Choiceology with Katy Milkman

“For most things are differently valued by those who have them and by those who wish to get them; what belongs to us, and what we give away, always seems very precious to us.” –Aristotle

In this episode of Choiceology with Katy Milkman, we look at the peculiar ways people tend to value the things they own.

The episode begins with a tour of the Sports Immortals Museum. Owner and proprietor Joel Platt claims it’s the largest and most diverse assortment of sports mementos in the world. You’ll hear Joel tell some amazing stories behind a few of his most prized pieces—stories about Babe Ruth, Muhammad Ali, Honus Wagner, Jim Thorpe and Jack Dempsey. Joel spent decades collecting memorabilia, much of which he believes is priceless. But it turns out there’s a disconnect between Joel’s valuation and those of independent appraisers and potential buyers.

Katy explores this disconnect with Nobel Prize–winning economist Richard Thaler, who describes his inspiration to identify and measure the bias that can cause people to overvalue things they own. Richard Thaler is the co-author of Nudge: Improving Decisions About Health, Wealth, and Happiness.

Sally Sadoff of the Rady School of Management at UCSD joins Katy to discuss her research on performance bonuses for teachers. She explains how the effectiveness of these incentives can change dramatically depending on whether teachers are given the bonuses at the beginning of the school year or at the end. And it all has to do with how teachers perceive ownership of these bonuses.

Finally, Katy harkens back to the first episode of the season to explain some simple strategies to reduce the negative aspects of this bias.

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

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

Important Disclosures:

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

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

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

(0219-8W35)

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Netflix recommendations, Amazon suggestions, Google searches, airline ticket prices, your social media feed. All of these things are driven by algorithms—computer models that crunch massive amounts of data to generate useful results. These types of online algorithms are commonplace and so, generally speaking, we’re used to them.

But what about the algorithms behind self-driving cars or airplane autopilots? What about algorithms used to predict crimes or to diagnose medical conditions? These are domains in which it often feels uncomfortable to let a computer model make what could be life-or-death decisions.

In this episode of Choiceology with Katy Milkman, we’re exploring the places where algorithms and computer models bump up against resistance from their human users.

Seeing as it’s Super Bowl season, it seemed like a good time to revisit last year’s contest as a case study in decision making. The 2018 Super Bowl champion Philadelphia Eagles played incredibly well against the formidable New England Patriots. The game could have gone either way, but the Eagles had a secret weapon that gave them an advantage. We speak with Michael Kist from Bleeding Green Nation on the Eagles’ integration of computer models for decision making both on and off the field. You’ll hear the story of how those models were temporarily abandoned and the team struggled before re-embracing them.

Next, we explore the way self-driving cars make split-second decisions on the road, with results that can make their human passengers squirm. We test whether or not giving people a small amount of control over how a self-driving car behaves gives those people a bit more confidence about the technology.

Then Katy speaks with her Wharton School of Business colleague Cade Massey, who explains some of the fascinating ways that algorithms have improved decision making and looks at some of the scenarios where algorithms face an uphill battle for acceptance. Cade Massey is a partner in Massey-Peabody Analytics.

Finally, Katy recaps the ways that people designing—or simply using—algorithms can work to overcome our human tendency toward machine mistrust.

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.

(0219-8M84)

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Have you ever seen a cloud overhead that looks very much like, say, a rabbit? Or maybe you’ve found a potato chip that had an uncanny resemblance to Elvis, or a cornflake that was almost exactly the shape of the state of Texas. What are the chances?

In this episode of Choiceology with Katy Milkman, we explore curious events and mysterious patterns in order to reveal the human habit of ascribing meaning to randomness.

Andy Marocco of the Naval Air Station Fort Lauderdale Museum joins Katy to revisit some of the most famous and enduring unsolved air and naval mysteries that have occurred inside the “treacherous” Bermuda Triangle. You’ll hear about several famous disappearances, with a focus on the harrowing tale of Flight 19 in which several planes and airmen vanished without a trace.

Next, we conduct a simple experiment--or is it a magic trick?--involving a series of coin tosses. Our game master will attempt to identify a truly random list from a pile of imposter lists, using nothing but mental prowess. (If you’re still skeptical about how “lumpy” randomness is, just notice how many possible outcomes of four coin flips include either three heads or three tails in a row: HHHH, HHHT, HHTH, HHTT, HTHH, HTHT, HTTH, HTTT, THHH, THHT, THTH, THTT, TTHH, TTHT, TTTH, TTTT.)

Then we hear from Cornell University psychology professor Tom Gilovich about randomness as it pertains to iPods, jellybeans, faces, and canals on Mars.

Finally, Katy Milkman offers tips on how basic statistical analysis can 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.

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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.

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In this episode of Choiceology with Katy Milkman, we examine an old insight about happiness and giving. It’s an insight that is now backed up by behavioral science.

The episode begins with a scene from the Charles Dickens classic A Christmas Carol. From there we hear from the founder and CEO of Charity: Water, Scott Harrison. When Scott turned 18, he moved to New York City and got a job as a nightclub promoter. He lived a hedonistic lifestyle that included private jets and exotic parties. He should have been on top of the world, but he was miserable. It wasn’t until Scott moved to one of the poorest countries in the world that he started to find fulfillment. You can learn more about Scott’s story and his incredible transformation in his new book Thirst.

Next Harvard Business School professor Michael Norton explores the topic of happiness and spending. He’s the co-author of a study on the subject of happiness and spending, and the book Happy Money: The New Science of Smarter Spending.

Finally, we hit the streets to conduct an experiment. We gave out five dollar bills to random people and asked them to spend it on themselves or give it away. Which group do you think will experience a greater level of happiness?

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.

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You’re an independent-minded person. You make choices for yourself based on the best information available. You own your decisions, right or wrong. Right?

No so fast. You are, in fact, a social animal. You take many visible and invisible cues on how to behave from the people around you—family, co-workers, friends, social media, even the folks in the elevator or on the bus. So your decisions and behaviors aren’t always as independent as you might think.

In this episode of Choiceology with Katy Milkman, we look at a phenomenon that may have you running with the crowd, even when it’s not in your best interest.

The episode begins with an experiment. A benign but peculiar behavior appears during an otherwise normal orchestra rehearsal. It starts with a few members but spreads rapidly through the orchestra. What’s causing this behavior, and why is it so contagious?

From there we move to a much more consequential behavior in the world of professional cycling. We examine a high-stakes decision by cyclist Tyler Hamilton in his quest for Tour de France glory and Olympic gold. It’s a story of peer pressure, deep secrets, subterfuge and, ultimately, redemption.

Behavioral scientist Todd Rogers of the Harvard Kennedy School explores the myriad ways we’re influenced by those around us. He speaks with Katy about some of the ways that businesses and institutions can harness our social nature for the greater good.

Finally, Katy Milkman looks back at some of the early research on how individuals can be manipulated by social groups. She offers tips to help you avoid falling victim to mob mentality.

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.

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Most of us would like to think we make decisions for our own good. Presented with the imaginary choice between a bag of salty, greasy potato chips and a healthy salad, you might opt, in principle, for the salad. But what happens when that bag of chips is freshly opened, sitting there right in front of you? Do you change your mind?

In this episode of Choiceology with Katy Milkman, we look at a bias that has an outsized influence on decisions you make in the here and now.

The show begins with an experiment that reveals how difficult it is to avoid the temptation of junk food—and how the power of that temptation is affected by time.

Then, you’ll hear the story of a man who spent his childhood in relative poverty but found himself wealthy beyond his dreams by the time he was a teenager. This unexpected windfall changed his life in an instant. But it ultimately became a painful lesson on the dangers of living only for the present.

You’ll hear from two heavyweights in the world of psychology and economics. Richard Thaler is a Nobel Prize–winning economist and co-author of Nudge: Improving Decisions About Health, Wealth, and Happiness. Thaler tells the story of how he came to discover and research this bias. Renowned psychologist Angela Duckworth explores some of the ways you can combat temptation and make better decisions for your future. She’s the author of the bestseller Grit: The Power of Passion and Perseverance.

Finally, Katy Milkman offers additional tips to help you avoid the pitfalls of this bias: with behavioral tools such as temptation bundling and commitment devices.

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.

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

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Winning feels good. Whether it’s nailing a tricky golf shot or landing a big client for your firm, it’s nice to come out on top. But is it the thrill of victory that pushes you to sink that 10-foot putt or compels you to put in a few extra hours at work? Or is it the fear of losing that motivates you more?

In this episode of Choiceology with Katy Milkman, we examine a bias that affects the irrational way people often react to gains and losses.

The episode begins with the heartbreaking story of Robbie Powell. A missed medical diagnosis and an elaborate cover up expose the lengths to which some people are willing to go in order to avoid a hit to their reputations.

You’ll hear from professor Dolly Chugh from New York University’s Stern School. Dolly and collaborator Molly Kern have done some great research demonstrating how people behave differently when making ethical choices in the face of a potential loss versus a potential gain. You can learn more about this phenomenon in her book How Good People Fight Bias: The Person You Mean to Be.

Then renowned golf coach Hank Haney describes how Tiger Woods and other golf pros seem to work harder to avoid bogeys on the putting green than they do to make birdies. According to Wharton School professor Maurice Schweitzer, professional golfers may be missing out on hundreds of thousands of dollars in winnings because of this tendency. And he’s got research to prove it.

Finally, Katy will leave you with practical tips on how to limit the influence of this bias in your own 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.

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

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Season 2 of Choiceology is coming soon! Dan Heath hands the reins over to new host Katy Milkman for this season. Katy brings an incredible depth of knowledge to the show through her work as a professor of Operations, Information & Decisions at The Wharton School. You’ll hear from sports stars, Nobel laureates and everyday people making life-altering choices, and Katy will share useful tools and strategies to improve decision making in your own life. Subscribe for free today on Apple Podcasts, Google Podcasts or wherever you listen. Season 2 launches October 29.

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.

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

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Imagine you’ve just been through a major life event: The birth of a child. A major award. The loss of a job. A divorce. Now picture yourself 10 years in the future and try to imagine how that event affected your overall well-being. Research shows that—more often than not—your predictions will miss the mark. Why is that?

On this episode of Choiceology with Dan Heath, we examine a bias that influences the way you believe you’ll feel in the future.

The show begins with a quick survey based on the work of psychologists Daniel Gilbert and Timothy Wilson. The survey demonstrates—in a surprising way—our tendency to misjudge the importance of future events.

From there we raise the stakes with two very dramatic stories from the opposite ends of human emotional experience. Diann Roffe describes the elation she felt after a stunning athletic achievement, and Scott Fedor shares the harrowing story of a life-altering injury. And while these events were totally different, you may be surprised to learn how they affected Scott and Diann’s lives over the long run.

Boston University professor Carey Morewedge explains how this bias works and offers suggestions to help you re-examine your greatest hopes and fears.

Find out how to reduce the influence of this bias in your financial decisions in an article called “Can You Really Know Your Future Self?”

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.

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When you set out to buy something—a car, for example, or a laptop or some small gadget for your kitchen—you analyze the features and the style and the utility of the thing, and then you make a choice. But it turns out that there’s a psychological force that can influence what you’re willing to pay.

On this episode of Choiceology with Dan Heath, we examine a bias that affects how you perceive gains and losses, how you negotiate deals and the way you think about value.

The episode begins with legendary sports agent Leigh Steinberg. He describes his dramatic first attempt at negotiating a high-stakes contract for a client joining the National Football League. You can read more about his experiences in the sports world in his book The Agent.

You’ll hear an experiment based on Daniel Kahneman and Amos Tversky’s early studies that demonstrate the bias in real time.

And lawyer, mediator, and conflict resolution expert John Curtis explains how everyone—from people selling their homes to police informants going into witness protection—can fall prey to this psychological trap.

You can find out how to reduce the influence of this bias in your financial decisions in an article on schwab.com called “Weigh Anchor.”

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.

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Sometimes it seems as if danger lurks around every corner. News reports of events like plane crashes and shark attacks make grave risk to life and limb feel real and imminent. And while there’s no doubt that risk is a part of life, are these the types of events we should really be concerned about?

On this episode of Choiceology with Dan Heath, we examine a bias that affects the way you perceive both risk and reward.

We trace how this bias may have helped your ancestors avoid lions lurking in the tall grass—but may also negatively affect your decisions around things like vacations and lotteries.

The episode begins with Ranie Pearce and her harrowing tale of adventure in the middle of the Pacific Ocean. Ranie Pearce is and accomplished open water swimmer and a member of the South End Rowing Club

You’ll hear an experiment involving sharks—and something even more dangerous—at the Vancouver Aquarium in British Columbia.

And Dan Gardner explains the psychological roots of our common misperceptions about risk and reward. He is the author of Risk: The Science and Politics of Fear

You can find out how to reduce the influence of this bias in your financial decisions in an article called Easy Access: How the Availability Heuristic Hurts Our Judgments.

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

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

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In a world awash in data, you’d think it would be relatively easy to make informed, objective decisions. But there’s a problem that gets in your way, even with all of this information at your fingertips: You see what you want to see.

On this episode of Choiceology with Dan Heath, we look at the tendency to favor information that confirms pre-existing beliefs.

The episode begins in Europe in the 16th century, with a secret debate about sainthood, and then moves to a harrowing story of crime and punishment in contemporary America.

Neuroscientist Tali Sharot explains the biological roots of this bias, and how it is actually a fundamentally useful mental shortcut. Her book is called The Influential Mind.

Dean Gillispie is now listed with the National Registry of Exonerations.

Mark Godsey’s book on his experience advocating for Dean Gillispie is called Blind Injustice.

You can find out how to fight back against the influence of this bias in your financial decisions in a bonus article on Schwab.com.

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.

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Imagine that you’ve put in effort toward a goal, but things haven’t quite worked out the way you hoped. Maybe your goal was more expensive than you expected; maybe it’s taking longer to reach than you thought. So the question is, do you double down and continue to work toward that increasingly difficult goal, or do you move on to something new? Do you fish or cut bait?

On this episode of Choiceology with Dan Heath, we look at how past effort, time or expense can influence the way we make decisions moving forward—even when they shouldn’t.

The episode begins on an auction house floor but quickly climbs to the top of the highest peak in the world. Along the way, you’ll see how common is the lure to continue no matter what, and how it affects all kinds of decisions, big and small.

Professor Michael Roberto explains how to identify this bias in your day-to-day life. You can read his paper on how it may have influenced some life-and-death decisions at the top of Mount Everest.

Lou Kasischke’s book on his experience on the 1996 Mount Everest expedition is called After the Wind.

You’ll also find out how to fight back against the influence of this trap in a story about Intel CEO Andy Grove—one of the most successful business leaders of the 20th century.

And to learn about making investment decisions with an eye toward the future, check out our bonus article “Don’t Look Back.”

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.

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You don’t make decisions in a vacuum. Context matters, perhaps more than you think. On this episode of Choiceology with Dan Heath, we explore the subtle, sometimes hidden structures that influence your decisions. You’ll see how small changes in the way choices are presented can have a huge impact on everything from vandalism to traffic congestion to retirement savings.

Tara Austin of Ogilvy Change tells the dramatic story of how she and her team worked to reduce street crime in a London neighborhood after a devastating riot. It was a surprisingly simple project that had a measurable impact. You can see images from the project in this BBC News article.

You’ll also hear about an experiment we ran on a busy intersection in an attempt to reduce collisions between bicycles and pedestrians—using nothing but a roll of duct tape.

And behavioral design expert Sille Krukow explains how choice architecture can channel our inherent laziness to help us make better decisions.

After listening, you can read our bonus article Nudge Yourself to learn even more about how to turn smart decisions into easier ones.

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.

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The Battle of Midway. Saltine crackers. Carnival games. What do these seemingly unrelated things have in common? Well, they’re connected by a common psychological trap—one that affects the way we all make decisions. In this first episode of Choiceology with Dan Heath, we reveal this bias and explain how it affects decisions, big and small. Jonathan Parshall tells the dramatic story of how it influenced the course of history during a World War II battle. A ridiculous cracker-eating contest demonstrates the pitfalls of this bias in real time. And Professor Don A. Moore explains the history and psychology behind the bias and offers advice on how to minimize its effects.

Learn more about how this bias may be affecting your investing outcomes in this article.

Choiceology is an original podcast from Charles Schwab.

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

(0218-8W73)

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You’re not as rational as you think. In this new podcast, bestselling author Dan Heath performs forensic analysis on decision making. You’ll hear real stories, learn from top experts, and witness informal experiments that demonstrate the mistakes we too often make. Subscribe for free today to get the first episode automatically when it launches February 12.

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