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Choiceology with Katy Milkman podcast

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Choiceology with Katy Milkman

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·

  Charles Schwab  

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)

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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#95

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

Luke Skywalker, Frodo Baggins, Katniss Everdeen, the main characters of many great stories, they all have one thing in common: the shape of their journey. From answering the call to adventure, to undergoing tests of character and strengths, to triumphantly returning home forever changed. It's a classic narrative structure that's inspired countless tales from ancient myths to modern media. But it's not just great for entertainment.  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at how this specific type of storytelling can be leveraged to make your life more manageable, exciting, and meaningful.  Writer and performer [Ethan Gilsdorf] (https://www.ethangilsdorf.com/) has written and spoken about how his childhood obsession with the fantasy role-playing game Dungeons & Dragons saved his life.  For [David Fajgenbaum] (https://www.med.upenn.edu/apps/faculty/index.php/g275/p8205911) , a physician and associate professor of medicine at the University of Pennsylvania, what saved his life was sheer determination and faith, but sharing his story has given new meaning to the incredible feats he's overcome. David is also the co-founder and president of the [Castleman Disease Collaborative Network] (https://cdcn.org/leadership-team/david-fajgenbaum/) and co-founder and president of [Every Cure] (https://everycure.org/leadership-team/david-fajgenbaum/) , a non-profit that helps repurpose drugs for multiple diseases. He's the author of [Chasing My Cure: A Doctor's Race to Turn Hope Into Action] (https://chasingmycure.com/) . Katy speaks with [Kurt Gray] (https://www.kurtjgray.com/) , a professor of psychology and neuroscience at the University of North Carolina at Chapel Hill, about what happens when you tell the story of your life in the style of a "hero's journey." Kurt directs the [ Deepest Beliefs Lab] (https://www.deepestbeliefslab.com/) and the [ Center for the Science of Moral Understanding] (https://www.moralunderstanding.com/) . He's also the author of a new book out in January 2025 called [Outraged: Why We Fight About Morality and Politics] (https://www.penguinrandomhouse.com/books/714327/outraged-by-kurt-gray/) , which you can pre-order now. Choiceology is an original podcast from [Charles Schwab] (https://www.schwab.com/) . For more on the show, visit schwab.com/podcast.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. {1024-0BGR) ... Read more

21 Oct 2024

39 MINS

39:52

21 Oct 2024

#94

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

Most parents encounter resistance from their children. Perhaps when the kids are young and turning their noses up at vegetables, or when they're teenagers and balking at curfews or dress codes. So what's the best way to encourage good choices in the face of a rebellious kid? Or a rebellious adult, for that matter? In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at the surprising ways that resistance to authority can be leveraged for positive change.  During the mid 1990s, the  ["Truth" anti-youth smoking campaign] (https://www.youtube.com/watch?v=S0fJyeW3v4o&t=1s) was everywhere. Many TV ads cleverly harnessed the teenage penchant for rebellion, using guerilla filming techniques and revealing hidden truths about smoking known to the tobacco industry for years. The campaign drastically lowered youth smoking rates and remains one of the most effective campaigns in history. Fran Kelly was on the frontlines, leading the advertising campaign at Arnold Worldwide.  [Francis "Fran" Kelly] (https://www.linkedin.com/in/fran-kelly-iii-0a519a9/) is the president and CEO of branding consulting firm  [CEOVIEW Branding.] (https://www.ceoviewbranding.com/about) He was previously the president and CEO of global advertising agency Arnold Worldwide. Next, Katy speaks with Christopher Bryan about his research on leveraging rebellion as a way to encourage healthy eating among adolescents. You can learn more in his paper titled " [Harnessing Adolescent Values to Motivate Healthier Eating.] (https://www.pnas.org/doi/full/10.1073/pnas.1604586113) "  [Christopher Bryan] (https://www.mccombs.utexas.edu/faculty-and-research/faculty-directory/christopher-bryan/) is an associate professor of business, government, and society at the University of Texas at Austin's  [McCombs School of Business.] (https://www.mccombs.utexas.edu/) He is also co-founder and co-director of the  [Texas Behavioral Science and Policy Institute.] (https://txbspi.prc.utexas.edu/) Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-H4BA) ... Read more

07 Oct 2024

35 MINS

35:34

07 Oct 2024

#93

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

Do you recall the best concert you ever went to? Best trip? Best meal? Chances are good that a few memories come to mind—maybe not every detail of the event, but perhaps a couple great moments. It can go the opposite way, too. Worst travel experience. Worst date. Our memory works in snapshots of particular parts of our experience. In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at a predictable distortion in the way people remember experiences. And we’re doing it in part to honor a very special memory: the memory of the great Daniel Kahneman. He was a Nobel laureate, international best-selling author, repeated Choiceology guest, and a co-founder of the field that is at the heart of this show: behavioral economics.  Our opinion of an experience is shaped by which parts we remember most. The same can hold true for how we remember people. [Matthew Polly] (https://mattpolly.com/) is the best-selling author of [Bruce Lee: A Life] (https://mattpolly.com/bruce-lee) , a biography of the late great [Bruce Lee] (https://www.britannica.com/biography/Bruce-Lee) . He retells the story of how this legendary martial artist, actor, and cultural icon is understood in our collective memory. And then he reveals certain nuances in his biography that may change the way you perceive his legacy. Next, Katy speaks with [Maurice Schweitzer] (https://oid.wharton.upenn.edu/profile/schweitz/) , the Cecilia Yen Koo Professor of Operations, Information, and Decisions at the [Wharton School of Business ] (https://www.wharton.upenn.edu/) at the University of Pennsylvania. Maurice explains how this memory distortion can be leveraged to better retain staff, improve your experience at work, have better conversations with colleagues, and even plan a more enjoyable vacation. He's also the author of [Friend and Foe: When to Cooperate, When to Compete, and How to Succeed at Both.] (https://www.amazon.com/Friend-Foe-Cooperate-Compete-Succeed/dp/0307720217)   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Investing involves risk including loss of principal. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0924-U226) ... Read more

23 Sep 2024

38 MINS

38:03

23 Sep 2024

#92

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

Your car breaks down. Must be because you skipped an oil change last month. Or your favorite team loses. Well, that was because of a bad call by a corrupt referee. In reality, many events involve multiple contributing factors. But we tend to gravitate toward single causes.  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at our desire to explain things simply, even when the truth may be more complex. Where unidentified flying objects are concerned, there is rarely a simple answer. They'd be identified flying objects otherwise. So in the absence of conclusive evidence, UFOs capture the imagination. Case in point: [the Rendlesham Forest Incident] (https://www.bbc.com/news/uk-england-suffolk-54649675) . We’ll hear from UFO expert (and skeptic) [Toby Ball] (https://twitter.com/TobyBallNH) about a fascinating series of sightings in the Rendlesham Forest in the early 1980s. Toby deconstructs the events—and the rush to conclusions by certain media outlets—in search of an explanation. Toby explores the folklore and culture surrounding UFO encounters on his show [Strange Arrivals] (https://www.grimandmild.com/strangearrivals) . He also appears on the weekly podcast [Crime Writers On] (https://www.crimewriterson.com/) . Next, Katy speaks with [Tania Lombrozo] (https://psych.princeton.edu/people/tania-lombrozo) about her research on our mind’s preference for simple explanations—and when that can lead us astray. Tania is the Arthur W. Marks Professor of Psychology at Princeton University and lab director at Princeton’s [Concepts and Cognition Lab] (https://cognition.princeton.edu/) . Choiceology is an original podcast from [Charles Schwab] (https://schwab.com/) . For more on the show, visit [schwab.com/Choiceology] (https://schwab.com/Choiceology) . If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) .   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All expressions of opinion are subject to change without notice in reaction to shifting market conditions. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. 0924-PU2Z ... Read more

09 Sep 2024

31 MINS

31:42

09 Sep 2024

#91

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

In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at the often-misunderstood and surprisingly common Dunning-Kruger effect with an interview featuring one of the researchers who first identified it, David Dunning. But we start with the story of [Cecilia Jimenez] (https://en.wikipedia.org/wiki/Ecce_Homo_(Garc%C3%ADa_Mart%C3%ADnez_and_Gim%C3%A9nez)) , the humble Spanish grandmother and amateur landscape painter who took it upon herself to restore a fresco in her local church. The results made international headlines—and briefly made Ceclia Jimenez a household name—for all the wrong reasons. Andrew Flack has a lot of compassion for Cecilia. He met with her several times in the process of writing an opera with composer Paul Fowler called [Behold the Man] (https://beholdthemanopera.com/) about Ceclia’s ill-fated but ultimately beneficial project.  Next, [David Dunning] (https://lsa.umich.edu/psych/people/faculty/ddunning.html) explains how—contrary to popular belief—we are all at the mercy of the Dunning-Kruger effect from time to time, and that we should be more humble in recognizing what we don’t know about what we don’t know. David Dunning is the Ann and Charles R. Walgreen, Jr., Professor of the Study of Human Understanding at the University of Michigan. The paper " [Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments] (https://www.researchgate.net/publication/12688660_Unskilled_and_Unaware_of_It_How_Difficulties_in_Recognizing_One's_Own_Incompetence_Lead_to_Inflated_Self-Assessments) ," co-authored with  [Justin Kruger] (https://www.stern.nyu.edu/faculty/bio/justin-kruger) , led to the bias being named The Dunning-Kruger effect.    Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All expressions of opinion are subject to change without notice in reaction to shifting market conditions. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-M9R6) ... Read more

26 Aug 2024

27 MINS

27:58

26 Aug 2024

#90

The Buddy System: With Guests Max Maeder & Rachel Gershon

Pursuing a goal alone is convenient. Whether you're training for a marathon or aiming to read 20 books this year, it's convenient to move at your own pace and schedule. But having a gym buddy or a book club pal can make a bigger difference to your goal completion than you think.  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at the benefits of tandem goal pursuit in the context of training for a new Olympic sport: kite foiling.  [Max Maeder] (https://www.sailing.org/sailor/maximilian-maeder) is a 17-year-old kite foiling athlete and many-time world champion of the sport. Max is also a recent Olympic bronze medalist, having just represented Singapore at the 2024 Paris Games and winning the country's lone medal. To get to this point, Max has been working with the same training partner since 2021. And in this solo sport, working with a partner has made all the difference.  Next, Katy speaks with Rachel Gershon about their research on tandem goal pursuit and the many benefits of working toward goals with a partner. You can learn more in their working paper titled " [Friends With Health Benefits: A Field Experiment] (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4750266) ." [Rachel Gershon] (https://haas.berkeley.edu/faculty/rachel-gershon/) is an assistant professor of marketing at the [Haas School of Business at the University of California, Berkeley] (https://haas.berkeley.edu/) . Her research focuses on consumer judgments and choice with an emphasis on social, prosocial, and health-related behaviors. Special thanks to Cam Farrar for use of his [TikTok audio] (https://www.tiktok.com/@cam.farrar/video/7106670978109050158?is_from_webapp=1&web_id=6895925267073762821) and the International Kiteboarding Association for use of their audio. You can find kite-foiling videos on the IKA's YouTube channel [@kiteclasses] (https://www.youtube.com/@kiteclasses/videos) .   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0824-JKFS) ... Read more

12 Aug 2024

29 MINS

29:41

12 Aug 2024

#89

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

When you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would. In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at a tendency to seek risk in the face of losses when those losses aren't yet finalized, but how chalking up those losses and moving on can actually help you recalibrate your appetite for risk. During the [American Revolutionary War] (https://education.nationalgeographic.org/resource/resource-library-american-revolution/) , [George Washington] (https://www.whitehouse.gov/about-the-white-house/presidents/george-washington/) and his generals often adopted a strategy of retreating, or accepting losses on the battlefield, in order to regroup and live to fight another day. Their strategy was often successful against the British, who burned through men and equipment as they doubled down in their desire to win individual battles at the expense of their goal of regaining control of the American colonies. [Mary Stockwell] (https://www.marystockwell.com/about-me.html) is a historian, writer, and former history professor at [Lourdes University] (https://www.lourdes.edu/) in Ohio. Her work is focused on the American Revolution. Her recent book is titled [Unlikely General: "Mad" Anthony Wayne and the Battle for America] (http://www.unlikelygeneral.com/) . Next, Katy speaks with [Alex Imas] (https://www.chicagobooth.edu/faculty/directory/i/alex-imas) about his research on risk-taking over time and how mental choice bracketing impacts our decisions in the face of loss. You can learn more in Alex's paper titled ["The Realization Effect: Risk-Taking after Realized Versus Paper Losses." ] (https://www.aeaweb.org/articles?id=10.1257/aer.20140386) [Alex Imas] (https://www.chicagobooth.edu/faculty/directory/i/alex-imas) is a professor of behavioral science and economics at [the University of Chicago Booth School of Business.] (https://www.chicagobooth.edu/) [Choiceology ] (https://schwab.com/podcast) is an original podcast from [Charles Schwab] (https://schwab.com) . If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0624-4MRP) ... Read more

03 Jun 2024

35 MINS

35:55

03 Jun 2024

#88

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

Over the years, Choiceology has offered a lot of advice for making better decisions. In this special episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we bring you the story of a video game that is surprisingly effective at reducing decision errors, and you'll hear about a practical checklist for improving choices in many different contexts. Solving fictitious mysteries might sound like fun and games, but the video game MISSING: The Pursuit of Terry Hughes was designed with a serious purpose in mind: to help intelligence analysts avoid decision-making traps. In 2015, James Korris and Carey Morewedge worked together to design a video game for the intelligence agency IARPA, the Intelligence Advanced Research Projects Activity, and measured the biases exhibited before and after playing the series of 90-minute games. The results were remarkable and extremely durable. [James Korris] (https://www.linkedin.com/in/james-korris-497b) is president and CEO of [Creative Technologies Inc.] (https://www.cretecinc.com/) in Los Angeles, and is a pioneer in immersive game-based simulation for military learning. You can see a preview of the game James designed titled [MISSING: The Pursuit of Terry Hughes] (https://vimeo.com/135530016) . Next, Katy speaks with [Carey Morewedge] (https://www.bu.edu/questrom/profile/carey-morewedge/) about the game and about his research on effective decision-debiasing techniques. You can learn more in the paper Carey co-authored with James titled " [Debiasing Decisions: Improved Decision Making With a Single Training Intervention] (https://openaccess.city.ac.uk/id/eprint/12324/) ." Carey Morewedge is a professor of marketing at [Boston University Questrom School of Business] (https://www.bu.edu/questrom/) who studies psychological biases and how to reduce them.  Finally, Katy speaks with Jack Soll to hear his checklist of four simple ways to debias yourself before making decisions, big or small. You can read more in the article Jack and Katy co-authored with John Payne titled " [Outsmart Your Own Biases] (https://hbr.org/2015/05/outsmart-your-own-biases) ."  [Jack Soll] (https://www.fuqua.duke.edu/faculty/jack-soll) is the Gregory Mario & Jeremy Mario Distinguished Professor of Management and Organizations at Duke University's Fuqua School of Business.  Choiceology is an original podcast from [Charles Schwab] (https://schwab.com) . For more on the show, visit [schwab.com/Choiceology] (https://schwab.com/Choiceology) . If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0524-2GW1) ... Read more

20 May 2024

31 MINS

31:28

20 May 2024

#87

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

"Don't judge a book by its cover" is an old adage for a good reason.  Elegant book cover designs can create a positive impression and make you more likely to judge the writing quality more positively. But these traits—cover art and writing—are separate and distinct features of books.  So why do we allow the judgment of one trait to spill over to another unrelated trait?  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at a tendency to allow our judgments of one trait of a person (or product or company) to overly influence our judgments of another, unrelated trait of that same person or product or company.  The Traitors is a popular reality TV show, where contestants are assigned either the role of a "Faithful" or "Traitor." Those selected as Traitors eliminate Faithfuls each night and try to keep their identity a secret so the Faithfuls don't vote to eliminate them. By the end of the game, over $100,000 is up for grabs for those left standing. But how can the Faithfuls sniff out the Traitors and decide whom to banish? How do people form judgments of others and decide whom to trust? Wilfred Webster was a contestant on The Traitors, Season 1, on the BBC and played the game brilliantly, leveraging the way he appeared to other contestants to make it to the end.  [Wilfred Webster] (https://www.instagram.com/wilfredwebsterofficial/) is the runner up to The Traitors, Season 1, on the BBC. Before The Traitors, Will managed face-to-face fundraising for one of the largest charities in the U.K. Today, he's a [content creator] (https://www.tiktok.com/@wilfredwebster?is_from_webapp=1&sender_device=pc) and fundraising consultant.  Next, Katy speaks with [Daniel Read] (https://www.wbs.ac.uk/about/person/daniel-read/) about his research on how our evaluations of a person or product or company on a single trait can spill over and excessively influence our judgments of that same person or product or company on another, separate trait. You can learn more in Daniel's recent paper titled " [CSR Halo: The Gift that Keeps on Giving] (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3135132) ?" [Daniel Read] (https://www.wbs.ac.uk/about/person/daniel-read/) is a professor of behavioral science at [Warwick Business School] (https://www.wbs.ac.uk/) at The University of Warwick in the U.K.  Choiceology is an original podcast from Charles Schwab.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) .   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0524-ZXT5)   ... Read more

06 May 2024

34 MINS

34:20

06 May 2024

#86

Recipe for Success: With Guests Simon Rogan & Michele Gelfand

Are rules made to be followed—or meant to be broken?  Often, the answer will depend on culture and the context in which people make decisions.  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at how carefully people in different contexts follow social norms, rules, and procedures. We'll also see how strict and relaxed cultures affect the quality of our decisions—and how to find the sweet spot depending on your goals. Professional kitchens have historically been challenging work environments: high standards, long hours with low pay, and a strong hierarchy of cooks in the kitchen. "Yes, chef" was the only appropriate reply to higher-ranked chefs when Simon Rogan came through the ranks during the 1980s and '90s—a time when kitchen culture was tight and uncompromising. Today, Simon is working hard to change that culture across his restaurant group.  [Simon Rogan] (https://www.simonrogan.co.uk/) is a chef and restaurateur in the U.K. whose flagship restaurant,  [L'Enclume,] (https://www.lenclume.co.uk/) has three  [Michelin stars] (https://guide.michelin.com/en/article/features/what-is-a-michelin-star) and also holds a Michelin Green Star for its sustainable practices. Simon also runs a culinary program for young chefs called  [the Academy by Simon Rogan] (https://www.simonrogan.co.uk/careers-academy) .  Next, Katy speaks with  [Michele Gelfand] (https://www.michelegelfand.com/about) about her research on tight and loose cultures and their impact on decision-making in different contexts.  You can learn more from Michele’s paper “ [Differences Between Tight and Loose Cultures] (https://www.michelegelfand.com/_files/ugd/6df109_a5da34d6a9ae4114be82ccf4b024a2b2.pdf) ” and  [take the quiz] (https://www.michelegelfand.com/tl-quiz) to determine if you tend to lean tight or loose.  Michele Gelfand is the John H. Scully Professor in Cross-Cultural Management and Organizational Behavior at Stanford University. She’s also a member of the National Academy of Sciences and the author of the book  [Rule Makers, Rule Breakers: How Tight and Loose Cultures Wire Our World.] (https://www.michelegelfand.com/rule-makers-rule-breakers) Choiceology is an original podcast from Charles Schwab.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) .   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0424-TPAD) ... Read more

22 Apr 2024

34 MINS

34:12

22 Apr 2024

#85

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

In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk. Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But as you’ll hear from the story, there are other factors that influenced his decision. Katy illustrates these factors with a version of a famous experiment. Volunteers are presented with two differently worded but mathematically identical scenarios. A simple shift from framing the scenario as a potential gain to one of potential loss results in starkly different choices from the volunteers. Next, Katy speaks with special guest [Daniel Kahneman] (https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/facts/) about the underlying theory that explains human behavior in these types of situations. Daniel Kahneman served as professor of psychology and public affairs emeritus at the  [Woodrow Wilson School] (https://wws.princeton.edu/) and the Eugene Higgins Professor of Psychology Emeritus at  [Princeton University] (https://www.princeton.edu/) . He was awarded the  [2002 Nobel Prize in Economics] (https://www.nobelprize.org/prizes/economic-sciences/2002/kahneman/facts/) for his pioneering research with  [Amos Tversky] (https://en.wikipedia.org/wiki/Amos_Tversky) . Their work helped establish the field of behavioral economics. Kahneman also wrote the bestselling book  [Thinking, Fast and Slow.] (https://www.goodreads.com/book/show/11468377-thinking-fast-and-slow) Finally, Katy speaks with  [Colin Camerer] (https://www.hss.caltech.edu/people/colin-f-camerer) about some of his favorite studies on risk seeking in the domain of losses, as well as practical approaches for avoiding this less-than-ideal behavior. Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the  [California Institute of Technology] (https://www.caltech.edu/) , where he teaches cognitive psychology and economics. You can read his paper  [“Prospect Theory in the Wild: Evidence from the Field” here] (https://authors.library.caltech.edu/80314/1/sswp1037.pdf) . Choiceology is an original podcast from Charles Schwab.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) . Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. (0424-VAX6) ... Read more

08 Apr 2024

44 MINS

44:32

08 Apr 2024

#84

Top of Mind: With Guests John Farrell & Manasvini Singh

When someone asks, "What's your favorite restaurant?" odds are you're inclined to recommend a place you've eaten at recently—even if it's not really your favorite.  It's just top of mind.  Why do we weigh recent events so heavily? And how does this tendency impact important decisions, like whom to vote for or how to conduct medical procedures?  In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at a phenomenon that can cause us to overweight recent events compared to earlier events and make suboptimal decisions.  The 1968 presidential election was one of the closest elections in American history. Following an eventful year of civil unrest, war, and high-profile assassinations, eleventh-hour political machinations from Lyndon B. Johnson and Richard Nixon majorly impacted results. "October surprises," or last-minute revelations in the days before a November election, can weigh heavily on voters' minds at the polling booths. [John A. Farrell] (http://www.jafarrell.com/aboutjack.html) documents the surprising events leading up to 1968 Election Day and President Richard Nixon's narrow victory. [John A. Farrell] (http://www.jafarrell.com/aboutjack.html) is a historian and celebrated political biographer. He is the best-selling author of [Richard Nixon: The Life] (https://www.pulitzer.org/finalists/john-farrell) , and his latest book is [Ted Kennedy: A Life.] (http://www.jafarrell.com/thebooks.html) Next, Katy speaks with [Manasvini Singh] (https://www.manasvinisingh.com/) about her research on recency effect and its impacts on physician decision-making in the delivery room. You can learn more in the Science paper Manasvini authored, titled " [Heuristics in The Delivery Room] (https://www.science.org/stoken/author-tokens/ST-83/full) ." Manasvini Singh is an assistant professor of  [social and decision sciences] (https://www.cmu.edu/dietrich/sds/people/faculty/manasvini-singh.html) at  [Carnegie Mellon University.] (https://www.cmu.edu/) Her research focuses on topics at the intersection between decision theory and health policy. Choiceology is an original podcast from Charles Schwab.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts.] (http://getpodcast.reviews/id/1337886873)   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.  All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0324-PY6W.) ... Read more

25 Mar 2024

32 MINS

32:05

25 Mar 2024

#83

Repeat After Me: With Guests Jennifer LeMesurier & Tali Sharot

Vitamin C is a cure for the common cold. Bats are blind. Sugar makes children hyperactive. All of these statements are false. So why are they so pervasive? And why do they feel so true? In this episode of Choiceology with  [Katy Milkman] (http://www.katherinemilkman.com/) , we look at a phenomenon that can cause us to believe inaccurate information more than we should, and also lead us to trust reliable information less than we should. If you’re over a certain age, you might remember friends or family panicking about MSG, or monosodium glutamate, particularly in American Chinese food. But those health concerns stemmed from a single letter to the editor in The New England Journal of Medicine—and a media storm that repeated false information. [Jennifer LeMesurier] (https://www.colgate.edu/about/directory/jlemesurier) learned about this letter and set off on a journey to trace the origins of the MSG scare and find out why the myths about this ingredient are so persistent.  Jennifer LeMesurier is an associate professor of writing and rhetoric at [Colgate University] (https://www.colgate.edu/) and the author of [Inscrutable Eating: Asian Appetites and the Rhetorics of Racial Consumption] (https://ohiostatepress.org/books/titles/9780814215371.html) . Next, Katy speaks with [Tali Sharot] (https://www.ucl.ac.uk/pals/people/tali-sharot) about her research on the illusory truth effect—the idea that people are more likely to believe and share repeated information, whether or not the information is accurate. You can learn more in the paper Tali co-authored, titled " [The Illusory Truth Effect Leads to the Spread of Misinformation] (https://pubmed.ncbi.nlm.nih.gov/36871397/) ." Tali Sharot is a professor of cognitive neuroscience at [University College London] (https://www.ucl.ac.uk/) and an affiliated professor in MIT's [Department of Brain and Cognitive Sciences] (https://bcs.mit.edu/) . Her most recent book, co-authored with [Cass R. Sunstein] (https://hls.harvard.edu/faculty/cass-r-sunstein/) , is [Look Again: The Power of Noticing What Was Always There] (https://www.goodreads.com/book/show/176530306-look-again) . Choiceology is an original podcast from Charles Schwab.  If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) .   Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. ​Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.  Investing involves risk including loss of principal. The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content. ​Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0324-HG17)   ... Read more

11 Mar 2024

34 MINS

34:15

11 Mar 2024

#82

(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] (https://heathbrothers.com/) was the Season 1 host of Choiceology and is the co-author, along with his brother Chip, of four New York Times bestsellers:  [Decisive] (https://heathbrothers.com/books/decisive/) ,  [Switch] (https://heathbrothers.com/books/switch/) ,  [Made to Stick] (https://heathbrothers.com/books/made-to-stick/) , and  [The Power of Moments] (https://heathbrothers.com/books/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 ... Read more

18 Dec 2023

29 MINS

29:03

18 Dec 2023

#81

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] (http://www.katherinemilkman.com/) , 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] (https://www.linkedin.com/in/susan-budowski-4785a35/) 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] (https://dornsife.usc.edu/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] (https://us.macmillan.com/books/9781250159076/goodhabitsbadhabits) . 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] (https://www.chicagobooth.edu/faculty/directory/t/richard-h-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] (https://www.penguinrandomhouse.com/books/690485/nudge-by-richard-h-thaler-and-cass-r-sunstein/) . If you enjoy the show, please leave a rating or review on  [Apple Podcasts] (http://getpodcast.reviews/id/1337886873) [.] (http://getpodcast.reviews/id/1337886873) 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) ... Read more

23 Oct 2023

37 MINS

37:36

23 Oct 2023