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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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(BONUS) From What It's Like to Be ? a Forensic Accountant

Curious what it would be like to walk in someone else's (work) shoes? Join New York Times bestselling author Dan Heath as he explores the world of work, one profession at a time, and interviews people who love what they do. What does a couples therapist think when a friend asks for relationship advice? What happens if a welder fails to wear safety glasses? What can get a stadium beer vendor fired? If you've ever met someone whose work you were curious about, and you had 100 nosy questions but were too polite to ask ? well, this is the show for you.

Dan Heath was the Season 1 host of Choiceology and is the co-author, along with his brother Chip, of four New York Times bestsellers: DecisiveSwitchMade to Stick, and The Power of Moments

 

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. 

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. 

Investing involves risk including loss of principal.

 

1223-34A8

2023-12-18
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A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski

Filling out an overly complicated form or waiting on hold for hours to speak with a customer service rep is a frustrating experience. And sometimes it seems like the process itself is designed to be difficult.

In this episode of Choiceology with Katy Milkman, we look at how friction??time, distance, complexity, or anything that gets in the way of your goals?can contribute to what Nobel Prize?winning economist Richard Thaler calls "sludge." 

A young couple walks into a theme park and they are offered a gift card. The only catch is that they have to watch a 90-minute presentation about timeshares. By the end of the presentation, they are the owners of a timeshare in the timeshare capital of the world, Orlando, Florida. Getting into a timeshare contract was easy, but getting out of it turned out to be much more of a grind.

Susan Budowski tells the story of how her clients got out of a sticky situation, and she explains how many companies make it simple and quick to buy a timeshare but difficult and time-consuming to sell or get out of those contracts.

Susan Budowski is an attorney in Florida and Maryland who specializes in resolving timeshare matters.

Next, Katy speaks with Wendy Wood about her research on how people can leverage friction to help build positive habits and diminish negative ones.

You can read more in her book Good Habits, Bad Habits: The Science of Making Positive Changes That Stick.

Wendy Wood is the Emerita Provost Professor of Psychology and Business at Dornsife College at the University of Southern California.

Then, Katy speaks with Richard Thaler about how sludge makes it difficult for people to achieve their goals and discusses several ways we can fight sludge in public policy and in our everyday lives.

Richard Thaler is a Nobel Prize?winning economist and Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago?s Booth School of Business. He is also the co-author of Nudge.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

?Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. 

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

?Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(1023-39VT)

2023-10-23
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Jumping to Conclusions: With Guests David Silbey & Ned Augenblick

A train was speeding along the tracks in 19th-century England when a passenger suddenly started smashing windows and waving a pistol in the air. People believed his actions were caused by what was, at the time, a new and unfamiliar form of transportation. Doctors posited the rattling motion and noise of trains could cause passengers to act erratically, creating the short-lived but popular myth of "railway madness."

In this episode of Choiceology with Katy Milkman, we look at how people often overreact to poor quality or incomplete information.

A sudden explosion in 1889 ripped apart the USS Maine, the United States' largest warship at the time. The ship sank, killing more than half of the sailors on board. The Maine had been anchored in Cuba, and despite having little proof, the American public immediately blamed the Spanish for the sinking. Newspaper editors published headlines such as "Remember the Maine, to Hell with Spain!" Nearly a hundred years later, an underwater investigation would reveal what likely caused the explosion.

Historian David Silbey recounts how public pressure from this tragedy pushed the United States to make a decision that would have lasting consequences for the world. 

David Silbey is a military historian and adjuncta professor and director of teaching and learning at Cornell University. He is also the author of A War of Frontier and Empire: The Philippine-American War, 1899-1902. His new book is called Wars Civil and Great: The American Experience in the Civil War and World War I

Next, Katy speaks with Ned Augenblick about his research that shows people's tendency to overreact to weakly supported information and underreact to strongly supported information. 

You can read more in the paper he co-authored with Eben Lazarus and Michael Thaler, called "Overinference from Weak Signals and Underinference from Strong Signals." 

Ned Augenblick is a professor in the Economic Analysis and Policy Group at the Haas School of Business at the University of California, Berkeley.

Choiceology is an original podcast from Charles Schwab. 

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

?Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. 

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

?Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(1023-3ZDX)

 

 

2023-10-09
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No Mean Feat: With Guests Albert Chen & Elizabeth Tipton

It?s halftime at a basketball game. A kid nervously steps onto center court. If he can score a basket from center court, he?ll take home the prize money. He tells the announcer that he plays on his elementary school team and that he has been practicing for this moment. The crowd holds their breath as the ball sails through the air, hits the backboard ? and goes in. The stadium erupts in excitement. Could he be the next Michael Jordan? 

In this episode of Choiceology with Katy Milkman, we look at how extraordinary performances can mislead people about future results.

Sports Illustrated has featured some of the world?s fastest-rising stars and sporting talents since 1954. Getting on the cover was a career highlight for many and a milestone to greater things. But being featured on the cover also seemed to lead to misfortune. Many athletes suffered dramatic dips in performance after their cover was published. The phenomenon was dubbed the "Sports Illustrated cover jinx." It seemed that no one?from high school baseball prodigies to one of the greatest athletes of all time, Serena Williams, was safe. 

Former Sports Illustrated editor Albert Chen recounts some of the more memorable examples of athletes who fell victim to the jinx. Then he takes us behind the scenes at the magazine and reveals what he thinks is behind the curse.

Albert Chen is a writer and podcaster and formerly a senior editor at Sports Illustrated. He's also the author of the book Billion Dollar Fantasy.

Next, Katy speaks with Elizabeth Tipton, an expert on regression to the mean, about how outlying data points can hide the true measure of something.

Elizabeth Tipton is an associate professor of statistics and data science at Northwestern University.

Choiceology is an original podcast from Charles Schwab. 

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk including loss of principal.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. 

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

(0923-30Z6)

2023-09-25
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A Cup of Knowledge: With Guests A.J. Jacobs & Steven Sloman

Why do ocean waves move the way they do? How does a toaster work? How might ink flow through a ballpoint pen without the help of gravity? You may know the answer to these questions, but explaining them in detail could reveal an unexpected truth.

In this episode of Choiceology with Katy Milkman, we look at why people think they understand things better than they actually do.

The idea started at the dinner table. One of A.J. Jacobs? kids presented him with a seemingly simple task?thank the people who made his cup of coffee. A.J. took this task to heart and ended up visiting dozens of complex operations around the world, running into surprises at each destination.

A.J. Jacobs is a journalist, lecturer, and human guinea pig. He is the author of Thanks A Thousand: A Gratitude Journey, about his journey to better appreciate coffee.         

Next, Katy speaks with Steven Sloman about his research on the illusion of explanatory depth?the idea that people think they have more knowledge than they do because it?s easy to mistake community knowledge for your own. 

You can read more in Steven and Philip Fernbach?s book, called The Knowledge Illusion: Why We Never Think Alone

Steven Sloman is a professor of cognitive, linguistic, and psychological sciences at Brown University. 

Choiceology is an original podcast from Charles Schwab. 

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk including loss of principal.

Short selling is an advanced trading strategy involving potentially unlimited risks, and must be done in a margin account. Margin trading increases your level of market risk. For more information please refer to your account agreement and the Margin Risk Disclosure Statement.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

(0923-3X4J)

2023-09-11
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The Golden Misfits: With Guests Gary Lawless & Erika Kirgios

What is the difference between buying groceries for the whole week versus grabbing something to eat on the way home each day? Grouping choices together so that you make a bunch of selections all at once can seem daunting, but it can actually help you reach your goals faster.

In this episode of Choiceology with Katy Milkman, we look at how taking a bird's eye view on a series of selections can help create better results overall.

Most sports teams take years to establish themselves as contenders. But sometimes, a brand-new team is able to use its inception?a one-time opportunity to build something up from scratch?to its advantage. Las Vegas finally got its first professional sports team in 2017 with an NHL team called the Golden Knights. The initial reaction to the team?s roster was muted at best. The players they chose were drafted from teams that did not want them. But a surprising playoff run in the team?s first year hinted at what was yet to come for the newcomers, dubbed the "Golden Misfits."

Gary Lawless recounts the underdog story that shocked the hockey world.

Gary Lawless is a hockey writer working for the 2023 Stanley Cup winners, the Vegas Golden Knights. He is also the author of Vegas Golden Knights 2023 Stanley Cup Champions Book: "It Hurts to Win."

Next, Katy speaks with Erika Kirgios about research that shows how wider versus narrower choice "brackets" can affect selection decisions. 

You can read more in the paper Erika co-authored with Katy and others, called The Isolated Choice Effect and Its Implications for Gender Diversity in Organizations.

Erika Kirgios is an assistant professor in the behavioral science department at the University of Chicago Booth School of Business. Erika is a former PhD student of Katy's at the University of Pennsylvania's Wharton School of Business.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Investing involves risk including loss of principal.

Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. 

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

(0823-3XFF)

2023-08-28
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An Accidental Experiment: With Guests Steven Levitt, Solomon Ezra & Stephen Spector

Scientifically sound, randomized experiments can be expensive and difficult to run. But there?s an alternative: It turns out that certain real-life situations can also generate useful scientific data. The trick is finding them.

In this episode of Choiceology with Katy Milkman, we look at how events outside of our control can create opportunities for so-called natural or accidental experiments.

 

The organizers of a heroic airlift transporting thousands of Ethiopian Jews to Israel broke the record for the flight with the most passengers. It was 1994, and the clock was ticking for Israeli intelligence personnel and leaders of the Ethiopian Jewish community as they worked to transport as many people as possible before the civil war closed in on Addis Ababa. This desperate effort, dubbed Operation Solomon, would change the lives of the Ethiopian Jews in surprising and unintended ways. 

Stephen Spector is a professor of religions and culture and medieval English at Stony Brook University. He's also the author of Operation Solomon: The Daring Rescue of the Ethiopian Jews.

Solomon Ezra is an active member of the Ethiopian and Jewish communities in Portland, Oregon, and was a ground operations leader during Operation Solomon. 

Donna Rosenthal is the author of The Israelis: Ordinary People in an Extraordinary Land.

Next, Katy speaks with Steven Levitt about how to spot natural experiments and why they can provide such unique information about human behavior.

Steven Levitt is the William B. Ogden Distinguished Service Professor of Economics at the University of Chicago, co-author of the bestselling book Freakonomics, and the host of a Freakonomics Radio podcast called People I Mostly Admire.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

?Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. 

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk, including loss of principal.

The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

(0823-30U5)

 

2023-08-14
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The Superforecasters: With Guests Leon Panetta, Peter Bergen & Barbara Mellers

There are moments in life where it seems as though everything is riding on one important decision. If only we had a crystal ball to see the future, we could make those decisions with greater confidence. Fortune-telling aside, there are actually methods to improve our predictions?and our decisions.

In this episode of Choiceology with Katy Milkman, we look at what makes some people ?superforecasters.? 

In 2010, the United States government had been looking for Al Qaeda leader and perpetrator of the 9/11 attacks, Osama bin Laden, for nearly a decade. Years of intelligence gathering all over the world had come up short. It seemed every new tip was a dead end. But one small group of CIA analysts uncovered a tantalizing clue that led them to a compound in Pakistan. Soon, the president of the United States would be faced with a difficult choice: to approve the top-secret mission or not.

We will hear this story from two perspectives. 

Peter Bergen is a national security commentator and author of the book The Rise and Fall of Osama bin Laden. He interviewed Osama bin Laden in 1997.

Former CIA director Leon Panetta led the United States government?s hunt for bin Laden and describes the night his mission came to a dramatic conclusion.

Next, Katy speaks with Barbara Mellers about research that shows how so-called superforecasters make more accurate predictions despite facing uncertainty and conflicting information. 

You can read more in the paper titled "Identifying and Cultivating Superforecasters as a Method of Improving Probabilistic Predictions."

Barabara Mellers is the I. George Heyman University Professor of both marketing at the Wharton School and of psychology at the School of Arts and Sciences at the University of Pennsylvania

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0623-3UG1)

2023-06-05
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Survey Says: With Guests W. Joseph Campbell & Emily Oster

If you ran a survey at a science fiction convention to find out which movies were most popular with the general public, chances are good that the results would lean heavily towards sci-fi films. This skewing of data is plain to see in this context, but in many others it?s less obvious and potentially more pernicious.

In this episode of Choiceology with Katy Milkman, we look at a bias that can distort information that we gather from the world around us.

First, W. Joseph Campbell tells the story of the infamous Literary Digest election poll of 1936. The publication had correctly predicted several presidential elections in the 1920s and '30s and was considered the most reputable pollster of its day. They sent millions of surveys to people across the United States in advance of the 1936 election. But this time, their predictions couldn?t have been further from the results.

W. Joseph Campbell is a professor of communications at American University and author of Lost in a Gallup: Polling Failure in U.S. Presidential Elections.

Next, Katy speaks with Emily Oster about research that shows how a bias in the way information is collected and presented can affect many decisions, especially ones related to health and parenting. 

You can read more in her latest book, The Family Firm: A Data-Driven Guide to Better Decision Making in the Early School Years.

Emily Oster is the JJE Goldman Sachs University Professor of Economics at Brown University.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investing involves risk, including loss of principal.

The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

 

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0523-38JC)

 

2023-05-22
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(BONUS) From Ripple Effect: Does Diversity Training Work? with Katy Milkman

On this special bonus episode of Choiceology with Katy Milkman, we highlight Ripple Effect, a new podcast from the Wharton School of the University of Pennsylvania. Hosted by Dan Loney, Ripple Effect showcases research by Wharton faculty and shares what their insights mean for you.

As part of a series on women and work, this episode of Ripple Effect features Choiceology host and Wharton professor Katy Milkman. After years of conducting research on gender bias in the workplace, Katy has reached a singular conclusion: Systemic change is necessary to create long-lasting progress towards diversity, equity, and inclusion. She shares some insights from her most significant studies on diversity training and hiring bias.

You can listen to more episodes of Ripple Effect at whr.tn/rippleeffect or wherever you get your podcasts.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investing involves risk, including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0523-3GFY)

2023-05-08
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Brave on the Waves: With Guests Bianca Valenti & Katherine Coffman

We all make decisions involving risk. Decisions like trying out for your school?s chess team, speaking up when you don?t agree with your boss, or going down a double-black-diamond run at the end of a long day of skiing. So how do we determine which risks are worth taking and which ones are too ? risky?

In this episode of Choiceology with Katy Milkman, we look at gender differences around confidence and uncertainty, and how we can all better calibrate our bravado.

Surfing waves as tall as apartment buildings takes a lot of strength and skill and preparation. It also involves risk?mistakes can lead to broken bones, concussions, or worse. But as Bianca Valenti explains, those risks can be managed, and there are big rewards in those big waves.

Bianca Valenti is a world-champion surfer, speaker, activist, and entrepreneur. Watch her award-winning ride for the Mavericks Awards.

Next, Katy speaks with Katherine Coffman about research that explores how gender stereotypes shape beliefs about taking risks.

You can read more in the working paper she co-authored, called "A (Dynamic) Investigation of Stereotypes, Belief-Updating, and Behavior."

Katherine Coffman is the Piramal Associate Professor of Business Administration in the Negotiations, Organizations & Markets unit at the Harvard Business School.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Investing involves risk, including loss of principal.

The book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

 

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0423-3619)

2023-04-24
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Fan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj Shah

Finding a new favorite celebrity feels a little bit like falling in love. Perhaps you find their smile endearing, or you relate to their sense of humor. Maybe you see things in your everyday routine that remind you of them. You feel like you know them so well. But whether it?s a star athlete or a Hollywood type, the reality is they likely have no idea who you are. 

In this episode of Choiceology with Katy Milkman, we explore how we can develop deep connections with complete strangers ? and how that in turn makes us feel more known. 

BTS is the biggest boy band in the world but their popularity is not only thanks to their musical talents and highly choreographed performances. BTS has, like many other K-pop groups in South Korea, perfected the art of cultivating relationships with their fans. But when idols fail to meet fan expectations, there can be drastic consequences. 

Hannah Sung explains what drew her to BTS and sheds light on the power of their fandom, known as ARMY

Hannah Sung is a journalist and co-founder of the Media Girlfriends podcast company.

Crystal Tai tells the story of another K-pop idol, Lee Sungmin, who went from being one of Super Junior?s most popular members to being boycotted for the last decade, due to what is known in the industry as a ?dating scandal.? 

Crystal Tai is a senior managing editor at Jing Daily and author of the book Honjok.

Next, Katy speaks with Anuj Shah about research that shows even small tidbits of information about a stranger can cause people to mistakenly think that stranger knows them, and how a neighborhood policing initiative tested this hypothesis with surprising results.

You can read more in a paper he co-authored called Knowledge about others reduces one?s own sense of anonymity.

Anuj Shah is an associate professor of behavioral science at the University of Chicago Booth School of Business.

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

 

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(00423-3ZRB)

2023-04-10
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The Beanie Bandwagon: With Guests Robert Cialdini & Yemisi Brookes

Mullets. Skinny jeans. Crocs. Many of us can recall trends that we've jumped on, only to see those trends become passé soon after. But the fear of missing out can snowball into heavier consequences.

In this episode of Choiceology with Katy Milkman, we look at how speculation and rapidly growing trends, however niche, can cloud people's judgment. 

A tight knit group of friends in Chicago start buying stuffed animals from a little-known toymaker, called Ty Warner, for their kids. The friends' enthusiasm for the toys is contagious, and soon the demand for these cute stuffed animals, called Beanie Babies, is growing so quickly that people are treating them as investments. People are lining up for hours to get their hands on the newest releases. Parents are using their kids' college funds to collect Beanie Babies. Collectors are buying secondhand Beanie Babies for thousands of dollars. 

Filmmaker Yemisi Brookes tells the story of how a group of moms launched an unassuming stuffed toy to unexpected highs?and lows.

Yemisi Brookes is the director of the documentary Beanie Mania, available on HBO. 

Next, Katy speaks with Robert Cialdini about his research that shows while humans are influenced by what a majority of people are doing, humans pay special attention to trends that are growing, even if it begins with just a small fraction of the population. 

You can read more in the paper he co-authored with Chad R. Mortensen and Rebecca Neal called "Trending Norms: A Lever for Encouraging Behaviors Performed by the Minority."

Robert Cialdini is the Arizona State University Regents' Professor Emeritus of Psychology and Marketing and the best-selling author of several books including the mega-bestseller, Influence: The Psychology of Persuasion.

 

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

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

 

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0323-3FSX)

2023-03-27
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The Power of Do-Overs: With Guests Jeff Ryan & Marissa Sharif

When you fail to reach a challenging goal, say, saving a certain amount of money each month or getting to the gym a certain number of times a week, it can be tempting to just give up on the plan entirely. But new research shows that building some flexibility into that plan can actually improve your chances of success.

In this episode of Choiceology with Katy Milkman, we look at how mulligans, skip days, cheat meals, and get-out-of-jail free cards are important strategies for sticking to your long-term goals.

In the era of pinball and video arcades, most games provided a limited number of turns or lives for every coin you put in the slot. When you ran out of lives, it was game over. You had to either walk away or pony up more money. That same limited-lives approach to game design followed in early home video game consoles. But in the 1990s, one company tried a new approach?and, in the process, changed the industry forever.

Jeff Ryan tells the colorful story of how Nintendo's Super Mario Bros. became a runaway success and influenced countless games to come.

Jeff Ryan is the author of Super Mario: How Nintendo Conquered America.

Next, Katy speaks with Marissa Sharif about research that shows that cutting yourself a certain amount of slack?or dipping into what she calls "emergency reserves"?when life gets in the way of your goals can make all the difference.

You can read more in the paper she co-authored with Suzanne B. Shu called Nudging Persistence After Failure Through Emergency Reserves.

Finally, Katy gives several useful examples of emergency reserves in the real world that can help you learn a language, stick to a diet, or get your daily steps in.

Choiceology is an original podcast fromCharles Schwab. For more on the series, visitschwab.com/podcast.[RP1]

If you enjoy the show, please leave a ????? rating or review on Apple Podcasts.

 

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. 

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

 

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(0323-3XMC)

[RP1]This part will only be included in podcast apps.

2023-03-13
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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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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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