smoking known to the tobacco industry for years. The campaign drastically lowered youth smoking rates and remains one of the most effective campaigns in history. Fran Kelly was on the frontlines, leading the advertising campaign at Arnold Worldwide. Francis "Fran" Kelly is the president and CEO of branding consulting firm CEOVIEW Branding. He was previously the president and CEO of global advertising agency Arnold Worldwide. Next, Katy speaks with Christopher Bryan about his research on leveraging rebellion as a way to encourage healthy eating among adolescents. You can learn more in his paper titled " Harnessing Adolescent Values to Motivate Healthier Eating. " Christopher Bryan is an associate professor of business, government, and society at the University of Texas at Austin's McCombs School of Business. He is also co-founder and co-director of the Texas Behavioral Science and Policy Institute. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-H4BA)…

Choiceology with Katy Milkman

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On a High Note: With Guests Maurice Schweitzer & Matthew Polly 38:03

29 weeks ago38:03

38:03

Do you recall the best concert you ever went to? Best trip? Best meal? Chances are good that a few memories come to mind—maybe not every detail of the event, but perhaps a couple great moments. It can go the opposite way, too. Worst travel experience. Worst date. Our memory works in snapshots of particular parts of our experience. In this episode of Choiceology with Katy Milkman , we look at a predictable distortion in the way people remember experiences. And we’re doing it in part to honor a very special memory: the memory of the great Daniel Kahneman. He was a Nobel laureate, international best-selling author, repeated Choiceology guest, and a co-founder of the field that is at the heart of this show: behavioral economics. Our opinion of an experience is shaped by which parts we remember most. The same can hold true for how we remember people. Matthew Polly is the best-selling author of Bruce Lee: A Life , a biography of the late great Bruce Lee . He retells the story of how this legendary martial artist, actor, and cultural icon is understood in our collective memory. And then he reveals certain nuances in his biography that may change the way you perceive his legacy. Next, Katy speaks with Maurice Schweitzer , the Cecilia Yen Koo Professor of Operations, Information, and Decisions at the Wharton School of Business at the University of Pennsylvania. Maurice explains how this memory distortion can be leveraged to better retain staff, improve your experience at work, have better conversations with colleagues, and even plan a more enjoyable vacation. He's also the author of Friend and Foe: When to Cooperate, When to Compete, and How to Succeed at Both. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Investing involves risk including loss of principal. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0924-U226)…

Choiceology with Katy Milkman

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The Truth Is Out There: With Guests Tania Lombrozo & Toby Ball 31:42

31 weeks ago31:42

31:42

Your car breaks down. Must be because you skipped an oil change last month. Or your favorite team loses. Well, that was because of a bad call by a corrupt referee. In reality, many events involve multiple contributing factors. But we tend to gravitate toward single causes. In this episode of Choiceology with Katy Milkman , we look at our desire to explain things simply, even when the truth may be more complex. Where unidentified flying objects are concerned, there is rarely a simple answer. They'd be identified flying objects otherwise. So in the absence of conclusive evidence, UFOs capture the imagination. Case in point: the Rendlesham Forest Incident . We’ll hear from UFO expert (and skeptic) Toby Ball about a fascinating series of sightings in the Rendlesham Forest in the early 1980s. Toby deconstructs the events—and the rush to conclusions by certain media outlets—in search of an explanation. Toby explores the folklore and culture surrounding UFO encounters on his show Strange Arrivals . He also appears on the weekly podcast Crime Writers On . Next, Katy speaks with Tania Lombrozo about her research on our mind’s preference for simple explanations—and when that can lead us astray. Tania is the Arthur W. Marks Professor of Psychology at Princeton University and lab director at Princeton’s Concepts and Cognition Lab . Choiceology is an original podcast from Charles Schwab . For more on the show, visit schwab.com/Choiceology . If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. 0924-PU2Z…

Choiceology with Katy Milkman

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To Know What You Know: With Guests David Dunning & Andrew Flack 27:58

33 weeks ago27:58

27:58

In this episode of Choiceology with Katy Milkman , we look at the often-misunderstood and surprisingly common Dunning-Kruger effect with an interview featuring one of the researchers who first identified it, David Dunning. But we start with the story of Cecilia Jimenez , the humble Spanish grandmother and amateur landscape painter who took it upon herself to restore a fresco in her local church. The results made international headlines—and briefly made Ceclia Jimenez a household name—for all the wrong reasons. Andrew Flack has a lot of compassion for Cecilia. He met with her several times in the process of writing an opera with composer Paul Fowler called Behold the Man about Ceclia’s ill-fated but ultimately beneficial project. Next, David Dunning explains how—contrary to popular belief—we are all at the mercy of the Dunning-Kruger effect from time to time, and that we should be more humble in recognizing what we don’t know about what we don’t know. David Dunning is the Ann and Charles R. Walgreen, Jr., Professor of the Study of Human Understanding at the University of Michigan. The paper " Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments ," co-authored with Justin Kruger , led to the bias being named The Dunning-Kruger effect. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-M9R6)…

Choiceology with Katy Milkman

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The Buddy System: With Guests Max Maeder & Rachel Gershon 29:41

35 weeks ago29:41

29:41

Pursuing a goal alone is convenient. Whether you're training for a marathon or aiming to read 20 books this year, it's convenient to move at your own pace and schedule. But having a gym buddy or a book club pal can make a bigger difference to your goal completion than you think. In this episode of Choiceology with Katy Milkman , we look at the benefits of tandem goal pursuit in the context of training for a new Olympic sport: kite foiling. Max Maeder is a 17-year-old kite foiling athlete and many-time world champion of the sport. Max is also a recent Olympic bronze medalist, having just represented Singapore at the 2024 Paris Games and winning the country's lone medal. To get to this point, Max has been working with the same training partner since 2021. And in this solo sport, working with a partner has made all the difference. Next, Katy speaks with Rachel Gershon about their research on tandem goal pursuit and the many benefits of working toward goals with a partner. You can learn more in their working paper titled " Friends With Health Benefits: A Field Experiment ." Rachel Gershon is an assistant professor of marketing at the Haas School of Business at the University of California, Berkeley . Her research focuses on consumer judgments and choice with an emphasis on social, prosocial, and health-related behaviors. Special thanks to Cam Farrar for use of his TikTok audio and the International Kiteboarding Association for use of their audio. You can find kite-foiling videos on the IKA's YouTube channel @kiteclasses . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-JKFS)…

Choiceology with Katy Milkman

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To Fight Another Day: With Guests Alex Imas & Mary Stockwell 35:55

45 weeks ago35:55

35:55

When you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would. In this episode of Choiceology with Katy Milkman , we look at a tendency to seek risk in the face of losses when those losses aren't yet finalized, but how chalking up those losses and moving on can actually help you recalibrate your appetite for risk. During the American Revolutionary War , George Washington and his generals often adopted a strategy of retreating, or accepting losses on the battlefield, in order to regroup and live to fight another day. Their strategy was often successful against the British, who burned through men and equipment as they doubled down in their desire to win individual battles at the expense of their goal of regaining control of the American colonies. Mary Stockwell is a historian, writer, and former history professor at Lourdes University in Ohio. Her work is focused on the American Revolution. Her recent book is titled Unlikely General: "Mad" Anthony Wayne and the Battle for America . Next, Katy speaks with Alex Imas about his research on risk-taking over time and how mental choice bracketing impacts our decisions in the face of loss. You can learn more in Alex's paper titled "The Realization Effect: Risk-Taking after Realized Versus Paper Losses." Alex Imas is a professor of behavioral science and economics at the University of Chicago Booth School of Business. Choiceology is an original podcast from Charles Schwab . If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0624-4MRP)…

Choiceology with Katy Milkman

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Choiceology's Guide to Better Decisions: With Guests James Korris, Carey Morewedge & Jack Soll 31:28

47 weeks ago31:28

31:28

Over the years, Choiceology has offered a lot of advice for making better decisions. In this special episode of Choiceology with Katy Milkman , we bring you the story of a video game that is surprisingly effective at reducing decision errors, and you'll hear about a practical checklist for improving choices in many different contexts. Solving fictitious mysteries might sound like fun and games, but the video game MISSING: The Pursuit of Terry Hughes was designed with a serious purpose in mind: to help intelligence analysts avoid decision-making traps. In 2015, James Korris and Carey Morewedge worked together to design a video game for the intelligence agency IARPA, the Intelligence Advanced Research Projects Activity, and measured the biases exhibited before and after playing the series of 90-minute games. The results were remarkable and extremely durable. James Korris is president and CEO of Creative Technologies Inc. in Los Angeles, and is a pioneer in immersive game-based simulation for military learning. You can see a preview of the game James designed titled MISSING: The Pursuit of Terry Hughes . Next, Katy speaks with Carey Morewedge about the game and about his research on effective decision-debiasing techniques. You can learn more in the paper Carey co-authored with James titled " Debiasing Decisions: Improved Decision Making With a Single Training Intervention ." Carey Morewedge is a professor of marketing at Boston University Questrom School of Business who studies psychological biases and how to reduce them. Finally, Katy speaks with Jack Soll to hear his checklist of four simple ways to debias yourself before making decisions, big or small. You can read more in the article Jack and Katy co-authored with John Payne titled " Outsmart Your Own Biases ." Jack Soll is the Gregory Mario & Jeremy Mario Distinguished Professor of Management and Organizations at Duke University's Fuqua School of Business. Choiceology is an original podcast from Charles Schwab . For more on the show, visit schwab.com/Choiceology . If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0524-2GW1)…

Choiceology with Katy Milkman

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The Charmer's Playbook: With Guests Wilfred Webster & Daniel Read 34:20

49 weeks ago34:20

34:20

"Don't judge a book by its cover" is an old adage for a good reason. Elegant book cover designs can create a positive impression and make you more likely to judge the writing quality more positively. But these traits—cover art and writing—are separate and distinct features of books. So why do we allow the judgment of one trait to spill over to another unrelated trait? In this episode of Choiceology with Katy Milkman , we look at a tendency to allow our judgments of one trait of a person (or product or company) to overly influence our judgments of another, unrelated trait of that same person or product or company. The Traitors is a popular reality TV show, where contestants are assigned either the role of a "Faithful" or "Traitor." Those selected as Traitors eliminate Faithfuls each night and try to keep their identity a secret so the Faithfuls don't vote to eliminate them . By the end of the game, over $100,000 is up for grabs for those left standing. But how can the Faithfuls sniff out the Traitors and decide whom to banish? How do people form judgments of others and decide whom to trust? Wilfred Webster was a contestant on The Traitors , Season 1, on the BBC and played the game brilliantly, leveraging the way he appeared to other contestants to make it to the end. Wilfred Webster is the runner up to The Traitors , Season 1, on the BBC. Before The Traitors , Will managed face-to-face fundraising for one of the largest charities in the U.K. Today, he's a content creator and fundraising consultant. Next, Katy speaks with Daniel Read about his research on how our evaluations of a person or product or company on a single trait can spill over and excessively influence our judgments of that same person or product or company on another, separate trait. You can learn more in Daniel's recent paper titled " CSR Halo: The Gift that Keeps on Giving ?" Daniel Read is a professor of behavioral science at Warwick Business School at The University of Warwick in the U.K. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0524-ZXT5)…

Choiceology with Katy Milkman

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Recipe for Success: With Guests Simon Rogan & Michele Gelfand 34:12

51 weeks ago34:12

34:12

Are rules made to be followed—or meant to be broken? Often, the answer will depend on culture and the context in which people make decisions. In this episode of Choiceology with Katy Milkman , we look at how carefully people in different contexts follow social norms, rules, and procedures. We'll also see how strict and relaxed cultures affect the quality of our decisions—and how to find the sweet spot depending on your goals. Professional kitchens have historically been challenging work environments: high standards, long hours with low pay, and a strong hierarchy of cooks in the kitchen. "Yes, chef" was the only appropriate reply to higher-ranked chefs when Simon Rogan came through the ranks during the 1980s and '90s—a time when kitchen culture was tight and uncompromising. Today, Simon is working hard to change that culture across his restaurant group. Simon Rogan is a chef and restaurateur in the U.K. whose flagship restaurant, L'Enclume, has three Michelin stars and also holds a Michelin Green Star for its sustainable practices. Simon also runs a culinary program for young chefs called the Academy by Simon Rogan . Next, Katy speaks with Michele Gelfand about her research on tight and loose cultures and their impact on decision-making in different contexts. You can learn more from Michele’s paper “ Differences Between Tight and Loose Cultures ” and take the quiz to determine if you tend to lean tight or loose. Michele Gelfand is the John H. Scully Professor in Cross-Cultural Management and Organizational Behavior at Stanford University. She’s also a member of the National Academy of Sciences and the author of the book Rule Makers, Rule Breakers: How Tight and Loose Cultures Wire Our World. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0424-TPAD)…

Choiceology with Katy Milkman

1
Take the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis Green (Rebroadcast) 44:32

1 year ago44:32

44:32

In this episode of Choiceology with Katy Milkman , we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk. Luis Green was a contestant on the popular TV game show Deal or No Deal . The game is largely one of chance, but there are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But as you’ll hear from the story, there are other factors that influenced his decision. Katy illustrates these factors with a version of a famous experiment. Volunteers are presented with two differently worded but mathematically identical scenarios. A simple shift from framing the scenario as a potential gain to one of potential loss results in starkly different choices from the volunteers. Next, Katy speaks with special guest Daniel Kahneman about the underlying theory that explains human behavior in these types of situations. Daniel Kahneman served as professor of psychology and public affairs emeritus at the Woodrow Wilson School and the Eugene Higgins Professor of Psychology Emeritus at Princeton University . He was awarded the 2002 Nobel Prize in Economics for his pioneering research with Amos Tversky . Their work helped establish the field of behavioral economics. Kahneman also wrote the bestselling book Thinking, Fast and Slow. Finally, Katy speaks with Colin Camerer about some of his favorite studies on risk seeking in the domain of losses, as well as practical approaches for avoiding this less-than-ideal behavior. Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology , where he teaches cognitive psychology and economics. You can read his paper “Prospect Theory in the Wild: Evidence from the Field” here . Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0424-VAX6)…

Choiceology with Katy Milkman

1
Top of Mind: With Guests John Farrell & Manasvini Singh 32:05

1 year ago32:05

32:05

When someone asks, "What's your favorite restaurant?" odds are you're inclined to recommend a place you've eaten at recently—even if it's not really your favorite. It's just top of mind. Why do we weigh recent events so heavily? And how does this tendency impact important decisions, like whom to vote for or how to conduct medical procedures? In this episode of Choiceology with Katy Milkman , we look at a phenomenon that can cause us to overweight recent events compared to earlier events and make suboptimal decisions. The 1968 presidential election was one of the closest elections in American history. Following an eventful year of civil unrest, war, and high-profile assassinations, eleventh-hour political machinations from Lyndon B. Johnson and Richard Nixon majorly impacted results. "October surprises," or last-minute revelations in the days before a November election, can weigh heavily on voters' minds at the polling booths. John A. Farrell documents the surprising events leading up to 1968 Election Day and President Richard Nixon's narrow victory. John A. Farrell is a historian and celebrated political biographer. He is the best-selling author of Richard Nixon: The Life , and his latest book is Ted Kennedy: A Life . Next, Katy speaks with Manasvini Singh about her research on recency effect and its impacts on physician decision-making in the delivery room. You can learn more in the Science paper Manasvini authored, titled " Heuristics in The Delivery Room ." Manasvini Singh is an assistant professor of social and decision sciences at Carnegie Mellon University. Her research focuses on topics at the intersection between decision theory and health policy. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0324-PY6W.)…

Choiceology with Katy Milkman

1
Repeat After Me: With Guests Jennifer LeMesurier & Tali Sharot 34:15

1 year ago34:15

34:15

Vitamin C is a cure for the common cold. Bats are blind. Sugar makes children hyperactive. All of these statements are false. So why are they so pervasive? And why do they feel so true? In this episode of Choiceology with Katy Milkman , we look at a phenomenon that can cause us to believe inaccurate information more than we should, and also lead us to trust reliable information less than we should. If you’re over a certain age, you might remember friends or family panicking about MSG, or monosodium glutamate, particularly in American Chinese food. But those health concerns stemmed from a single letter to the editor in The New England Journal of Medicine —and a media storm that repeated false information. Jennifer LeMesurier learned about this letter and set off on a journey to trace the origins of the MSG scare and find out why the myths about this ingredient are so persistent. Jennifer LeMesurier is an associate professor of writing and rhetoric at Colgate University and the author of Inscrutable Eating: Asian Appetites and the Rhetorics of Racial Consumption . Next, Katy speaks with Tali Sharot about her research on the illusory truth effect—the idea that people are more likely to believe and share repeated information, whether or not the information is accurate. You can learn more in the paper Tali co-authored, titled " The Illusory Truth Effect Leads to the Spread of Misinformation ." Tali Sharot is a professor of cognitive neuroscience at University College London and an affiliated professor in MIT's Department of Brain and Cognitive Sciences . Her most recent book, co-authored with Cass R. Sunstein , is Look Again: The Power of Noticing What Was Always There . Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0324-HG17)…

Choiceology with Katy Milkman

1
(BONUS) From What It's Like to Be … a Forensic Accountant 29:03

1 year ago29:03

29:03

Curious what it would be like to walk in someone else's (work) shoes? Join New York Times bestselling author Dan Heath as he explores the world of work, one profession at a time, and interviews people who love what they do. What does a couples therapist think when a friend asks for relationship advice? What happens if a welder fails to wear safety glasses? What can get a stadium beer vendor fired? If you've ever met someone whose work you were curious about, and you had 100 nosy questions but were too polite to ask … well, this is the show for you. Dan Heath was the Season 1 host of Choiceology and is the co-author, along with his brother Chip, of four New York Times bestsellers: Decisive , Switch , Made to Stick , and The Power of Moments . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. 1223-34A8…

Choiceology with Katy Milkman

1
A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski 37:36

1 year ago37:36

37:36

Filling out an overly complicated form or waiting on hold for hours to speak with a customer service rep is a frustrating experience. And sometimes it seems like the process itself is designed to be difficult. In this episode of Choiceology with Katy Milkman , we look at how friction––time, distance, complexity, or anything that gets in the way of your goals—can contribute to what Nobel Prize–winning economist Richard Thaler calls "sludge." A young couple walks into a theme park and they are offered a gift card. The only catch is that they have to watch a 90-minute presentation about timeshares. By the end of the presentation, they are the owners of a timeshare in the timeshare capital of the world, Orlando, Florida. Getting into a timeshare contract was easy, but getting out of it turned out to be much more of a grind. Susan Budowski tells the story of how her clients got out of a sticky situation, and she explains how many companies make it simple and quick to buy a timeshare but difficult and time-consuming to sell or get out of those contracts. Susan Budowski is an attorney in Florida and Maryland who specializes in resolving timeshare matters. Next, Katy speaks with Wendy Wood about her research on how people can leverage friction to help build positive habits and diminish negative ones. You can read more in her book Good Habits, Bad Habits: The Science of Making Positive Changes That Stick . Wendy Wood is the Emerita Provost Professor of Psychology and Business at Dornsife College at the University of Southern California. Then, Katy speaks with Richard Thaler about how sludge makes it difficult for people to achieve their goals and discusses several ways we can fight sludge in public policy and in our everyday lives. Richard Thaler is a Nobel Prize–winning economist and Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago’s Booth School of Business. He is also the co-author of Nudge . If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (1023-39VT)…

Choiceology with Katy Milkman

1
Jumping to Conclusions: With Guests David Silbey & Ned Augenblick 37:15

2 years ago37:15

37:15

A train was speeding along the tracks in 19th-century England when a passenger suddenly started smashing windows and waving a pistol in the air. People believed his actions were caused by what was, at the time, a new and unfamiliar form of transportation. Doctors posited the rattling motion and noise of trains could cause passengers to act erratically, creating the short-lived but popular myth of "railway madness." In this episode of Choiceology with Katy Milkman , we look at how people often overreact to poor quality or incomplete information. A sudden explosion in 1889 ripped apart the USS Maine , the United States' largest warship at the time. The ship sank, killing more than half of the sailors on board. The Maine had been anchored in Cuba, and despite having little proof, the American public immediately blamed the Spanish for the sinking. Newspaper editors published headlines such as "Remember the Maine , to Hell with Spain!" Nearly a hundred years later, an underwater investigation would reveal what likely caused the explosion. Historian David Silbey recounts how public pressure from this tragedy pushed the United States to make a decision that would have lasting consequences for the world. David Silbey is a military historian and adjuncta professor and director of teaching and learning at Cornell University. He is also the author of A War of Frontier and Empire: The Philippine-American War, 1899-1902 . His new book is called Wars Civil and Great: The American Experience in the Civil War and World War I . Next, Katy speaks with Ned Augenblick about his research that shows people's tendency to overreact to weakly supported information and underreact to strongly supported information. You can read more in the paper he co-authored with Eben Lazarus and Michael Thaler, called " Overinference from Weak Signals and Underinference from Strong Signals ." Ned Augenblick is a professor in the Economic Analysis and Policy Group at the Haas School of Business at the University of California, Berkeley. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (1023-3ZDX)…

Choiceology with Katy Milkman

1
No Mean Feat: With Guests Albert Chen & Elizabeth Tipton 33:46

2 years ago33:46

33:46

It’s halftime at a basketball game. A kid nervously steps onto center court. If he can score a basket from center court, he’ll take home the prize money. He tells the announcer that he plays on his elementary school team and that he has been practicing for this moment. The crowd holds their breath as the ball sails through the air, hits the backboard … and goes in. The stadium erupts in excitement. Could he be the next Michael Jordan? In this episode of Choiceology with Katy Milkman , we look at how extraordinary performances can mislead people about future results. Sports Illustrated has featured some of the world’s fastest-rising stars and sporting talents since 1954. Getting on the cover was a career highlight for many and a milestone to greater things. But being featured on the cover also seemed to lead to misfortune. Many athletes suffered dramatic dips in performance after their cover was published. The phenomenon was dubbed the " Sports Illustrated cover jinx." It seemed that no one—from high school baseball prodigies to one of the greatest athletes of all time, Serena Williams, was safe. Former Sports Illustrated editor Albert Chen recounts some of the more memorable examples of athletes who fell victim to the jinx. Then he takes us behind the scenes at the magazine and reveals what he thinks is behind the curse. Albert Chen is a writer and podcaster and formerly a senior editor at Sports Illustrated . He's also the author of the book Billion Dollar Fantasy . Next, Katy speaks with Elizabeth Tipton , an expert on regression to the mean, about how outlying data points can hide the true measure of something. Elizabeth Tipton is an associate professor of statistics and data science at Northwestern University . Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts . Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Investing involves risk including loss of principal. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0923-30Z6)…

Choiceology with Katy Milkman

1
A Cup of Knowledge: With Guests A.J. Jacobs & Steven Sloman 30:23

2 years ago30:23

30:23

Why do ocean waves move the way they do? How does a toaster work? How might ink flow through a ballpoint pen without the help of gravity? You may know the answer to these questions, but explaining them in detail could reveal an unexpected truth. In this episode of Choiceology with Katy Milkman , we look at why people think they understand things better than they actually do. The idea started at the dinner table. One of A.J. Jacobs’ kids presented him with a seemingly simple task—thank the people who made his cup of coffee. A.J. took this task to heart and ended up visiting dozens of complex operations around the world, running into surprises at each destination. A.J. Jacobs is a journalist, lecturer, and human guinea pig. He is the author of Thanks A Thousand: A Gratitude Journey , about his journey to better appreciate coffee. Next, Katy speaks with Steven Sloman about his research on the illusion of explanatory depth—the idea that people think they have more knowledge than they do because it’s easy to mistake community knowledge for your own. You can read more in Steven and Philip Fernbach’s book, called The Knowledge Illusion: Why We Never Think Alone . Steven Sloman is a professor of cognitive, linguistic, and psychological sciences at Brown University. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts . Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Investing involves risk including loss of principal. Short selling is an advanced trading strategy involving potentially unlimited risks, and must be done in a margin account. Margin trading increases your level of market risk. For more information please refer to your account agreement and the Margin Risk Disclosure Statement. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0923-3X4J)…

Choiceology with Katy Milkman

1
The Golden Misfits: With Guests Gary Lawless & Erika Kirgios 33:49

2 years ago33:49

33:49

What is the difference between buying groceries for the whole week versus grabbing something to eat on the way home each day? Grouping choices together so that you make a bunch of selections all at once can seem daunting, but it can actually help you reach your goals faster. In this episode of Choiceology with Katy Milkman , we look at how taking a bird's eye view on a series of selections can help create better results overall. Most sports teams take years to establish themselves as contenders. But sometimes, a brand-new team is able to use its inception—a one-time opportunity to build something up from scratch—to its advantage. Las Vegas finally got its first professional sports team in 2017 with an NHL team called the Golden Knights. The initial reaction to the team’s roster was muted at best. The players they chose were drafted from teams that did not want them. But a surprising playoff run in the team’s first year hinted at what was yet to come for the newcomers, dubbed the "Golden Misfits." Gary Lawless recounts the underdog story that shocked the hockey world. Gary Lawless is a hockey writer working for the 2023 Stanley Cup winners, the Vegas Golden Knights. He is also the author of Vegas Golden Knights 2023 Stanley Cup Champions Book: "It Hurts to Win. " Next, Katy speaks with Erika Kirgios about research that shows how wider versus narrower choice "brackets" can affect selection decisions. You can read more in the paper Erika co-authored with Katy and others, called The Isolated Choice Effect and Its Implications for Gender Diversity in Organizations . Erika Kirgios is an assistant professor in the behavioral science department at the University of Chicago Booth School of Business. Erika is a former PhD student of Katy's at the University of Pennsylvania's Wharton School of Business. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Investing involves risk including loss of principal. Diversification strategies do not ensure a profit and do not protect against losses in declining markets. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0823-3XFF)…

Choiceology with Katy Milkman

1
An Accidental Experiment: With Guests Steven Levitt, Solomon Ezra & Stephen Spector 32:57

2 years ago32:57

32:57

Scientifically sound, randomized experiments can be expensive and difficult to run. But there’s an alternative: It turns out that certain real-life situations can also generate useful scientific data. The trick is finding them. In this episode of Choiceology with Katy Milkman , we look at how events outside of our control can create opportunities for so-called natural or accidental experiments. The organizers of a heroic airlift transporting thousands of Ethiopian Jews to Israel broke the record for the flight with the most passengers. It was 1994, and the clock was ticking for Israeli intelligence personnel and leaders of the Ethiopian Jewish community as they worked to transport as many people as possible before the civil war closed in on Addis Ababa. This desperate effort, dubbed Operation Solomon, would change the lives of the Ethiopian Jews in surprising and unintended ways. Stephen Spector is a professor of religions and culture and medieval English at Stony Brook University. He's also the author of Operation Solomon: The Daring Rescue of the Ethiopian Jews. Solomon Ezra is an active member of the Ethiopian and Jewish communities in Portland, Oregon, and was a ground operations leader during Operation Solomon. Donna Rosenthal is the author of The Israelis: Ordinary People in an Extraordinary Land . Next, Katy speaks with Steven Levitt about how to spot natural experiments and why they can provide such unique information about human behavior. Steven Levitt is the William B. Ogden Distinguished Service Professor of Economics at the University of Chicago , co-author of the bestselling book Freakonomics , and the host of a Freakonomics Radio podcast called People I Mostly Admire . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk, including loss of principal. The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0823-30U5)…

Choiceology with Katy Milkman

1
The Superforecasters: With Guests Leon Panetta, Peter Bergen & Barbara Mellers 37:48

2 years ago37:48

37:48

There are moments in life where it seems as though everything is riding on one important decision. If only we had a crystal ball to see the future, we could make those decisions with greater confidence. Fortune-telling aside, there are actually methods to improve our predictions—and our decisions. In this episode of Choiceology with Katy Milkman , we look at what makes some people “superforecasters.” In 2010, the United States government had been looking for Al Qaeda leader and perpetrator of the 9/11 attacks, Osama bin Laden, for nearly a decade. Years of intelligence gathering all over the world had come up short. It seemed every new tip was a dead end. But one small group of CIA analysts uncovered a tantalizing clue that led them to a compound in Pakistan. Soon, the president of the United States would be faced with a difficult choice: to approve the top-secret mission or not. We will hear this story from two perspectives. Peter Bergen is a national security commentator and author of the book The Rise and Fall of Osama bin Laden . He interviewed Osama bin Laden in 1997. Former CIA director Leon Panetta led the United States government’s hunt for bin Laden and describes the night his mission came to a dramatic conclusion. Next, Katy speaks with Barbara Mellers about research that shows how so-called superforecasters make more accurate predictions despite facing uncertainty and conflicting information. You can read more in the paper titled " Identifying and Cultivating Superforecasters as a Method of Improving Probabilistic Predictions ." Barabara Mellers is the I. George Heyman University Professor of both marketing at the Wharton School and of psychology at the School of Arts and Sciences at the University of Pennsylvania . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0623-3UG1)…

Choiceology with Katy Milkman

1
Survey Says: With Guests W. Joseph Campbell & Emily Oster 29:15

2 years ago29:15

29:15

If you ran a survey at a science fiction convention to find out which movies were most popular with the general public, chances are good that the results would lean heavily towards sci-fi films. This skewing of data is plain to see in this context, but in many others it’s less obvious and potentially more pernicious. In this episode of Choiceology with Katy Milkman , we look at a bias that can distort information that we gather from the world around us. First, W. Joseph Campbell tells the story of the infamous Literary Digest election poll of 1936. The publication had correctly predicted several presidential elections in the 1920s and '30s and was considered the most reputable pollster of its day. They sent millions of surveys to people across the United States in advance of the 1936 election. But this time, their predictions couldn’t have been further from the results. W. Joseph Campbell is a professor of communications at American University and author of Lost in a Gallup: Polling Failure in U.S. Presidential Elections . Next, Katy speaks with Emily Oster about research that shows how a bias in the way information is collected and presented can affect many decisions, especially ones related to health and parenting. You can read more in her latest book, The Family Firm: A Data-Driven Guide to Better Decision Making in the Early School Years. Emily Oster is the JJE Goldman Sachs University Professor of Economics at Brown University. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0523-38JC)…

Choiceology with Katy Milkman

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(BONUS) From Ripple Effect: Does Diversity Training Work? with Katy Milkman 31:09

2 years ago31:09

31:09

On this special bonus episode of Choiceology with Katy Milkman , we highlight Ripple Effect , a new podcast from the Wharton School of the University of Pennsylvania. Hosted by Dan Loney, Ripple Effect showcases research by Wharton faculty and shares what their insights mean for you. As part of a series on women and work, this episode of Ripple Effect features Choiceology host and Wharton professor Katy Milkman. After years of conducting research on gender bias in the workplace, Katy has reached a singular conclusion: Systemic change is necessary to create long-lasting progress towards diversity, equity, and inclusion. She shares some insights from her most significant studies on diversity training and hiring bias. You can listen to more episodes of Ripple Effect at whr.tn/rippleeffect or wherever you get your podcasts. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0523-3GFY)…

Choiceology with Katy Milkman

1
Brave on the Waves: With Guests Bianca Valenti & Katherine Coffman 32:59

2 years ago32:59

32:59

We all make decisions involving risk. Decisions like trying out for your school’s chess team, speaking up when you don’t agree with your boss, or going down a double-black-diamond run at the end of a long day of skiing. So how do we determine which risks are worth taking and which ones are too … risky? In this episode of Choiceology with Katy Milkman , we look at gender differences around confidence and uncertainty, and how we can all better calibrate our bravado. Surfing waves as tall as apartment buildings takes a lot of strength and skill and preparation. It also involves risk—mistakes can lead to broken bones, concussions, or worse. But as Bianca Valenti explains, those risks can be managed, and there are big rewards in those big waves. Bianca Valenti is a world-champion surfer, speaker, activist, and entrepreneur. Watch her award-winning ride for the Mavericks Awards . Next, Katy speaks with Katherine Coffman about research that explores how gender stereotypes shape beliefs about taking risks. You can read more in the working paper she co-authored, called " A (Dynamic) Investigation of Stereotypes, Belief-Updating, and Behavior ." Katherine Coffman is the Piramal Associate Professor of Business Administration in the Negotiations, Organizations & Markets unit at the Harvard Business School . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0423-3619)…

Choiceology with Katy Milkman

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Fan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj Shah 30:19

2 years ago30:19

30:19

Finding a new favorite celebrity feels a little bit like falling in love. Perhaps you find their smile endearing, or you relate to their sense of humor. Maybe you see things in your everyday routine that remind you of them. You feel like you know them so well. But whether it’s a star athlete or a Hollywood type, the reality is they likely have no idea who you are. In this episode of Choiceology with Katy Milkman , we explore how we can develop deep connections with complete strangers — and how that in turn makes us feel more known. BTS is the biggest boy band in the world but their popularity is not only thanks to their musical talents and highly choreographed performances. BTS has, like many other K-pop groups in South Korea, perfected the art of cultivating relationships with their fans. But when idols fail to meet fan expectations, there can be drastic consequences. Hannah Sung explains what drew her to BTS and sheds light on the power of their fandom, known as ARMY . Hannah Sung is a journalist and co-founder of the Media Girlfriends podcast company. Crystal Tai tells the story of another K-pop idol, Lee Sungmin , who went from being one of Super Junior’s most popular members to being boycotted for the last decade, due to what is known in the industry as a “dating scandal.” Crystal Tai is a senior managing editor at Jing Daily and author of the book Honjok . Next, Katy speaks with Anuj Shah about research that shows even small tidbits of information about a stranger can cause people to mistakenly think that stranger knows them, and how a neighborhood policing initiative tested this hypothesis with surprising results. You can read more in a paper he co-authored called Knowledge about others reduces one’s own sense of anonymity . Anuj Shah is an associate professor of behavioral science at the University of Chicago Booth School of Business . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (00423-3ZRB)…

Choiceology with Katy Milkman

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The Beanie Bandwagon: With Guests Robert Cialdini & Yemisi Brookes 31:21

2 years ago31:21

31:21

Mullets. Skinny jeans. Crocs. Many of us can recall trends that we've jumped on, only to see those trends become passé soon after. But the fear of missing out can snowball into heavier consequences. In this episode of Choiceology with Katy Milkman , we look at how speculation and rapidly growing trends, however niche, can cloud people's judgment. A tight knit group of friends in Chicago start buying stuffed animals from a little-known toymaker, called Ty Warner, for their kids. The friends' enthusiasm for the toys is contagious, and soon the demand for these cute stuffed animals, called Beanie Babies, is growing so quickly that people are treating them as investments. People are lining up for hours to get their hands on the newest releases. Parents are using their kids' college funds to collect Beanie Babies. Collectors are buying secondhand Beanie Babies for thousands of dollars. Filmmaker Yemisi Brookes tells the story of how a group of moms launched an unassuming stuffed toy to unexpected highs—and lows. Yemisi Brookes is the director of the documentary Beanie Mania , available on HBO. Next, Katy speaks with Robert Cialdini about his research that shows while humans are influenced by what a majority of people are doing, humans pay special attention to trends that are growing, even if it begins with just a small fraction of the population. You can read more in the paper he co-authored with Chad R. Mortensen and Rebecca Neal called " Trending Norms: A Lever for Encouraging Behaviors Performed by the Minority . " Robert Cialdini is the Arizona State University Regents' Professor Emeritus of Psychology and Marketing and the best-selling author of several books including the mega-bestseller, Influence: The Psychology of Persuasion . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0323-3FSX)…

Choiceology with Katy Milkman

1
The Power of Do-Overs: With Guests Jeff Ryan & Marissa Sharif 25:55

2 years ago25:55

25:55

When you fail to reach a challenging goal, say, saving a certain amount of money each month or getting to the gym a certain number of times a week, it can be tempting to just give up on the plan entirely. But new research shows that building some flexibility into that plan can actually improve your chances of success. In this episode of Choiceology with Katy Milkman , we look at how mulligans, skip days, cheat meals, and get-out-of-jail free cards are important strategies for sticking to your long-term goals. In the era of pinball and video arcades, most games provided a limited number of turns or lives for every coin you put in the slot. When you ran out of lives, it was game over. You had to either walk away or pony up more money. That same limited-lives approach to game design followed in early home video game consoles. But in the 1990s, one company tried a new approach—and, in the process, changed the industry forever. Jeff Ryan tells the colorful story of how Nintendo's Super Mario Bros. became a runaway success and influenced countless games to come. Jeff Ryan is the author of Super Mario: How Nintendo Conquered America . Next, Katy speaks with Marissa Sharif about research that shows that cutting yourself a certain amount of slack—or dipping into what she calls "emergency reserves"—when life gets in the way of your goals can make all the difference. You can read more in the paper she co-authored with Suzanne B. Shu called Nudging Persistence After Failure Through Emergency Reserves . Finally, Katy gives several useful examples of emergency reserves in the real world that can help you learn a language, stick to a diet, or get your daily steps in. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . [RP1] If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0323-3XMC) [RP1] This part will only be included in podcast apps.…

Choiceology with Katy Milkman

1
Mesmerized: With Guests Mara Rockliff & John List 35:03

2 years ago35:03

35:03

It seems like every other week there's a news report about how coffee will help you live longer or will shorten your life. There are similar reports about vitamins and water consumption and any number of other health-related studies. So why do we see so much conflicting information around scientific research in the media? In this episode of Choiceology with Katy Milkman , a look at the slippery problem of separating correlation from causation. You'll hear the fascinating story of Franz Mesmer and the apparently miraculous effects of what he dubbed animal magnetism . Author Mara Rockliff recounts the sway that Mesmer held over the Parisian public and how Benjamin Franklin transformed the scientific method in his quest to find the truth. Mara Rockliff has written several books for young readers, including the multiple award-winning Mesmerized: How Benjamin Franklin Solved a Mystery That Baffled All of France . Next, economics professor John List joins Katy to discuss the reasons why we confuse correlation and causation and explains the best practices for separating the two in the study of charitable giving, early childhood education, business, and policy. John List is the Kenneth C. Griffin Distinguished Service Professor in Economics at the University of Chicago and the chief economist at Walmart . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (1122-26TV)…

Choiceology with Katy Milkman

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The Bad with the Good: With Guests Uzma Khan & Gustav Källstrand 30:34

2 years ago30:34

30:34

You've probably caught yourself indulging after a workout or a game or a stretch of healthy eating. Maybe it was a pint or two after a soccer game or an extra piece of cheesecake after a vigorous hike. These indulgences are easier to justify after a healthy activity. Ironically, though, these indulgences can undo some of your hard work. So why do we tend to behave this way? In this episode of Choiceology with Katy Milkman , a look at how we justify our decisions based on previous behavior. Alfred Nobel was a very successful inventor and businessman. His invention of dynamite transformed industry and saved lives by reducing the use of dangerously unstable nitroglycerin . But his reputation suffered as he became associated with some of the negative uses of his creation. Gustav Källstrand is the senior curator at the Nobel Prize Museum in Stockholm, Sweden. He tells the story of how Alfred Nobel accidentally read his own obituary (spoiler: it was not a positive story) and the efforts Nobel undertook to rescue his reputation. Next, Uzma Khan joins Katy to explain why people use "good" behavior to justify "bad" behavior, and vice versa. She discusses her research into this compensating behavior and how it impacts everything from health to consumer choice to charitable giving. Uzma Khan is an associate professor of marketing at the University of Miami . Finally, Katy explains how this phenomenon relates to what Nobel laureate Richard Thaler calls mental accounting , where we tend to place time and money (and in this case morality and self-control) into accounts, even though they are fungible resources. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . [RP1] If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (1022-2NKP)…

Choiceology with Katy Milkman

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Rebroadcast: Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam Grant 39:16

3 years ago39:16

39:16

If you’ve ever lost a job, or been through a breakup, or failed an exam, you’ll know that the aftermath can be painful and disorienting. But for some percentage of those who experience these disappointing outcomes, unforeseen opportunities will arise. In this episode of Choiceology with Katy Milkman , we look at the occasional upside of being forced to quit a career, or a relationship, or even a favorite route to work. Kassia St. Clair brings us the story of William Henry Perkin . As a young man in 19th-century London, Perkin had set his sights on a career in chemistry and medicine. He devoted his time and energy to the search for a treatment for malaria, which was a growing problem around the world. Unfortunately, he failed in his quest, but his failure opened the door to a surprising new discovery that transformed an entire industry. Kassia St. Clair is a design journalist and the author of The Secret Lives of Color . Next, Annie Duke joins Katy to explain how events like a shutdown of the London subway system, or the COVID-19 pandemic, can sometimes surface new and previously unexplored options. She also discusses how our identities can be wrapped up in our choices, blinding us to alternatives that may actually serve us better. Annie Duke is a speaker and decision strategist. She’s also the author of How to Decide: Simple Tools for Making Better Choices . Finally, Katy explains that while giving up on important jobs, relationships, or habits may not always be the best option, the behavioral bias of escalation of commitment can cause us to experiment and explore too little in life. Choiceology is an original podcast from Charles Schwab . If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (1022-29HP)…

Choiceology with Katy Milkman

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So Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem Haggag 33:53

3 years ago33:53

33:53

When we feel angry or excited, or happy or sad, the reasons for those emotions may seem obvious. Angry? It was that argument with a spouse. Excited? It was that promotion at work. Happy? Must've been that delicious meal. Sad? It was that tearjerker film, for sure. But it turns out that we often mistake the root causes of our feelings and other experiences. In this episode of Choiceology with Katy Milkman , we look at a family of biases that affects the way we understand behaviors, events, and emotions. Samantha Futerman and Anaïs Bordier grew up in different parts of the world. They were raised speaking different languages. They lived in very different home environments. They experienced different types of schooling. You'd probably assume these two women with very different upbringings turned out quite differently. After all, where and how you're raised has a big impact on the person you become. Surprisingly though, Samantha and Anaïs share some uncanny similarities. Samantha Futerman is an American actress, writer, and director. She is known for her supporting role in the drama film Memoirs of a Geisha , as well as her self-made documentary film Twinsters . Anaïs Bordier is a French designer and brand manager based in Paris. She was also a producer for the film Twinsters . Next, Katy speaks with Kareem Haggag about how our preferences change, more than we might expect, depending on the physical state we're in. You'll hear about how early morning classes may affect the choice of a college major and how your perceptions of a restaurant may be substantially influenced by your hunger level. Kareem Haggag is an assistant professor at the UCLA Anderson School of Management and a faculty research fellow at the National Bureau of Economic Research . You can read his research on attribution bias and other topics on his website . Finally, Katy offers tips on how to "debias" yourself and avoid the traps of misattribution, based on Kareem Haggag's findings. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0922-2AA0)…

Choiceology with Katy Milkman

1
How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes 31:49

3 years ago31:49

31:49

“Life, liberty, and the pursuit of happiness.” A quintessentially American phrase from the Declaration of Independence . That “pursuit of happiness” takes many forms, but it turns out that some approaches are more likely to be successful, according to science. In this episode of Choiceology with Katy Milkman , we look at a way to frame how you spend your time and money that may help you lead a happier life. Joshua Fields Millburn was hungry for success. Despite a difficult childhood, he was determined to make it big. He worked long hours, took little time off, and rapidly climbed the corporate ladder in his hometown of Dayton, Ohio. By his mid-twenties, he had worked his way to a director position at a telecommunications company and was leading a very prosperous lifestyle. But his workaholism had taken a toll. By 28, his marriage had failed, his mother had died, and Joshua was at a crossroads. You’ll hear how he was forced to take stock of what was most important—and how he shifted his priorities in a way that changed his life for the better. Joshua Fields Millburn in one half of the simple living duo the Minimalists . Next, Katy speaks with Cassie Mogilner Holmes about her research on time and happiness and how prioritizing quality time over money and material wealth can have lasting positive effects. She's the author of the new book Happier Hour: How to Beat Distraction, Expand Your Time, and Focus on What Matters Most . Cassie Mogilner Holmes is a professor of marketing and behavioral decision making at the UCLA Anderson School of Management . Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0922-2WNE)…

Choiceology with Katy Milkman

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Not by a Long Shot: With Guests Katia Jordan & Craig Fox 33:52

3 years ago33:52

33:52

Humans can easily distinguish between a zero-chance event (e.g., the Washington Nationals winning the World Series in 2022) and a sure thing (e.g., the sun coming up tomorrow). But in between those two clear outcomes, it turns out that we’re not great at estimating odds. In this episode of Choiceology with Katy Milkman , a bias that affects the way we predict the likelihood of rare events. Katia Jordan had all the makings of a tennis star: a preternatural talent, an intense drive to succeed, top-tier coaches, and parents who supported her dream completely. She was certain that she would be the next Venus Williams . But along the way, she discovered that her path to tennis glory was not as straight as she imagined. Katia Jordan is a former Division 1 tennis player and is currently script coordinator on the television program All A merican Homecoming . Next, Katy speaks with UCLA psychology professor Craig Fox about how we tend to overweight the likelihood of small probabilities. Building on seminal work by his mentor Amos Tversky and Daniel Kahneman , Dr. Fox explains a bias in the way we imagine the odds of rare events and demonstrates approaches gleaned from his research that can help us better avoid distortions in the way we conceptualize risk and reward. Craig Fox is the Harold Williams Chair and Professor of Management at the UCLA Anderson School of Management . Finally, Katy gives examples of the areas in your life where you can save money, improve health, and avoid some anxiety by better understanding the true likelihood of rare events. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0822-2CTA)…

Choiceology with Katy Milkman

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Fail Better: With Guests Joseph Herscher & Lauren Eskreis-Winkler 32:57

3 years ago32:57

32:57

You hear it a lot in contemporary education, the tech world, and the arts: that it's important to fail, to make mistakes so that you can learn from them and get better at whatever you do. But that generally accepted wisdom is incomplete. In this episode of Choiceology with Katy Milkman , we look at how failure can cloud your ability to learn and to improve. Joseph Herscher is creator of the wildly successful YouTube channel Joseph's Machines . He builds intricate and whimsical contraptions that perform simple tasks in overly complicated ways. You may know them as Rube Goldberg machines . Joseph's machines take months to build—and often dozens and dozens of takes to capture on video in a single shot. That's because there are so many points of failure, it's rare for these elaborate contraptions to work perfectly. All that to say, Joseph Herscher is no stranger to failure. But his work illustrates a positive approach to a negative experience. Annoying as it can be, failure is a good way to gather useful information. You'll hear the story of one machine that nearly didn't work at all, because of an uncooperative baby. But, in the end, Joseph's Cake Server was a huge success, garnering millions of views online. Next, Katy speaks with Lauren Eskreis-Winkler about her research with Ayelet Fishbach on how we tend to ignore some or all of the information in failure, in part because failure is uncomfortable and ego-threatening. You can read more in the paper " Not Learning From Failure—the Greatest Failure of All . " Lauren Eskreis-Winkler is an assistant professor of management and organization at the Kellogg School of Management at Northwestern University . Finally, Katy gives you advice on how to better share critical feedback, and how to limit the ego-threatening aspects of failure by adopting a growth mindset. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0822-2ERJ)…

Choiceology with Katy Milkman

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Under Pressure: With Guests Svetlana Savranskaya, Gary Slaughter & Modupe Akinola 39:13

3 years ago39:13

39:13

If you've ever been faced with an important decision when time was scarce, information was incomplete, or tempers were running high, you'll know that it's difficult to make a good choice. Now imagine a decision that has implications for the entire world, and the people facing that decision are 500 feet below the surface of the ocean in a nuclear-armed diesel submarine that is overheating and running out of power. In this episode of Choiceology with Katy Milkman , we look at decisions under pressure and how our thinking process is affected by stress. We begin in the Sargasso Sea , just off the coast of Florida, in October 1962. It's the height of the Cold War, and the Cuban Missile Crisis is bringing the U.S. and the Soviet Union closer to open conflict. John F. Kennedy has ordered a naval "quarantine" around Cuba after the discovery of Soviet missile installations there, and the Soviets have responded by sending a squadron of submarines to the area. Those submarines were ill-equipped for the warm waters around Cuba, and the squadron had little to no contact with Moscow. And they were being hunted by the American navy. It was a recipe for disaster. Dr. Svetlana Savranskaya tells the story of two of the Russian submariners in the fleet, one who demonstrates the dangers of making decisions under extreme pressure and the other who proves why it's best when cooler heads prevail. Dr. Savranskaya is director of Russian programs at the National Security Archive at George Washington University . You'll also hear an American perspective on this dangerous military interaction from a man who was there. Gary Slaughter served as a communications officer on the USS Cony during the Cuban Missile Crisis and is the author of Sea Stories: A Memoir of a Naval Officer . Next, Dr. Modupe Akinola joins Katy to discuss the mechanics of decision-making under stress. You'll hear how your stress system prepares you to act but also suppresses your ability to think clearly. Dr. Akinola offers ideas on how to prepare yourself for decisions and minimize the negative effects of stress in her paper " Thriving Under Pressure ." Modupe Akinola is an associate professor of management at Columbia Business School , director at the Sanford C. Bernstein & Co. Center for Leadership & Ethics , and host of the TED Business podcast . Finally, Katy presents useful advice on being decision-ready and avoiding the hot-headed choice. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0522-2U4C)…

Choiceology with Katy Milkman

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Out of Proportion: With Guests Damon Lesmeister & Kelly Shue 33:08

3 years ago33:08

33:08

Many of the decisions we make require us to compare numbers. Which car is most fuel efficient? How is a stock performing relative to the market? How risky is one medication versus another? A problem arises when we fail to make these comparisons in the right units. In this episode of Choiceology with Katy Milkman , we look at the mistakes we make when we overweight absolute numbers and neglect their relative value. Damon Lesmeister is a wildlife biologist in Oregon who studies a very special bird: the northern spotted owl. This iconic animal is struggling to survive in the old growth forests of the Pacific Northwest. Among other challenges, the northern spotted owl is being crowded out of its habitat by an invasive species: the barred owl. Conservationists are now faced with a difficult decision, but one that is made more clear by properly comparing the relative sizes of the two owl populations. Damon Lesmeister is a research wildlife biologist with the US Forest Service and holds courtesy faculty appointments with Oregon State University in the Departments of Fisheries and Wildlife, and Forest Engineering, Resources and Management. Next, Yale finance professor Kelly Shue joins Katy to talk about places where non-proportional thinking is likely to occur and why it'’s such an easy mistake to make. She explains how the dollar value change of a share is much less important than the percentage change. Focusing solely on the dollar value can lead to consequential investor errors. Kelly Shue is a finance professor at Yale University and serves as an associate editor at The Journal of Finance and Journal of Financial Economics She previously served as an editor at the Review of Finance . You can read more about non-proportional thinking in financial markets in Kelly Shue's research paper co-authored with Rick Townsend. Finally, Katy discusses how you can avoid these non-proportional errors by making calculations that consider the denominator in any decision involving a ratio. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance. Indexes are unmanaged, do not incur management fees, costs and expenses and cannot be invested in directly. For more information on indexes please see www.schwab.com/indexdefinitions . Investing involves risk, including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0522-27BB)…

Choiceology with Katy Milkman

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Choiceology's Guide to Nudges 39:18

3 years ago39:18

39:18

Nudges are all around you. They might help you choose your meal at a restaurant, navigate a busy airport terminal, or start saving for the future. But nudges are often subtle, so you might not notice them until they’re pointed out. In this episode of Choiceology with Katy Milkman , we’re doing things a little differently. This episode is your guide to the many ways nudges have changed the world for the better. We'll revisit examples of nudges you may recognize from previous episodes of Choiceology . UCLA professor Shlomo Benartzi explains why defaults help more people save for retirement. University of Chicago professor Ayelet Fishbach reminds us how making the best choice a fun one is a great way to encourage better decisions. Harvard professor Todd Rogers discusses how social norms can help people reduce water and energy usage in hotels. You'll hear a feature interview with Nobel Prize-winning economist Richard Thaler , who along with Harvard law professor Cass Sunstein popularized nudges more than a decade ago in their book Nudge: Improving Decisions About Health, Wealth, and Happiness . And Cass Sunstein himself talks about how simplifying application forms can have an outsized impact on financial aid programs for students. Richard Thaler is the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago's Booth School of Business . He is the author of several books, including Nudge: The Final Edition and Misbehaving: The Making Of Behavioral Economics . Next, you'll hear from cognitive scientist Maya Shankar about how reading Nudge led her to work in the White House. She served as a senior advisor in the federal government where she founded the White House Social and Behavioral Sciences Team. She's also the creator, host, and executive producer of the award-winning podcast A Slight Change of Plans . Finally, Katy discusses ways you can incorporate nudges in your own life to help you make better decisions. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Investing involves risk, including loss of principal. The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0422-2A4K)…

Choiceology with Katy Milkman

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More Than a Feeling: With Guests Jamie Wall, Mona Krewel & Alex Edmans 36:42

3 years ago36:42

36:42

While it’s nice to think of ourselves as rational decision-makers, more often than not, emotion plays a role in how we decide. Some people may spend more on a new car when the weather is nice. Others may take bigger risks than normal after indulging in a sweet dessert. Some may make rash choices following a disappointing end to their favorite TV series. In this episode of Choiceology with Katy Milkman , we look at how positive or negative sentiment from one part of your life can spill over and affect decisions in another. In New Zealand in 2011, two seemingly unrelated events—a general election and a Rugby World Cup —may have been connected and influenced by national mood. Auckland-based author and rugby player Jamie Wall brings us the story of the fabled All Blacks , the New Zealand men's national rugby team, and their nail-biting final match against archrival France. The All Blacks were considered one of the best teams in the world but hadn’t won a World Cup in 24 years. While they had home field advantage in 2011, they were facing steeper odds with the loss of several key players to injury during the tournament. You can read more about rugby and the All Blacks in Jamie Wall’s books, including his latest, Brothers in Black . New Zealand’s prime minister at the time, John Key , bucked tradition by announcing a national election earlier than usual in his government’s mandate—the country does not have a regular election cycle—and by choosing an election date shortly after the end of the World Cup tournament. Some in the press speculated that this was a calculated move, meant to take advantage of any positive national sentiment that might arise from a World Cup win. Political scientist Mona Krewel explains how wins and losses in major sporting events can have a measurable effect on the outcome of elections. Monal Krewel is a lecturer in comparative politics with a specialization in the study of elections, political parties, and public opinion at Victoria University of Wellington . Next Alex Edmans joins Katy to discuss his research into how national sentiment can affect the stock market. National sporting events seem to have an effect on markets as well as elections, particularly after important losses. But in more recent work, Alex explains how he and his collaborators discovered a novel way to measure sentiment on a national level using data from Spotify . Alex Edmans is a professor of finance at London Business School and the current Mercers' School Memorial Professor of Business at Gresham College . He’s also the author of the recent book Grow the Pie: How Great Companies Deliver Both Purpose and Profit . Finally, Katy reviews several strategies to help you minimize the negative effects of certain emotions on key decisions. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. Investing involves risk, including loss of principal. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0422-25V4)…

Choiceology with Katy Milkman

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Second-Guessing First Impressions: With Guests Allen Sarven & Richard Nisbett 32:37

3 years ago32:37

32:37

Don’t shoot the messenger is a metaphorical phrase for blaming the bearer of bad news. It’s easy to be angry with someone who is associated with information you don’t want to hear–say, a doctor delivering an unwelcome diagnosis, or a manager who has to fire you due to budget issues beyond her control. The phrase also points to a tendency we all have to overweight someone’s personality or disposition (that person who fired me is a jerk) and underweight the situation (sales were down this year, and they can’t afford current staffing levels). In this episode of Choiceology with Katy Milkman , we look at this bias in a number of different contexts, and explore how it often leads us to make mistakes. Allen Sarven, a.k.a Al Snow , is a man who has been viewed as both a villain and a hero. He spent many years as a professional wrestler in the WWE as a heel or bad guy. Wrestling fans would heap scorn on him, and cheer on his opponents. Of course, it was all an act and as you’ll hear, he is a three-dimensional human being who thinks deeply about the nature of storytelling in pro wrestling and beyond. Recently, Sarven found himself being lauded by the media as a hero in a dramatic rescue in Florida. But he argues that anyone would have done the same thing if they were in his shoes. Allen Sarven is currently the owner and CEO of Ohio Valley Wrestling in Louisville, Kentucky. Next, Katy speaks with renowned social psychologist Richard Nisbett about how incomplete information can result in consequential errors. Nisbett argues that the fundamental attribution error gets us in trouble constantly. We often trust people we ought not to, or avoid people who really are perfectly nice, or we might hire people who are not all that competent, simply because we fail to recognize situational forces that may be affecting the person’s behavior. Richard Nisbett is the Theodore M Newcomb Distinguished University Professor Emeritus of Psychology at the University of Michigan . He’s also the author of many books, including Thinking: A Memoir . Finally, Katy talks about the ways that fundamental attribution can affect businesses and even your investment strategy. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0322-263H)…

Choiceology with Katy Milkman

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Less Is More: With Guests Ryan McFarland & Gabrielle Adams 34:49

3 years ago34:49

34:49

Supply chain issues and income inequality notwithstanding, we live in an age of abundance. Our closets overflow with clothing. Many children have more toys than they could possibly enjoy. Garages are filled with sporting gear. Offices are cluttered with gadgets. And even our calendars are packed with meetings and tasks. It can all be a bit much. In this episode of Choiceology with Katy Milkman , we look at a bias that leads us to add to our collections and to-do lists but neglect to remove unnecessary or unhelpful items. We begin with the charming story of Strider Bikes , the pedal-less balance bikes for small children. Founder Ryan McFarland is an avid cyclist and motorcycle enthusiast. When his son Bode was 2 years old, Ryan was keen to get him started on riding toys. But nothing he tried quite worked for such a young child. So began a quest to engineer a bike that would get Bode riding right away but still teach him the fundamentals of two-wheeled cycling. You can read more about the Strider Bike story in the Leidy Klotz book Subtract: The Untapped Science of Less. Next, you’ll hear a re-creation of an experiment inspired by the research of Leidy Klotz and Gabrielle Adams and their collaborators, showing how this tendency to solve problems by addition can sometimes be costly and suboptimal. Gabrielle Adams joins Katy to discuss the science behind this bias towards addition. You’ll hear about practical strategies to overcome this bias that will help you save time and money—and maybe even declutter your mind. You can read more about subtraction neglect in the research paper Gabrielle Adams co-authored with Benjamin Converse, Andrew Hales, and Leidy Klotz. Gabrielle Adams is an assistant professor of public policy and business administration at the Frank Batten School of Leadership and Public Policy at the Darden School of Business at the University of Virginia . Finally, Katy discusses ways to identify opportunities to subtract things from your life that may end up making you better off. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Disclosures All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0322-2NMD)…

Choiceology with Katy Milkman

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A Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab (Rebroadcast) 34:05

3 years ago34:05

34:05

For many people, the start of a new year is an occasion to re-examine their lives, to set new goals and to give up old habits. Making New Year’s resolutions is something of a social ritual, but we see similar behaviors around other significant dates, as well--such as birthdays and anniversaries and the changing of seasons. And while it can be argued that all of these dates are arbitrary, studies show that they can still give you a head start in achieving your goals. In this episode of Choiceology with Katy Milkman , we examine the common but not always rational phenomenon whereby people divide their lives into chapters. We look at ways to leverage this phenomenon to make better choices. The episode begins on a riverbank, with a religious rite symbolizing rebirth and renewal. Next, we hear about Ray Zahab’s life changing New Year’s resolution. What began as a simple plan to live a healthier lifestyle ended up taking him on incredible adventures all around the world. Ray is the author of the book Running For My Life . From Ray’s story of personal transformation around an auspicious date, we pivot to a related tendency for people to separate their money into mental accounts. Money, like time, is fungible--one dollar is as useful as any other dollar--and yet people often divide their money into different categories. Why? Nobel laureate and best-selling author Richard Thaler explains the value of this cognitive bias and explores some of the peculiar behaviors people exhibit when they earmark their money for different purposes. And John Beshears of the Harvard Business School describes a study that exposes this bias in the way people perceive the value of grocery store coupons. Finally, Katy Milkman offers additional tips on leveraging these temporal landmarks and personal budgets to help you stick with your resolutions. Choiceology is an original podcast from Charles Schwab . For more on the series, visit schwab.com/podcast . If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts . Important Disclosures: All expressions of opinion are subject to change without notice in reaction to shifting market conditions. The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. (0122-10M4)…

Choiceology with Katy Milkman

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The Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin Wu 31:07

3 years ago31:07