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Can we learn to make smarter choices? Listen in as host Katy Milkman--behavioral scientist, Wharton professor, and author of How to Change--shares stories of high-stakes decisions and what research reveals they can teach us. Choiceology, an original podcast from Charles Schwab, explores the lessons of behavioral economics to help you improve your judgment and change for good. Season 1 of Choiceology was hosted by Dan Heath, bestselling author of Made to Stick and Switch. Podcasts are for inf ...
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Hooked on Streaks: With Guests Chloë Hamilton & Jackie Silverman
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31:27
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31:27Streaks have long been logged in the world of sports. And for tracking habits, like daily writing. But now apps encourage us to keep streaks going for just about anything. Messaging friends, learning new languages, meditating, exercising, you name it. In this episode of Choiceology with Katy Milkman, we explore the motivational power of streaks. An…
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Obstacle Illusions: With Guests Daniella McCahey & Tom Gilovich
30:41
30:41
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30:41First-born children tend to believe that their parents were harder on them than their siblings are willing to grant. Football fans take disproportionate note of the challenging games on their team's schedules. We're wired to interpret our challenges as bigger than our advantages, even if the reality is more balanced. In this episode of Choiceology …
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The Reality Trap: With Guests Ken Adelman & Julia Minson
38:22
38:22
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38:22Is it ever possible to see the world objectively, as it is? Turn on the news, open social media, engage with that family member at Thanksgiving, and it appears to some the answer is yes. But what if our biggest blind spot is thinking we don't have a blind spot? In this episode of Choiceology with Katy Milkman, we look at how we can easily be fooled…
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A Numbers Game: With Guests Linda Chang & Stephen M. Colbert
29:37
29:37
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29:37Workplaces often rely on numerical ratings for performance reviews. Election debates focus on poll numbers and approval ratings. Your watch counts your steps in a day. Numbers increasingly influence our decisions. In this episode of Choiceology with Katy Milkman, we look at our very human tendency to fixate on digits even when words or graphs repre…
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It’s a new season of Choiceology, an original podcast from Charles Schwab. New episodes arrive every two weeks, so please follow us in your favorite podcasting app. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Data contai…
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A Hero's Journey: With Guests Ethan Gilsdorf, David Fajgenbaum & Kurt Gray
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39:52
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39:52Luke 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 …
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Rebel With a Cause: With Guests Francis Kelly & Christopher Bryan
35:34
35:34
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35:34Most 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 wit…
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On a High Note: With Guests Maurice Schweitzer & Matthew Polly
38:03
38:03
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38:03Do 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 o…
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The Truth Is Out There: With Guests Tania Lombrozo & Toby Ball
31:42
31:42
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31:42Your car breaks down. Must be because you skipped an oil change last month. Or your favorite team loses. Well, that was because of a bad call by a corrupt referee. In reality, many events involve multiple contributing factors. But we tend to gravitate toward single causes. In this episode of Choiceology with Katy Milkman, we look at our desire to e…
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To Know What You Know: With Guests David Dunning & Andrew Flack
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27:58
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27:58In this episode of Choiceology with Katy Milkman, we look at the often-misunderstood and surprisingly common Dunning-Kruger effect with an interview featuring one of the researchers who first identified it, David Dunning. But we start with the story of Cecilia Jimenez, the humble Spanish grandmother and amateur landscape painter who took it upon he…
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The Buddy System: With Guests Max Maeder & Rachel Gershon
29:41
29:41
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29:41Pursuing a goal alone is convenient. Whether you're training for a marathon or aiming to read 20 books this year, it's convenient to move at your own pace and schedule. But having a gym buddy or a book club pal can make a bigger difference to your goal completion than you think. In this episode of Choiceology with Katy Milkman, we look at the benef…
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To Fight Another Day: With Guests Alex Imas & Mary Stockwell
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35:55When you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would. In this episode of Choiceology with Katy Milkman, we look at a tendency to seek risk in the face of losses when those losses aren't y…
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Choiceology's Guide to Better Decisions: With Guests James Korris, Carey Morewedge & Jack Soll
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31:28
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31:28Over the years, Choiceology has offered a lot of advice for making better decisions. In this special episode of Choiceology with Katy Milkman, we bring you the story of a video game that is surprisingly effective at reducing decision errors, and you'll hear about a practical checklist for improving choices in many different contexts. Solving fictit…
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The Charmer's Playbook: With Guests Wilfred Webster & Daniel Read
34:20
34:20
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34:20"Don't judge a book by its cover" is an old adage for a good reason. Elegant book cover designs can create a positive impression and make you more likely to judge the writing quality more positively. But these traits—cover art and writing—are separate and distinct features of books. So why do we allow the judgment of one trait to spill over to anot…
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Recipe for Success: With Guests Simon Rogan & Michele Gelfand
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34:12
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34:12Are rules made to be followed—or meant to be broken? Often, the answer will depend on culture and the context in which people make decisions. In this episode of Choiceology with Katy Milkman, we look at how carefully people in different contexts follow social norms, rules, and procedures. We'll also see how strict and relaxed cultures affect the qu…
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Take the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis Green (Rebroadcast)
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44:32In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk. Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there are moments during play where the contestant has an op…
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Top of Mind: With Guests John Farrell & Manasvini Singh
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32:05
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32:05When 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 thi…
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Repeat After Me: With Guests Jennifer LeMesurier & Tali Sharot
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34:15
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34:15Vitamin C is a cure for the common cold. Bats are blind. Sugar makes children hyperactive. All of these statements are false. So why are they so pervasive? And why do they feel so true? In this episode of Choiceology with Katy Milkman, we look at a phenomenon that can cause us to believe inaccurate information more than we should, and also lead us …
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(BONUS) From What It's Like to Be … a Forensic Accountant
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29:03
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29:03Curious 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 …
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A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski
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37:36
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37:36Filling 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 y…
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Jumping to Conclusions: With Guests David Silbey & Ned Augenblick
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37:15
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37:15A 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 erratica…
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No Mean Feat: With Guests Albert Chen & Elizabeth Tipton
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33:46
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33:46It’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 backboa…
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A Cup of Knowledge: With Guests A.J. Jacobs & Steven Sloman
30:23
30:23
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30:23Why 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 bet…
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The Golden Misfits: With Guests Gary Lawless & Erika Kirgios
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33:49
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33:49What 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 …
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An Accidental Experiment: With Guests Steven Levitt, Solomon Ezra & Stephen Spector
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32:57
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32:57Scientifically 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 fo…
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The Superforecasters: With Guests Leon Panetta, Peter Bergen & Barbara Mellers
37:48
37:48
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37:48There 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, w…
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Survey Says: With Guests W. Joseph Campbell & Emily Oster
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29:15
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29:15If 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 …
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(BONUS) From Ripple Effect: Does Diversity Training Work? with Katy Milkman
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31:09
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31:09On 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 Effec…
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Brave on the Waves: With Guests Bianca Valenti & Katherine Coffman
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32:59
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32:59We 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 Milkm…
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Fan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj Shah
30:19
30:19
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30:19Finding 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 i…
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The Beanie Bandwagon: With Guests Robert Cialdini & Yemisi Brookes
31:21
31:21
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31:21Mullets. 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 …
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The Power of Do-Overs: With Guests Jeff Ryan & Marissa Sharif
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25:55When 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…
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Mesmerized: With Guests Mara Rockliff & John List
35:03
35:03
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35:03It 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 Choiceo…
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The Bad with the Good: With Guests Uzma Khan & Gustav Källstrand
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30:34
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30:34You'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 w…
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Rebroadcast: Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam Grant
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39:16
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39:16If 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…
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So Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem Haggag
33:53
33:53
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33:53When 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 expe…
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How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes
31:49
31:49
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31:49“Life, liberty, and the pursuit of happiness.” A quintessentially American phrase from the Declaration of Independence. That “pursuit of happiness” takes many forms, but it turns out that some approaches are more likely to be successful, according to science. In this episode of Choiceology with Katy Milkman, we look at a way to frame how you spend …
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Not by a Long Shot: With Guests Katia Jordan & Craig Fox
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33:52
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33:52Humans 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 …
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Fail Better: With Guests Joseph Herscher & Lauren Eskreis-Winkler
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32:57
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32:57You 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 …
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Under Pressure: With Guests Svetlana Savranskaya, Gary Slaughter & Modupe Akinola
39:13
39:13
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39:13If 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-ar…
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Out of Proportion: With Guests Damon Lesmeister & Kelly Shue
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33:08
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33:08Many 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 whe…
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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 …
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More Than a Feeling: With Guests Jamie Wall, Mona Krewel & Alex Edmans
36:42
36:42
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36:42While 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 se…
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Second-Guessing First Impressions: With Guests Allen Sarven & Richard Nisbett
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32:37
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32:37Don’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 hav…
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Less Is More: With Guests Ryan McFarland & Gabrielle Adams
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34:49
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34:49Supply 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…
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A Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab (Rebroadcast)
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34:05For 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 argue…
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The Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin Wu
31:07
31:07
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31:07Anticipating 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 st…
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The Good Fight: With Guests Adam Grant & Tom Crouch
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31:18
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31:18Most 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 fami…
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Expect the Unexpected: With Guests Abigail Sussman, Howie Jeon & Greg Golden
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32:56
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32:56Perhaps 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 bi…
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What’s the Big Idea? With Guests Robert Rydell & Don Moore
36:22
36:22
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36:22When 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. W…
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