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Choiceology with Katy Milkman

Choiceology with Katy Milkman

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)

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Mesmerized: With Guests Mara Rockliff & John List

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)

2022-11-07
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The Bad with the Good: With Guests Uzma Khan & Gustav Ka?llstrand

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 withKaty 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)

2022-10-24
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Rebroadcast: Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam Grant

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)

2022-10-10
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So Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem Haggag

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)

2022-09-26
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How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes

?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)

2022-09-12
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Not by a Long Shot: With Guests Katia Jordan & Craig Fox

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 American 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)

2022-08-29
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Fail Better: With Guests Joseph Herscher & Lauren Eskreis-Winkler

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)

2022-08-15
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Under Pressure: With Guests Svetlana Savranskaya, Gary Slaughter & Modupe Akinola

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)

2022-05-23
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Out of Proportion: With Guests Damon Lesmeister & Kelly Shue

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)

2022-05-09
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Choiceology's Guide to Nudges

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)

2022-04-25
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More Than a Feeling: With Guests Jamie Wall, Mona Krewel & Alex Edmans

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)

2022-04-11
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Second-Guessing First Impressions: With Guests Allen Sarven & Richard Nisbett

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)



 

2022-03-28
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Less Is More: With Guests Ryan McFarland & Gabrielle Adams

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)
 

2022-03-14
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A Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab (Rebroadcast)

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)

2022-01-01
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The Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin Wu

Anticipating and planning for obstacles can sometimes be more powerful than adopting a positive mindset.

A positive attitude is important when embarking on any new endeavor. However, as you may have heard in previous episodes of Choiceology with Katy Milkman, overoptimism also can blind you to important information.

In this episode, we look at a strategy that can help counteract the effects of overoptimism and overconfidence. You could call it the power of negative thinking.

We begin with the amazing story of a lake in Louisiana that completely disappeared in a matter of hours. An oil drilling accident in 1980 created a giant sinkhole in Lake Peigneur that rapidly drained massive amounts of water into an active salt mine, swallowing several boats and barges and large chunks of land in the process. The event was catastrophic, but no lives were lost, thanks in part to robust emergency planning.

You?ll hear first-hand accounts of the dramatic event from Michael Richard, Sr., whose family owns and operates a garden and a nursery on the shores of Lake Peigneur, and from Dr. Kelvin Wu, who describes the scene in the salt mine as the disaster unfolded.

Dr. Kelvin Wu is a retired mining engineer and former chief of the Mine Waste & Geotechnical Engineering Division at the Mine Safety and Health Administration.

Michael Richard, Sr., owns and runs Rip Van Winkle Gardens and Live Oak Gardens on Lake Peigneur, Louisiana.

Emergency planning played an important role in the outcome of this disaster. But planning for the worst needn?t be limited to life and death scenarios.

Annie Duke joins Katy to argue that negative thinking?imagining failure in order to manage or prevent it? can actually help improve the odds of success when planning anything from a product launch to a birthday party. She argues that people shy away from negative thinking because it can feel unpleasant. But if you push through that unpleasantness, negative thinking can motivate you to take positive preemptive steps.

Annie Duke is an author and decision strategist. You can read more about negative thinking in her book How to Decide.

Finally, Katy differentiates negative thinking from pessimistic thinking. While pessimistic thinking can drain motivation and prevent you from setting goals, negative thinking can help you identify certain problems before they arise and raise your chances of success.

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.

(1021-1UD8)

2021-10-25
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The Good Fight: With Guests Adam Grant & Tom Crouch

Most of us would prefer to avoid an argument at work or at home. But there are times when arguments?at least when they?re civil?can help surface important information for decision-making. 

In this episode of Choiceology with Katy Milkman, we look at situations where certain types of conflict can actually lead to better outcomes.

You?re probably familiar with the story of Orville and Wilbur Wright. The Wright brothers secured their place in history by achieving the world?s first sustained flight of a powered, heavier-than-air aircraft at Kitty Hawk, North Carolina, in December of 1903. Less well known is the fact that the brothers would often argue intensely with each other over their engineering ideas.

Tom Crouch reveals the family culture of argument and debate inside the Wright home as the brothers were growing up, and he explains how that argumentative streak may have helped them solve a key problem in their quest for powered flight.

Tom D. Crouch is curator emeritus of the Smithsonian Institution and the author of The Bishop?s Boys: A Lifeof Wilbur and Orville Wright.

A version of the Wright Brothers story appears in Adam Grant?s new book, Think Again: The Power of Knowing What You Don?t Know. Adam joins Katy to discuss how you can leverage constructive conflict to arrive at better decisions. He also explains how agreeableness can sometimes hold you back. 

Adam Grant is the Saul P. Steinberg Professor of Management at the Wharton School of the University of Pennsylvania. He?s also host of the popular TED podcast WorkLife.

Finally, Katy provides advice on how to find the right level of task conflict in order to maximize the creativity and innovation that comes from collaborative problem solving.

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.

(1021-1WX2)

2021-10-11
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Expect the Unexpected: With Guests Abigail Sussman, Howie Jeon & Greg Golden

Perhaps this scenario seems familiar. Let?s say you generally do a good job of sticking to your monthly budget, but a rare opportunity arises?maybe a favorite musical artist is in town, or you?ve been invited to a friend?s 25th anniversary event?and you blow past your regular spending limit. It?s all right?you?ll just have to tighten your belt a bit next month. But then your phone stops working, and you have to buy a new model. And now your car needs an expensive repair. Again, these are not ordinary expenses, so you chalk it up to life and go back to your usual budget. And then the invitation to a destination wedding arrives ?

In this episode of Choiceology with Katy Milkman, we explore a common error around the way individuals and organizations categorize seemingly exceptional expenses.

Food trucks have come a long way since their humble beginnings as purveyors of meat pies and coffee for day laborers. Today, there?s a stunning variety of culinary options: from simple french fries to French haute cuisine, from ice cream to iced lattes, from Vietnamese pho to Mongolian pot stickers. And while these businesses may seem relatively straightforward to run, food trucks and small restaurants run into their fair share of unexpected costs.

You hear from two food truck entrepreneurs. Greg Golden runs the delightful Mustache Pretzels, which he built from the ground up in Phoenix, Arizona. Greg was confident in his idea and his product but quickly ran into a series of financially painful setbacks on his way to a thriving business.

Howie Jeon started his food truck business, Yumpling, with two partners and found success providing Taiwanese-inspired dumplings and other fusion fare to the lunch crowd in Manhattan. But when it came time to expand into a permanent brick-and-mortar restaurant, Howie and his partners faced a litany of challenges, not least of which was a global pandemic.

Abigail Sussman joins Katy to discuss the ways in which we tend to dismiss or miscategorize expenses that fall outside of our regular budgets. These categorization errors can have a profound impact on businesses large and small?and also on personal budgets. You?ll hear about strategies to help deal with this tendency and to better prepare for expenses that seem exceptional but are often inevitable. 

Abigail Sussman is an associate professor of marketing at the University of Chicago Booth School of Business. You can read her research paper with Adam Alter titled The Exception Is the Rule: Underestimating and Overspending on Exceptional Expenses for more information on the phenomenon.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.

(0921-1A9D)

2021-09-27
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What?s the Big Idea? With Guests Robert Rydell & Don Moore

When young children imagine their future lives, they?re often very optimistic. They?ll say things like ?I?m going to be an astronaut!? or ?When I grow up, I want to be a movie star!? These outcomes are, of course, quite rare. Most children will grow into slightly less exotic careers as adults. But even as adults, we tend toward personal optimism. We assume that we will outlive the average person, that we will remain in better health than the average person, and that our children will be above average in school or in sports. Of course, we can?t all be above average.

In this episode of Choiceology with Katy Milkman, we look at the mistakes we make when we assume we?re less susceptible to failure or negative outcomes than are other people.

World?s Fairs are large scale events requiring an immense amount of planning and organization. And while there have been many memorable and successful fairs, there have also been many expensive failures. Robert Rydell tells the story of the 1926 Sesquicentennial International Exposition in Philadelphia. Organizers were certain that they could mount a spectacular event, one that would transform their city and burnish its reputation around the world. But international events, poor weather, local politics, and the death of one of the key planners would conspire to make this a fair to remember, for all the wrong reasons.

Robert Rydell is a professor of American Studies at Montana State University and the author of All the World?s a Fair: Visions of Empire at American International Expositions, 1876-1916.

Next, Don Moore joins Katy to discuss the ways in which overconfidence, overplacement, and overprecision can cloud your judgement, even though it may make you feel better about yourself and your abilities.

Don Moore is the Lorraine Tyson Mitchell Chair in Leadership and Communication at the UC Berkeley Haas School of Business and serves as Associate Dean for Academic Affairs. He is also the author of the book Perfectly Confident: How to Calibrate Your Decisions Wisely

Finally, Katy offers advice on using base rates to help offset over-optimism when it comes to planning events, starting a business, getting married, or renovating your home.

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.

(0921-1WH3)

2021-09-13
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Not Just Another Statistic: With Guests Carol Quirke & Deborah Small

You may notice that charity campaigns tend to focus on the stories of one or two individuals or families, and that those stories are often rich with emotional content but light on information and statistics. There?s a reason for that.

In this episode of Choiceology with Katy Milkman, we look at the different ways we tend to be captivated and motivated by individuals and their stories, while on the other hand, we often become numb or disengaged when presented with large numbers or statistical information.

Carol Quirke tells the story of Dorothea Lange and her most famous photograph. Dorothea Lange was a documentary photographer who did important work raising awareness of the plight of migrant workers during the Great Depression. But one of her photos stands above the rest: Migrant Mother. You?ll hear the story of how that photograph came to be, and the effect it had on public policy.

You can view the image online at the Library of Congress.

Carol Quirke is a professor at SUNY Old Westbury, and the author of Eyes on Labor and Dorothea Lange, Documentary Photography, and the Twentieth Century: Reinventing Self and Nation.

Next, Deborah Small joins Katy to discuss two separate but related phenomena that describe the way we process information about small and large numbers. You can read her paper with George Loewenstein called Helping a Victim of Helping the Victim: Altruism and Identifiability for a deeper explanation of the identifiable victim effect and you can learn more about scope insensitivity through the work of Paul Slovic and others in the paper Scope insensitivity: The limits of intuitive valuation of human lives in public policy.

Deborah Small is the Laura and John J. Pomerantz Professor of Marketing and Psychology at The Wharton School of the University of Pennsylvania

Finally, Katy gives you simple strategies to help put larger numbers in context, and to make better decisions around seemingly abstract statistics.

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.

(0821-1VCR)

2021-08-30
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Big Goals, Little Steps: With Guests Shannon Miller & Hal Hershfield

Most people wouldn?t attempt a marathon or a climb up Mount Everest without first working through some less audacious objectives. And yet there are countless examples of ambitious goals?new businesses, academic degrees, career changes, athletic feats?that were abandoned because they appeared too daunting in scope.

In this episode of Choiceology with Katy Milkman, we look at a simple strategy that can make your biggest goals more manageable.

Shannon Miller is one of the most decorated athletes in the history of gymnastics. She is a seven-time Olympic medalist, and two-time inductee into the US Olympic Hall of Fame. While her ambitions as a young gymnast included competing at national and international events, she learned early on that achieving those lofty goals would require many small steps along the way. You?ll hear how Shannon Miller?s approach to goals led her to the pinnacle of her sport, and also helped her through a devastating illness.

You can read more about Shannon Miller?s challenges and triumphs in her memoir, It?s Not About Perfect: Competing for my Country and Fighting for My Life

Next, Hal Hershfield joins Katy to explore how breaking your savings goals into smaller amounts and shorter intervals can help you overcome certain psychological hurdles. He also discusses scenarios where smaller monetary increments may not actually be in your best interest.

Hal Hershfield is an Associate Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA?s Anderson School of Management. Read his paper Temporal Reframing and Participation in a Savings Program: A Field Experiment for details on his research with Stephen Shu and Shlomo Benartzi.

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.

(0821-1VC5)

2021-08-16
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Scientist Mode: With Guests Adam Grant & Luca Parmitano

Important decisions can be complex and difficult to make. We?re at the mercy of certain behavioral biases, and we often face a degree of uncertainty. And while it?s helpful to be aware of our shortcomings and mindful of our incomplete picture of the world, there is a proven way to make better decisions, on balance.  

In this episode of Choiceology with Katy Milkman, we look at how questioning our basic assumptions and thinking like a scientist can help us untangle the knottiest of problems and make choices with greater confidence.

Luca Parmitano was the first Italian astronaut to perform an EVA?an extravehicular activity, otherwise known as a space walk?in 2013. During that EVA, Luca noticed a small amount of excess moisture in his space suit. Engineers chalked it up to a minor leak in his drinking container.

But on his second EVA, Luca nearly drowned in space. You?ll hear from Luca himself about what happened and what it was like to have his helmet fill with water, 250 miles above the earth, outside the International Space Station. You?ll also hear how NASA worked to prevent a repeat of what has been called ?the scariest wardrobe malfunction? in the agency?s history. 

Luca Parmitano is an astronaut with the European Space Agency and a colonel in the Italian Air Force.

A version of Luca?s story appears in Adam Grant?s new book Think Again: The Power of Knowing What You Don?t Know.

Adam Grant joined Katy to talk about the methods scientists use to avoid certain pitfalls, such as confirmation bias, in the search for objective information. Rather than treat our beliefs or opinions as truths, Adam encourages us to treat them instead as hunches. Hunches can be tested, as scientists test their hypotheses. Taking this scientific approach to difficult problems often yields better results in business, politics, and life.

Adam Grant is the Saul P. Steinberg Professor of Management at the Wharton School of the University of Pennsylvania. He?s also host of the popular TED podcast WorkLife

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.

(0621-1KMT)

2021-06-07
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Judge the Judges: With Guests Daniel Kahneman, James Hutchinson & G.M. Pucilowski

Many episodes of this podcast deal with cognitive biases that can hinder our decision-making abilities. In this episode of Choiceology with Katy Milkman, we look at a different kind of error: how completely irrelevant information can negatively influence our judgments, making them varied and unpredictable.

This variability of human judgment?or noise?is the topic of a new book by Nobel Prize-winning economist Daniel Kahneman, with Cass Sunstein and Olivier Sibony. You?ll hear an interview with Kahneman later in the episode where he explains his preoccupation with the substantial and expensive effects of noise. He proposes ways to reduce the problem of noise for industries, businesses, and individuals who need to make more objective judgements.

But first, we?ll dive into the world of wine judging. G.M. ?Pooch? Pucilowski will take you on a guided tour of the California State Fair Commercial Wine Competition. You?ll hear about the criteria for judging different varietals?and the accompanying challenges that wine judges face as they swirl, sniff, and sip through dozens and sometimes hundreds of different wines. 

After years of coordinating and observing the judges, Pooch noticed a large amount of variability in the results. This may not be surprising, since taste is subjective. But after some tweaks to the process, he even began to notice that judges were inconsistent with themselves!

Enter vintner and retired oceanographer Robert Hodgson. Pooch teamed up with Hodgson to devise a way to study and improve the consistency of wine judging and push for a more objective competition. The results were promising, but not without controversy.

You can read Robert Hodgson?s research paper on wine judging here

G.M. ?Pooch? Pucilowski is a speaker, writer, wine judge, and educator. He runs wine appreciation classes through his University of Wine.

You?ll also hear about the potential role of chemical analysis and artificial intelligence in improving the results of wine judging from James Hutchinson, formerly of the Royal Society of Chemistry and currently CEO of KiwiNet.

And finally, Katy explores the potential of leveraging noise to produce better decisions by employing the wisdom of crowds?and even ?the crowd within.?

 

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. 

(0521-1H4C)

2021-05-24
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Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam Grant

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. 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.

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.

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.

(0521-1681)

2021-05-10
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Hold That Thought: With Guests Sarah-Louise Miller, Warren Reed, Todd Rogers & Angela Duckworth

You probably have a list of reminders somewhere. Maybe you have a calendar with important dates marked. And likely a mental to-do list. And shopping lists. And gift ideas. And you?ve got to remember to get your taxes filed. And don?t forget to get those prescriptions filled before the drug store closes. And you?ve got to renew your insurance, and ?

There?s a lot of information to juggle in modern life. In this episode of Choiceology with Katy Milkman, we look at ways to improve reminders and reduce forgetting around things like voting, vaccinations, and international espionage.

Sarah-Louise Miller is a doctoral candidate in the Department of War Studies at King?s College London. Sarah-Louise tells the story of Elizabeth Reynolds (a.k.a. Elizabeth ?Minnie? Devereux-Rochester), a young courier operating behind enemy lines in France during the Second World War. Elizabeth?s ability to absorb and memorize information contributed greatly to the Allied war effort and may very well have saved her life.

You?ll also hear from former Australian Secret Intelligence Service agent Warren Reed. He details the intensive memory training he encountered at MI6 and explains how memorization is key to an agent?s success and survival.

Warren Reed is the author of several books on espionage. His latest is An Elephant On Your Nose.

Next, Todd Rogers joins Katy to talk about research that addresses memory, forgetting, and reminders. Forgetting and ?flaking out? on virtuous goals such as eating healthy, going to the gym, or voting is a major problem with negative consequences for individuals and communities. But with some subtle shifts in choice architecture, forgetting can be significantly reduced. 

Todd Rogers is a behavioral scientist and professor of public policy at the Harvard Kennedy School. His research paper with Kay Milkman is titled Reminders Through Association.

Finally, Angela Duckworth explains how planning prompts or implementation intentions can be used by everyone, including school-aged children, to improve follow-through on goals.

Angela Duckworth is professor of psychology at the University of Pennsylvania and the author of Grit: The Power of Passion and Perseverance.

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.

(0421-12UW)

2021-04-26
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In the Face of Risk: With Guests Jeff Elison & Ido Erev

For many, the onset of the coronavirus pandemic was terrifying. Descriptions of the outbreak in Europe and Asia led to panic buying and sheltering in place here at home. But, as time passed and people became acclimatized to life with masks and social distancing, many of those same people who were terrified at the outset began to let their guard down and take unnecessary risks.

In this episode of Choiceology with Katy Milkman, we look at a peculiar inconsistency around how we perceive risk and rare events.

Jeff Elison is a professor and an avid rock climber. Jeff tells the story of a fateful climb on a beautiful sunny day just outside of Alamosa, Colorado. Jeff normally climbs with friends, but on this particular day, none of his regular partners were available. Early in his climbing career, Jeff might have balked at a solo climb, but as a veteran, he felt confident that he could manage the familiar climb safely. But then, he slipped and fell. ?

Jeff Elison is a professor of psychology at Adams State University. He is also the author of the book Vertical Mind: Psychological Approaches for Optimal Rock Climbing.

Next, Ido Erev joins Katy to explain how we often overweight rare events when we make decisions based on a description and underweight rare events when we make decisions from experience. You?ll hear about his research identifying this phenomenon, as well as several personal anecdotes demonstrating how all of us fall prey to these miscalculations from time to time.

Ido Erev is a psychologist, professor, and vice dean of the MBA program at the Technion?Israel Institute of Technology.

Finally, Katy discusses strategies to mitigate the downsides of the description-experience gap in risky choice and ways to leverage the fact that we often underweight rare opportunities as well.

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.

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.

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.

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.). Schwab 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.

(0421-1BBF)

2021-04-12
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Mindful of Mindsets: With Guests Erik Vance & Alia Crum

Have you ever visited your doctor to deal with a minor health issue and then left the office with nothing more than the doctor?s calming reassurance? Chances are good that you felt a bit better, physically, just by virtue of experiencing the environment of the clinic and anticipating some kind of improvement in your health.

In this episode of Choiceology with Katy Milkman, we explore how your beliefs and expectations can have a very real impact on your health and well-being.

Science journalist Erik Vance vividly recounts several peculiar experiences taking part in traditional healing ceremonies in Mexico. Erik examined certain aspects of these age-old rituals through the lens of modern science to discover some measurable effects on health. He also volunteered for a rather painful experiment in a research lab involving electric shocks with some surprising results.

Erik Vance is a journalist and editor with the New York Times Well Desk. He?s also the author of the book: Suggestible You: The Curious Science of Your Brain?s Ability to Deceive, Transform, and Heal.

Next, you?ll hear the results of a sneaky experiment with some unwitting volunteers involving special coffee.

Then, Katy speaks with Alia Crum about her research into mindsets and the placebo effect and how they function to activate the body?s natural physiological abilities to heal itself. She explains how setting expectations can lead to improved outcomes in diet and exercise?and can have marked positive effects on stress management.

Alia Crum is an assistant professor of psychology at Stanford University and the principal investigator of the Stanford Mind & Body Lab

Finally, Katy explains how you can leverage mindsets to help you achieve your goals.

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.

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.

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.

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.). Schwab 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.

(0321-1XM5)

2021-03-29
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Some Assembly Preferred: With Guests Mike Norton & Michael Ojo

Hardware stores and home improvement shows often promote do-it-yourself projects. And while it?s challenging to make your own projects look as good as the ones on TV or in glossy brochures, building something yourself can be a very rewarding experience. The trouble is, the DIY approach can sometimes cloud your perceptions of the value of your project.

In this episode of Choiceology with Katy Milkman, we look at how putting personal effort into something?be it a hand-knit scarf, a new deck, or even a small business?can lead people to overestimate the value of that effort.

Michael Ojo is a web developer and pilot influencer. He runs a popular YouTube channel called MojoGrip, where he shares his love of aviation. It?s also where he documented a project near and dear to him: the building of his first kit airplane, the Sling TSI. You?ll hear the story of Michael?s epic project. Everything from the steep learning curve, to the technical challenges, to the trials and tribulations of building a complicated piece of machinery in the midst of a pandemic. And then, the big question: will it fly?

Next, Mike Norton joins Katy to discuss the science behind why people tend to place a higher value on their own projects, using research that, among other experiments, observed volunteers as they completed simple origami projects and then had them auctioned off against origami made by an expert. The results were surprising, and quite charming, as you?ll hear from our re-enactment of the experiment.

Michael I. Norton is the Harold M. Brierley Professor of Business Administration at the Harvard Business School and co-author of the book Happy Money: The Science of Smarter Spending.

Finally, Katy discusses the ways in which you can leverage this effect to boost happiness and satisfaction, while avoiding the pitfalls of overvaluing your own handiwork.

Choiceology with Katy Milkman 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. (0321-1YAM)

2021-03-15
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If Only ?: With Guests Stirling Hart & Colin Camerer

In a past episode titled ?Spoiled for Choice,? we looked at how decision-making can be hampered by our desire to avoid the painful emotion of regret. In fact, regret aversion can cause people to abandon certain decisions entirely.

In this episode of Choiceology with Katy Milkman, we look more closely at regret itself. 

Stirling Hart is a professional lumberjack. He?s also a world-class lumberjack sports athlete. He has travelled the world competing against the best of the best in events such as the underhand chop, the spring board, the single buck, and the standing block chop. These grueling and dangerous tasks require explosive strength, accuracy, and nerves of steel.

In 2016, Stirling Hart represented Canada at the Stihl Timbersports® World Championship in Stuttgart, Germany. He was dominating the events until he came to the hot saw (an event involving a chainsaw built from a modified motorcycle engine). That?s when one split-second decision changed the course of the competition. You?ll hear how that one moment affected Stirling for months afterward.

Stirling Hart lives and works in Squamish, British Columbia, Canada.

Next, Katy speaks with Colin Camerer about the neuroscience of regret. Colin explains how regret arises and how it can affect our behavior, for better and for worse. You?ll hear about a fascinating study by Tom Gilovich identifying regret in Olympic medalists, and you?ll learn about the ways that regret can influence investment decisions. You?ll also gain valuable insight on how to minimize some of the negative effects of regret.

Colin Camerer is a Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read more about regret in his paper ?Neural Evidence of Regret and Its Implications for Investor Behavior.?

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. (1020-081T)

2020-10-12
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I Don?t Want to Know: With Guests Amelia Boone & Emily Ho

For some people, the check engine light on their car dashboard means an immediate trip to the repair shop. But for others, it represents a nagging unpleasant feeling that?s best to be avoided. So they put it out of their mind for as long as they can. 

In this episode of Choiceology with Katy Milkman, we examine the tendency to avoid or ignore certain information when it may be uncomfortable or inconvenient.

Amelia Boone is a high achiever. Within a short time of taking up the grueling sport of obstacle course racing, she was winning world championships. At the top of her game, she went looking for other challenges, and eventually took up ultra-running?where athletes compete in races longer than marathons, sometimes as long as 100 miles! Again, Amelia quickly rose to the upper echelons of this elite club of athletes.

But then the injuries began. You?ll hear about Amelia?s attitude of pushing through the pain and training harder?an attitude that nearly destroyed her athletic career. When her injuries finally sidelined her from racing, Amelia realized that she?d been ignoring a crucial aspect of her health. 

Amelia Boone is an obstacle racer, ultra-runner, and attorney living in Colorado.

Next, Emily Ho joins Katy to talk about the science behind this tendency to avoid certain types of information. She explains how the phenomenon impacts investors, medical patients, and employees, and she illustrates the perils of ignoring uncomfortable facts.

Emily Ho is a research assistant professor at Northwestern University?s Department of Medical Social Sciences. You can read more about information avoidance in the research paper she co-authored with George Loewenstein and David Hagmann.

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.

(0920-0817)

2020-09-28
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A Successful Failure: With Guests Cass Sunstein, Kirabo Jackson & Andrew Chaikin

You?ve probably had the annoying experience of going to a store to pick up a few things, only to leave having forgotten at least one of them. That?s likely due to the challenge of holding more than one piece of information in your working memory while you shop, not to mention the effects of time pressure, distraction, and the procedural complexity of a seemingly simple trip to a store.

In this episode of Choiceology with Katy Milkman, we look at effective tools for managing complex and time-sensitive procedures, from grocery shopping to space exploration.

Fifty years ago, astronauts aboard the Apollo 13 lunar spacecraft radioed Mission Control with the now iconic phrase ?Houston, we?ve had a problem.? A critical piece of equipment had exploded, putting the three crew member?s lives in extreme danger. What followed was a monumental problem-solving effort to bring the astronauts safely back to Earth.

Historian Andrew Chaikin tells the harrowing story of Apollo 13, based on his interviews with NASA engineers and the Apollo crew. You?ll hear about the incredibly complex and dangerous procedures involved in piloting the hobbled ship and how Mission Control and the crew used a simple tool?the checklist?to help limit potential errors and manage complicated operations.

Andrew Chaikin is the author of A Man on The Moon: The Voyages of The Apollo Astronauts.

Next, Kirabo Jackson joins Katy to explain his work studying the effectiveness of checklists in a more down-to-earth setting: auto repair shops. You?ll hear how the implementation of checklists improved productivity and increased profits for shop owners. 

Kirabo Jackson is the Abraham Harris Professor of Education and Social Policy at Northwestern University. You can read more about his work in his research paper with Henry S. Schneider on checklists and worker behavior.

Finally, Cass Sunstein discusses with Katy the more general topic of simplification. He explains how checklists and simplified processes can save governments and businesses money and time, as well as significantly increasing citizen participation in programs.

Cass Sunstein is the Robert Walmsley University Professor at Harvard Law School. He is also the founder and director of the Program on Behavioral Economics and Public Policy at Harvard Law School, former administrator of the U.S. government?s Office of Information and Regulatory Affairs, and author of many books. His latest book is Too Much Information: Understanding What You Don?t Want to Know.

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.

(0920-0U2X)

2020-09-14
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Fair Is Fair: With Guests John Thorn & Richard Thaler

?Mom! Janey got more ice cream than me! Not fair!? For kids?and many adults?the notion of what?s fair or not often involves comparing quantities of some valuable thing. But there?s another, more nuanced concept of fairness that crops up in certain types of negotiations. 

In this episode of Choiceology with Katy Milkman, we look at what people perceive as fair or not amid changing circumstances.

At the turn of the 20th century, professional baseball had entered what came to be known as the dead-ball era. Pitchers had a distinct advantage over batters, resulting in low-scoring games and a substantial drop in attendance. Owners and league officials decided they needed to change some rules to entice fans back to their stadiums. One option on the table was to ban the spitball.

John Thorn explains the history of the spitball and other doctored pitches and describes the state of baseball at the time. While empty bleachers were clearly bad for the bottom line, the owners also recognized the problem of implementing a rule change that would likely destroy some pitchers? careers. You?ll hear about the clever solution that the league arrived at to ensure a more exciting game without alienating their players.

John Thorn is the official historian for Major League Baseball and the author of Baseball in the Garden of Eden: The Secret History of the Early Game.

Next, Richard Thaler joins Katy to explain his pioneering work with Daniel Kahneman and Jack Knetsch in describing the principle of dual entitlement. You?ll hear about several different scenarios where the phenomenon occurs and how it relates to status quo bias.

Richard Thaler is a Nobel Prize-winning economist and 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 Misbehaving: The Making Of Behavioral Economics.

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.

(1020-0XDB)

2020-08-31
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Spoiled for Choice: With Guests Barry Schwartz & Jen Glantz

Traditional economic theory says that more choice should always be better than less. After all, if the cereal aisle has corn flakes, honey nut corn flakes, toasted coconut corn flakes, chocolate corn flakes, multi-grain flakes, and all the rest, you?ll surely be able to find the breakfast carbs that suit your taste buds perfectly. But it turns out that, in certain situations, more choices can be counterproductive.

In this episode of Choiceology with Katy Milkman, we look at how having too many options can sometimes produce anxiety, reduce satisfaction, and even lead us to abandon the decision we?d planned to make altogether.

You?ll hear from professional bridesmaid (yes, that?s a real thing) Jen Glantz about her experiences supporting brides through the many decisions they face in planning a wedding. Jen has seen it all: the fatigue, the indecision, the anxiety, and the emotional toll that can result from managing myriad choices while planning the big day.

Jen, herself, is now engaged to be married. But rather than subject herself to that giant list of wedding day choices, she has come up with a clever plan to offload the decision-making effort.

Jen Glantz runs Bridesmaid for Hire and is based in Brooklyn, New York. 

 

Barry Schwartz is an academic authority on this phenomenon. His book The Paradox of Choice challenged traditional economic theory about the utility of ever-expanding options in prosperous societies. 

Barry joins Katy to explain where choice overload occurs, and where it doesn?t, and to discuss the benefits of satisficing when it comes to choosing televisions or restaurants or blue jeans. 

Barry Schwartz is the Dorwin P. Cartwright Professor Emeritus of Social Theory and Social Action at Swarthmore College.

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.

(0820-03K4)

2020-08-17
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A Bundle of Nerves: With Guests Alison Wood Brooks & Steven Osborne

The rapid heartbeat. The shaking hands. The flushed face. The symptoms of pre-performance jitters are common. For some people, nervousness before a big test or important presentation is normal and temporary. For others, it can be debilitating. Typical suggestions for managing nerves tend to involve deep breaths and calming thoughts. But what if there were a better way?

In this episode of Choiceology with Katy Milkman, we look at the science behind the state of arousal commonly referred to as stage fright, including new research into better ways to manage unpleasant emotions.

You?ll hear world-renowned concert pianist Steven Osborne describe the agonizing moment during an important performance when he began to experience memory lapses due to anxiety. As the fear of making mistakes increased, Steven began to worry that stage fright could cost him the career he loved. But through therapy and reflection, he managed to flip the script on his anxiety?and came to see it as a gift to be explored. 

All of the piano music in this segment comes from Steven Osborne?s recordings. You can hear his complete performances on Beethoven Piano Sonatas Opp 109, 110 & 111 and Prokofiev Piano Sonatas Nos 6, 7 & 8, available on Hyperion Records.

Next, Alison Wood Brooks joins Katy to talk about her fascinating research into stage fright using video game karaoke to discover the most effective techniques for managing and even leveraging pre-performance nerves.

Alison Wood Brooks is the O?Brien Associate Professor of Business Administration at Harvard Business School. For more on her research, you can read her paper Get Excited: Reappraising Pre-performance Anxiety as Excitement.

Finally, Katy explores other ways to regulate unpleasant emotions. These techniques can help improve outcomes for negotiations, job interviews, and schoolwork.

For more on behavioral science?including additional content from the expert interviews featured on Choiceology?you can sign up for Katy?s newsletter at katymilkman.com/newsletter

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.

(0820-0BTM)

2020-08-03
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A Spoonful of Sugar: With Guests Ayelet Fishbach, Dan Ariely, Lynne Gauthier & Nancy Strahl

?In every job that must be done, there is an element of fun. You find the fun, and snap, the job?s a game!? So says Julie Andrews? character in the Disney film Mary Poppins before she launches into the famous musical number ?A Spoonful of Sugar.? 

In this episode of Choiceology with Katy Milkman, we look at the science behind the intuitive strategy of making difficult or boring things easier by adding that ?element of fun.? But while Mary Poppins was focused on making the tedious task of cleaning a room a bit more enjoyable, you?ll see that this approach isn?t limited to housework.

You?ll hear Nancy Strahl?s dramatic story of a life-threatening medical event. Her prognosis was grim, but thanks to grit, determination, and some pioneering work in gamifying rehabilitation by Professor Lynne Gauthier, Nancy made a remarkable recovery.

Lynne Gauthier is an associate professor at the University of Massachusetts, Lowell, and director of the Neurorecovery and Brain Imaging Laboratory. 

Next, Dan Ariely recounts an incredibly difficult long-term treatment that he was able to endure and complete, thanks to a strategy known as temptation bundling (a term coined by Katy Milkman through her research into the phenomenon).

Dan Ariely is the James B. Duke Professor of Psychology and Behavioral Economics at Duke University, and the author of several bestselling books, including Predictably Irrational.

Finally, Ayelet Fishbach joins Katy to discuss research into myriad ways that adding enjoyable elements to difficult or tedious tasks can improve outcomes in everything from math education to exercise to job satisfaction. 

Ayelet Fishbach is the Jeffrey Breakenridge Keller Professor of Behavioral Science and Marketing 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.

(0520-0DAP)

2020-05-25
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Bidder Beware: With Guests Max Bazerman & Glenye Cain Oakford

Have you ever bid in a competitive auction?say, on eBay?and won the item, only to see a similar item for sale elsewhere at a lower price? If so, you may have fallen prey to the winner?s curse.

In this episode of Choiceology with Katy Milkman, we look at bias that can lead people to overpay in auctions and other types of negotiations.

We begin with the story of Havre de Grace. This prize filly had an exceptionally successful career as a racehorse before being auctioned as a broodmare. Expectations were high for the sale because Havre de Grace had such a strong thoroughbred pedigree. But the way the auction proceeded surprised everyone in the room.

Glenye Cain Oakford was at the Fasig-Tipton November Mixed Sale and paints a vivid picture of a dramatic bidding process. She is an award-winning journalist, writer, and videographer based in Lexington, Kentucky. She was the senior bloodstock correspondent at the Daily Racing Form at the time of the auction

Special thanks to Fasig-Tipton for use of the audio clips from the Havre de Grace auction.

Max Bazerman has contributed important research to the study of the winner?s curse. He joins Katy to discuss the ways in which this phenomenon can affect purchasing decisions around everything from jewelry to oil leases?and how the bias can diminish your ability to negotiate successfully. 

Max Bazerman is the Jesse Isidor Straus Professor of Business at the Harvard Business School and the Harvard Kennedy School and the author of many books, including the upcoming book Better, Not Perfect: The Realist?s Guide to Maximum Sustainable Goodness, which will be released later this year by Harper Collins. 

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.

(0520-0BPD)

2020-05-11
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A Choice Apart: With Guests Max Bazerman & Vivienne Wagner

Have you ever purchased a car or a motorcycle or a boat, based on some particular quality it had that made you fall in love? Maybe it was candy apple red. Maybe it had sleek lines. Maybe the engine made a pleasing purr. Hopefully that decision was a happy one. But what happens when the red sports car spends most of its time in the shop? Or the sleek motorbike is hard on your back? Or the purring boat engine is a gas-guzzler?

In this episode of Choiceology with Katy Milkman, we look at how our preferences tend to shift when we evaluate a choice on its own versus side-by-side with other possible options.

The episode begins with Vivienne Wagner and her family?s decision to adopt an adorable puppy after seeing a popular movie that featured the breed. (You know, the spotty dogs?over a hundred of them.) It?s a cautionary tale about a lovable but incredibly difficult pooch named Barkley and the perils of selecting a family pet in a vacuum. 

Max Bazerman is an authority on the phenomenon of shifting preferences when decisions are made separately or jointly. He joins Katy to discuss the ways in which our evaluation tendencies can impact activities ranging from hiring an employee to communicating with a spouse. He also discusses strategies to be more deliberative while making important decisions.

Max Bazerman is the Jesse Isidor Straus Professor of Business at the Harvard Business School and the Harvard Kennedy School and the author of many books, including, most recently, The Power of Experiments: Decision-Making in a Data-Driven World with Mike Luca.

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.

(0420-0A3H)

2020-04-27
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So Close to the Prize: With Guests Oleg Urminsky & Brian Zinn

If you?ve ever signed up for a frequent flyer program, chances are good that you were awarded a certain number of bonus points to start. Those bonus points feel like a nice little gift, but they also serve another purpose: to increase your motivation to participate in the program.

In this episode of Choiceology with Katy Milkman, we explore how your proximity to a goal can affect the way you behave.

You?ll hear the fascinating story of Brian Zinn and his decade-spanning quest to unravel an elaborate riddle. When Brian was a college student, he stumbled upon a book called The Secret: A Treasure Hunt. In it were 12 cryptic puzzles?arcane verses and mysterious images that, when paired and solved, would point readers to 12 treasures buried in undisclosed locations around the United States.

The treasure hunt was a harmless pastime during Brian?s college days, but when he rediscovered the book years later, it became something of an obsession. You?ll learn about his escalating adventures attempting to locate one of the book?s hidden treasures. Since the publication of The Secret nearly 40 years ago, only three of the 12 treasures have ever been found.

Next, Oleg Urminsky joins Katy to reveal the behavioral mechanisms that drive us to increase our efforts as we approach a goal, or perceive that we?re approaching a goal. Urminsky?s research led him to demonstrate surprising shifts in behavior using a simple coffee card loyalty program. 

Oleg Urminsky is a professor of marketing at the University of Chicago Booth School of Business. You can read more about his research in the 2006 paper ?The Goal-Gradient Hypothesis Resurrected.? 

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.

(0420-08H4)

2020-04-13
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Coping Amid the Crisis: With Guest Laurie Santos

An unprecedented global health crisis has overwhelmed healthcare systems, disrupted economies and financial markets, and radically altered our daily lives. And while social distancing is the responsible thing to do to slow the spread of disease, it also heightens the emotional challenges we face during these scary and uncertain times.

In this special bonus episode of Choiceology with Katy Milkman, we look to the science of happiness to see how we might mitigate the adverse impacts to our mental health and well-being?and maybe even cultivate good new habits that can help us when the crisis is over.

In 2018, psychologist Laurie Santos introduced a new course at Yale?its subject, happiness?which quickly became the storied university?s most popular class ever. Katy interviews Laurie to find out what insights from the course apply to our current situation and to solicit advice on happiness-improvement steps we can be taking now.

Laurie Santos is a professor of psychology and head of Silliman College at Yale University. A version of her ?happiness class??The Science of Well-Being?is now available online for free through Coursera. Laurie also hosts the hit podcast The Happiness Lab.  

Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast

Schwab also has resources to help you make sense of the pandemic?s impact on your finances at schwab.com/volatility, including FAQs and strategies for long-term investors and people nearing or in retirement.

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.

Dr. Laurie Santos and The Happiness Lab are not affiliated with Schwab and the views expressed may not necessarily reflect those of The Charles Schwab Corporation or its affiliates.

(0420-068J)

2020-04-06
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The Simple Choice: With Guests Shlomo Benartzi & Eric Sink

We are inundated with decisions in the modern world. What to wear, what to buy, what to watch, where to work, what to eat, who to call, where to live, what to study, when to exercise, how much to save, etc. And every decision, no matter how small, requires mental effort. But when a particular option is suggested to us ahead of time, the cognitive load is much smaller.

In this episode of Choiceology with Katy Milkman, we explore the subtle power of default options.

We begin with a simple experiment, offering free hot chocolate to random college students. A small shift in the way we present the option of a whipped-cream topping leads to a measurable change in the students? preferences. 

Next up, a rather more consequential example. It?s the story of the web browser wars in the mid-1990s. You?ll get an insider?s perspective on the epic battle between Microsoft?s Internet Explorer browser, and Netscape Communications? Navigator browser. Netscape had a substantial head start in the browser space, pioneering many of the features we take for granted in web browsing today. But Microsoft employed a simple strategy to grow their user base for Internet Explorer and quickly gained market share. The end result of this strategy was a seismic shift in the industry. You?ll hear from Eric Sink, a lead developer on the Internet Explorer project.

To examine the science behind defaults, Katy invited behavioral economist Shlomo Benartzi to join her to discuss the ways that choice architecture and defaults can have a major impact on our behavior, particularly around retirement savings programs.

Shlomo Benartzi is a Professor of Behavioral Decision Making at the UCLA Anderson School of Management and a Distinguished Senior Fellow at the University of Pennsylvania?s Behavior Change for Good Initiative. He is a senior academic advisor to the Voya Behavioral Finance Institute. He is also the author of the book Save More Tomorrow: Practical Behavioral Science Solutions to Improve 401(k) Plans.

Finally, Katy offers practical advice on how to leverage defaults to reach your goals?and how to avoid the defaults that might trick you into less desirable options.

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.

Shlomo Benartzi and Voya Financial are not affiliated with Schwab and any mentions should not be construed as a recommendation, endorsement of, or sponsorship by Schwab.

(0320-0FL1)

2020-03-30
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Judge the Judges: With Guests Daniel Kahneman, James Hutchinson & G.M. Pucilowski

Many episodes of this podcast deal with cognitive biases that can hinder our decision-making abilities. In this episode of Choiceology with Katy Milkman, we look at a different kind of error: how completely irrelevant information can negatively influence our judgments, making them varied and unpredictable.

This variability of human judgment?or noise?is the topic of an upcoming book by Nobel Prize-winning economist Daniel Kahneman, with Cass Sunstein and Olivier Sibony. You?ll hear an interview with Kahneman later in the episode where he explains his preoccupation with the substantial and expensive effects of noise. He proposes ways to reduce the problem of noise for industries, businesses, and individuals who need to make more objective judgements.

But first, we?ll dive into the world of wine judging. G.M. ?Pooch? Pucilowski will take you on a guided tour of the California State Fair Commercial Wine Competition. You?ll hear about the criteria for judging different varietals?and the accompanying challenges that wine judges face as they swirl, sniff, and sip through dozens and sometimes hundreds of different wines. 

After years of coordinating and observing the judges, Pooch noticed a large amount of variability in the results. This may not be surprising, since taste is subjective. But after some tweaks to the process, he even began to notice that judges were inconsistent with themselves!

Enter vintner and retired oceanographer Robert Hodgson. Pooch teamed up with Hodgson to devise a way to study and improve the consistency of wine judging and push for a more objective competition. The results were promising, but not without controversy.

You can read Robert Hodgson?s research paper on wine judging here

G.M. ?Pooch? Pucilowski is a speaker, writer, wine judge, and educator. He runs wine appreciation classes through his University of Wine.

You?ll also hear about the potential role of chemical analysis and artificial intelligence in improving the results of wine judging from James Hutchinson, formerly of the Royal Society of Chemistry and currently CEO of KiwiNet.

And finally, Katy explores the potential of leveraging noise to produce better decisions by employing the wisdom of crowds?and even ?the crowd within.?

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.

(0320-0FLK)

2020-03-16
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The Price of Your Vice: With Guests Dan Ariely & Dean Karlan

In an episode of the television series Seinfeld, Jerry does a standup bit where he talks about staying up too late at night. He says, ?I?m Night Guy. Night Guy wants to stay up late,? to which he then replies, ?What about getting up after five hours of sleep?? The answer? ?That?s Morning Guy?s problem.? This illustrates a challenge that we all face: How do you stick to positive long-term goals in the face of negative short-term temptations? 

In this episode of Choiceology with Katy Milkman, we look at strategies to help keep Night Guy in check, so that Morning Guy can wake up well-rested.

The episode begins with two short tales of temptation. The first is the mythical story of Ulysses (Odysseus) avoiding the tantalizing but dangerous songs of the sirens. The second is an account of Victor Hugo?s struggles to complete his novel The Hunchback of Notre Dame in the face of his own procrastination. In both stories, the protagonist employs a clever strategy to reach his goals.

For another illustration, we turn to Dean Karlan. Dean is a founder of StickK, a website and app that helps people commit to achieving goals using contracts with real stakes. The idea for StickK came about through Dean?s personal struggle to lose weight. He decided to leverage what he?d learned about human behavior as an economist. He drew up a contract with a friend--someone who was also struggling with his weight--that would oblige each of them to pay the other thousands of dollars if they failed in their quest to shed pounds.

Dean Karlan is a professor of economics and finance at the Kellogg School of Management at Northwestern University. He is also the co-author of More Than Good Intentions: Improving the Ways the World?s Poor Borrow, Save, Farm, Learn, and Stay Healthy.

To look at the science behind commitment strategies, Katy is joined by behavioral economist and best-selling author Dan Ariely. You?ll hear how commitment devices can be used to help people overcome procrastination, save money for the future, and eat more vegetables. You?ll also hear about some of Dan?s favorite studies, in which these commitment devices improved post-operative outcomes for heart surgery patients and helped students better manage their workloads.

Dan Ariely is the James B. Duke Professor of Psychology and Behavioral Economics at Duke University. He is also the author of Predictably Irrational and The (Honest) Truth About Dishonesty.

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.

(1219-9PPT)

2019-12-02
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Creatures of Habit: With Guests Wendy Wood, Angela Duckworth & Stephan Kesting

Benjamin Franklin is one of the most revered figures in American history. He accomplished more in one lifetime--as a publisher, scientist, and politician--than most of us dream of. One argument for his success is that he was a creature of habit. His grueling daily schedule focused on repeating several habits of self-improvement. He hoped to achieve a perfect version of himself by automating certain positive behaviors. Whether or not he always stuck to his daily schedule of self-improvement is debatable, but his intuition about the importance of habit was right on the money.

In this episode of Choiceology with Katy Milkman, we look at the power of habit in shaping our behavior--for the better and for the worse.

We begin with firefighter Stephan Kesting. Stephan takes us through several of the drills that firefighters repeat over and over again in order to internalize certain behaviors. These behaviors can save lives in disaster scenarios. Stephan?s preparedness was put to the test early in his career when he and his team were called to a massive fire. You?ll hear how habits developed through intense training made all the difference in a life-or-death rescue operation.

Stephan Kesting is an officer in the Delta Fire Department in Delta, British Columbia. He is also a black belt instructor in Brazilian jiu-jitsu.

To look at the science behind habit, Katy invited two top scholars to share their insights into this phenomenon.

First, Wendy Wood explains why we have habits, how they?re formed, and the reasons they?re often difficult to change. Wendy Wood is the Provost Professor of Psychology and Business at Dornsife College at the University of Southern California. She?s also the author of the new book Good Habits, Bad Habits: The Science of Making Positive Changes That Stick.

Next, you?ll hear from Angela Duckworth on how habits relate to self-control and persistence. She offers strategies that leverage the power of habit to help mitigate self-control challenges. Angela Duckworth is the Christopher H. Browne Distinguished Professor of Psychology at the University of Pennsylvania and the author of Grit: The Power of Passion and Perseverance.

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.

(1119-99ZW)

2019-11-18
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Invisible Failures: With Guests Emily Oster, Sendhil Mullainathan & Linda Rodriguez McRobbie

If you?ve toured through any old world cities, you?ve probably marveled at ancient buildings that have stood the test of time. You might think to yourself, ?They sure made things to last back in those days.? And while the Notre Dame Cathedral or the Parthenon or the Tower of London may seem like proof of the superior workmanship of a bygone era, what you don?t see are all the other buildings erected during the same period that have since crumbled or been torn down.

In this episode of Choiceology with Katy Milkman, we look at a bias that often clouds the way we evaluate success and failure.

We begin with the scientific awakening of Joseph Banks Rhine in the 1920s, during the peak of the spiritualist movement. Rhine was trained in science and wanted to apply the scientific method to his research into paranormal phenomena. Science taught him to be skeptical, so when Rhine?s research results seemed to demonstrate the existence of extra-sensory perception, or ESP, he believed he had found proof of a new aspect of human nature. The findings led to academic accolades and substantial financial support, until others tried to replicate his results.

Next, we present a survey on musical acts and college drop-outs to demonstrate how easy it is to discount important information?when that information is not readily apparent.  

To look at the science behind this bias, Katy has enlisted two scholars to help explain it in different contexts. 

First, Sendhil Mullainathan provides useful examples of the bias in the world of investing and hiring. Sendhil is the Roman Family University Professor of Computation and Behavioral Science at the University of Chicago Booth School of Business. He?s also the co-author of the book Scarcity: Why Having Too Little Means So Much

Then, Emily Oster talks about the ways that doctors and parents sometimes unintentionally ignore important information when attempting to solve problems. Emily is a professor of economics at Brown University. Her most recent book is called Cribsheet: A Data-Driven Guide to Better, More Relaxed Parenting From Birth to Preschool

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 Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(1119-9NGD)

2019-11-04
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Take the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis Green

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 is a 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 is also the author of 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. 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.

(0919-9CT3)

2019-10-21
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Your Own Advice: With Guests Angela Duckworth, Lauren Eskreis-Winkler & Mike Mangini

Say you have a colleague who is struggling to complete a project at work. You might offer them some tips and tricks based on your own experience with similar projects. And it?s reasonable to expect those tips might be helpful to your colleague. But what if it turned out that the act of giving that advice might provide a measurable benefit to you as well?

In this episode of Choiceology with Katy Milkman, we look at how giving advice can benefit the giver?as much or even more than the person receiving the advice.

We begin the episode with Mike Mangini. Mike is a talented drummer, best known in the world of progressive rock. He has toured and recorded with numerous artists, including Steve Vai and Extreme. He also spent many years teaching drums privately and at the Berklee College of Music. It was in the process of teaching that he developed a system to codify his approach to playing drums. That system helped Mike navigate an intense audition for one of the biggest progressive rock bands in the world.

From the heady world of arena rock, we move to more practical examples of the power of giving advice. You?ll hear several people offering advice on a number of challenges?and then hear them realize the usefulness of their own advice in real time.

Next, Katy speaks with both Lauren Eskreis-Winkler and Angela Duckworth about the science behind advice giving. Lauren had the initial insight into this phenomenon. She and Angela, her doctoral adviser, ran a large-scale field experiment, along with Katy and Dena M. Gromet. The study demonstrates the measurable power of the advice-giving effect.

Lauren Eskreis-Winkler is a postdoctoral fellow at the Wharton School at the University of Pennsylvania. You can read her paper on the advice-giving effect here.

Angela Duckworth is the Christopher H. Browne Distinguished Professor of Psychology at the University of Pennsylvania and the author of Grit: The Power of Passion and Perseverance.

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.

(1019-92P1)

2019-10-07
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Not Quite Enough: With Guests Howard Scott Warshaw, Sendhil Mullainathan & Anuj Shah

Think back to a situation where you?ve been really pressed for time. Chances are good that the pressure of a deadline or an appointment caused you to be (a) hyper-focused and efficient or (b) panicked and prone to errors.

Now think of a situation where you had plenty of available time. While you were probably much less stressed, it?s also likely that the superpowers of hyper-focus didn?t come so easily.

In this episode of Choiceology with Katy Milkman, we look at how not having enough time or money or other resources affects behavior and decision-making.

We begin the episode with Howard Scott Warshaw. Warshaw was a very successful game developer at Atari during the company?s heyday in the 1980s. He worked on several best-selling titles, including the hit game Yar?s Revenge. However, he is probably best known for creating E.T. the Extra Terrestrial video game. Some consider it the worst commercial video game ever released. The reason E.T. was so unsuccessful as a gaming experience and a commercial product may have more to do with Atari?s development timeline than with Warshaw?s concept or design.

Next, we test our hypothesis about resource scarcity with a simple bean-bag-toss game. Half of our players were given five bags to throw, while the other half were given only one. You may be surprised to find out which players were more accurate, on average, with their tosses.

Katy then jumps into the science of scarcity with Sendhil Mullainathan. Mullainathan explains that while scarcity taxes the mind and can lead to poor decision-making, it can also pay dividends with increased focus.

Sendhil Mullainathan is the Roman Family University Professor of Computation and Behavioral Science at the University of Chicago Booth School of Business. He is also the author of Scarcity: Why Having Too Little Means So Much.

Anuj K. Shah is a colleague and research collaborator with Sendhil Mullainathan. He joins Katy to discuss simple strategies to help offset the mental load of scarcity. He 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.

(0919-9CPR)

2019-09-23
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The Lucky Loonie: With Guests Peter Jordan, Trent Evans & Don Moore

There?s something satisfying about the close door button in an elevator, especially when you?re in a rush. However, it turns out that most of those close door buttons aren?t actually connected to anything; they have no effect. So why are they there?

In this episode of Choiceology with Katy Milkman, we explore a quirk in the way people understand their ability to influence certain events.

The 2002 Winter Olympics in Salt Lake City were a watershed moment for the Canadian men?s and women?s hockey teams. The men?s team hadn?t won a gold medal in 50 years, and the women?s team had never won gold, coming up short in prior Olympic events. The Canadians were facing powerhouse American teams, so they needed every advantage they could get.

Enter Trent Evans. He was part of the Olympic ice-making team, though his allegiance was with the Canadians. During the initial ice making process, he marked the center of the rink with a small artifact in hopes that it would bring good luck to the Canadian teams. That artifact came to be seen by many as a key ingredient to success in the gold medal games.

Broadcaster Peter Jordan covered the games for the Canadian Broadcasting Corporation and recounts the subterfuge involved in hiding the good luck charm. Peter was the host of the CBC television series It?s A Living for seven years.

Good luck charms and superstitious beliefs are common, but generally easy to disprove. Still, this tendency to overestimate one?s influence appears regularly, even among skeptics.

As an experiment, we had several volunteers roll a pair of dice in a simple board game scenario where they were aiming to roll a certain number to win the game. In almost every iteration of the experiment, our highly skeptical volunteers displayed this overestimation of influence.

To learn more about the reasons for this behavior, we invited Don Moore to talk about his research on the phenomenon. Don is the Lorraine Tyson Mitchell Chair in Leadership and Communication at UC Berkeley Haas.

To close the episode, Katy explores some of the contexts where this bias may impact important decisions in business and in life.

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.

Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(0919-9AR2)

2019-09-09
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Best-Laid Plans: With Guests Ken Bowersox, Robert Godwin & Bradley Staats

If you?ve ever been through a home renovation, you know that it often takes more time or more money (or both!) than the contractor?s original estimate. But why is that? Experienced contractors renovate homes all the time. And yet they still regularly face delays and cost overruns.

In this episode of Choiceology with Katy Milkman, we explore a tendency people have to be overly optimistic about what they can accomplish in a set period of time?starting with a story of the phenomenon playing out on a massive scale.

The International Space Station (ISS) is a marvel of human ingenuity. It?s the largest manned object ever put into space. It orbits the earth every 90 minutes. It contains 8 miles of wire and is the third brightest object in the night sky. At a cost of well over $100 billion, it is also the most expensive object ever built. At the beginning of the project, however, it was expected to cost only a small fraction of that amount.

Robert Godwin has written extensively about the ISS. He explains the tumultuous history of the project, which started as a relatively modest American plan to succeed the Skylab station and eventually becoming a massive international collaboration hampered by political and technical challenges. Godwin is the co-author of the book Outpost in Orbit: A Pictorial & Verbal History of the International Space Station.

Astronaut Ken Bowersox was aboard the ISS during one of the most difficult periods of the project. He recounts the harrowing details of an emergency return trip to Earth after tragedy struck the American shuttle program.

In hindsight, it?s easy to see how a project that involves international cooperation and cutting-edge technology could run into delays and cost overruns. However, this tendency toward over-optimism manifests itself even in simple projects back on Earth.

As an experiment, we had several volunteers sit down, separately, with a child?s engineering toy. We asked them to estimate how long it would take to build a simple machine, using the included step-by-step instructions. The difference between their estimates and reality is telling. And this is a toy designed for 8-year-olds!

Bradley Staats of the University of North Carolina?s Kenan-Flagler Business School joins Katy to discuss the mechanics of this bias and to give examples of a number of different domains where this tendency can cause problems. He also introduces some simple strategies to help reduce forecasting errors.

Finally, Katy expands on some of those strategies in order to help you make better estimates around the time, effort and expense required to meet your goals.

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 Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(0519-9AY5)

2019-05-27
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Boxed In: With Guests Sophie Morgan, Modupe Akinola & Dolly Chugh

Assuming you live in the northern hemisphere, which would you say is colder: a day in March or a Day in April? On average, of course, March is colder than April, but there?s probably not a big difference in temperature between March 31 and April 1. If you?re like most people, though, you put March days in the colder March category and April days in the warmer April category. It?s a useful shortcut, but it doesn?t always give you the best information about the temperature on individual days.

This tendency to quickly categorize time, objects and people helps us to simplify a complex world, but it can also lead to important errors.

In this episode of Choiceology with Katy Milkman, we look at the ways our snap judgments work for us and against us.

First, Katy brings you a profile of Sophie Morgan, tracing her career path from relative unknown to reality TV model to lead presenter at one of the largest sporting events in the world. And you?ll find out what makes Sophie unique in her field.

Next, we hit the street with a quick questionnaire to see how people make judgments when faced with uncertainty or incomplete information. You can try these questions yourself, before you listen:

Question 1: William is an opera fan who enjoys touring art museums when he goes on vacation. He enjoys playing chess with his friends. Which is more likely?

A: William is a professional violinist for a major symphony orchestra.

B: William is a farmer.

Question 2: Amy is 29 years old. She?s single, outspoken and very bright. As a student, she majored in English literature and was deeply interested in theater. Which is more probable?

A: Amy is a bank teller.

B: Amy is a bank teller and writes an arts review for her local newspaper.

After revealing the answers to our questionnaire, Katy is joined by Modupe Akinola, of Columbia Business School and Dolly Chugh of New York University?s Stern School of Business to explore the functions and flaws of these types of judgments and the mental architecture behind them.

Dolly Chugh is the author of The Person You Mean to Be: How Good People Fight Bias.

Finally, Katy gives you some simple strategies to counteract some of the negative impacts of snap judgments and implicit attitudes.

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 Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(0519-9AKG)

2019-05-13
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Knew It All Along: With Guests Kathleen Vohs, Douglas Porch & Julian Jackson

Think about a time when something happened that just seemed meant to be. Maybe you had a feeling that your child would get into a certain college. Perhaps you just knew that your partner would forget to pack something important for your vacation. The question is, did you really know it along?

In this episode of Choiceology with Katy Milkman, we explore a tendency to be overconfident in our predictions about events that have already come to pass.

We begin with the story of the fall of France. In the early days of World War II, the French surrendered a mere six weeks after the German invasion. How did one of the great European powers fall so quickly? Shortly after the end of hostilities in France, historians began to construct a narrative to explain this rapid defeat. That narrative focused on unflattering perceptions of French society and culture at the time. Historian Julian Jackson of Queen Mary University of London explains the origins of this line of thinking.

Then we hear from military historian and Distinguished Professor Emeritus Douglas Porch of the Naval Postgraduate School about the Mechelen Incident?an event leading up to the German invasion that could have easily altered the trajectory of the war.

Next, we conduct an audio experiment to demonstrate this tendency to revise our own predictions. Along with our participants, you?ll hear a distorted audio clip and then the undistorted version. As you listen to the experiment, try to remember what it was like to be naive about the content of the clip. It?s not easy!

Kathleen Vohs of the Carlson School of Management at The University of Minnesota joins Katy to discuss the broader implications of this bias on how we make important decisions.

Finally, Katy provides some simple strategies to help you avoid falling prey to this bias.

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 Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

(0419-9AJY)

2019-04-29
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