Choiceology With Dan Heath

  • Author: Vários
  • Narrator: Vários
  • Publisher: Podcast
  • Duration: 49:20:28
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Synopsis

What happens when intuition fails us? Listen in as Dan Heath shares stories of irrational decision making--from historical blunders to the kinds of everyday errors that could affect your future. Choiceology, an original podcast from Charles Schwab, explores the lessons of behavioral economics, exposing the psychological traps that lead to expensive mistakes. Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit schwab.com/contactus for contact options.

Episodes

  • Fan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj Shah

    10/04/2023 Duration: 30min

    Finding a new favorite celebrity feels a little bit like falling in love. Perhaps you find their smile endearing, or you relate to their sense of humor. Maybe you see things in your everyday routine that remind you of them. You feel like you know them so well. But whether it’s a star athlete or a Hollywood type, the reality is they likely have no idea who you are. In this episode of Choiceology with Katy Milkman, we explore how we can develop deep connections with complete strangers — and how that in turn makes us feel more known. BTS is the biggest boy band in the world but their popularity is not only thanks to their musical talents and highly choreographed performances. BTS has, like many other K-pop groups in South Korea, perfected the art of cultivating relationships with their fans. But when idols fail to meet fan expectations, there can be drastic consequences. Hannah Sung explains what drew her to BTS and sheds light on the power of their fandom, known as ARMY. Hannah Sung is a journalist and co-found

  • The Beanie Bandwagon: With Guests Robert Cialdini & Yemisi Brookes

    27/03/2023 Duration: 31min

    Mullets. Skinny jeans. Crocs. Many of us can recall trends that we've jumped on, only to see those trends become passé soon after. But the fear of missing out can snowball into heavier consequences.In this episode of Choiceology with Katy Milkman, we look at how speculation and rapidly growing trends, however niche, can cloud people's judgment. A tight knit group of friends in Chicago start buying stuffed animals from a little-known toymaker, called Ty Warner, for their kids. The friends' enthusiasm for the toys is contagious, and soon the demand for these cute stuffed animals, called Beanie Babies, is growing so quickly that people are treating them as investments. People are lining up for hours to get their hands on the newest releases. Parents are using their kids' college funds to collect Beanie Babies. Collectors are buying secondhand Beanie Babies for thousands of dollars. Filmmaker Yemisi Brookes tells the story of how a group of moms launched an unassuming stuffed toy to unexpected highs—and lows.Yemi

  • The Power of Do-Overs: With Guests Jeff Ryan & Marissa Sharif

    13/03/2023 Duration: 25min

    When you fail to reach a challenging goal, say, saving a certain amount of money each month or getting to the gym a certain number of times a week, it can be tempting to just give up on the plan entirely. But new research shows that building some flexibility into that plan can actually improve your chances of success.In this episode of Choiceology with Katy Milkman, we look at how mulligans, skip days, cheat meals, and get-out-of-jail free cards are important strategies for sticking to your long-term goals.In the era of pinball and video arcades, most games provided a limited number of turns or lives for every coin you put in the slot. When you ran out of lives, it was game over. You had to either walk away or pony up more money. That same limited-lives approach to game design followed in early home video game consoles. But in the 1990s, one company tried a new approach—and, in the process, changed the industry forever.Jeff Ryan tells the colorful story of how Nintendo's Super Mario Bros. became a runaway suc

  • Mesmerized: With Guests Mara Rockliff & John List

    07/11/2022 Duration: 35min

    It seems like every other week there's a news report about how coffee will help you live longer or will shorten your life. There are similar reports about vitamins and water consumption and any number of other health-related studies. So why do we see so much conflicting information around scientific research in the media? In this episode of Choiceology with Katy Milkman, a look at the slippery problem of separating correlation from causation.You'll hear the fascinating story of Franz Mesmer and the apparently miraculous effects of what he dubbed animal magnetism. Author Mara Rockliff recounts the sway that Mesmer held over the Parisian public and how Benjamin Franklin transformed the scientific method in his quest to find the truth.Mara Rockliff has written several books for young readers, including the multiple award-winning Mesmerized: How Benjamin Franklin Solved a Mystery That Baffled All of France.Next, economics professor John List joins Katy to discuss the reasons why we confuse correlation and causati

  • The Bad with the Good: With Guests Uzma Khan & Gustav Källstrand

    24/10/2022 Duration: 30min

    You've probably caught yourself indulging after a workout or a game or a stretch of healthy eating. Maybe it was a pint or two after a soccer game or an extra piece of cheesecake after a vigorous hike. These indulgences are easier to justify after a healthy activity. Ironically, though, these indulgences can undo some of your hard work. So why do we tend to behave this way? In this episode of Choiceology withKaty Milkman, a look at how we justify our decisions based on previous behavior.Alfred Nobel was a very successful inventor and businessman. His invention of dynamite transformed industry and saved lives by reducing the use of dangerously unstable nitroglycerin. But his reputation suffered as he became associated with some of the negative uses of his creation. Gustav Källstrand is the senior curator at the Nobel Prize Museum in Stockholm, Sweden. He tells the story of how Alfred Nobel accidentally read his own obituary (spoiler: it was not a positive story) and the efforts Nobel undertook to rescue his re

  • Rebroadcast: Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam Grant

    10/10/2022 Duration: 39min

    If you’ve ever lost a job, or been through a breakup, or failed an exam, you’ll know that the aftermath can be painful and disorienting. But for some percentage of those who experience these disappointing outcomes, unforeseen opportunities will arise.In this episode of Choiceology with Katy Milkman, we look at the occasional upside of being forced to quit a career, or a relationship, or even a favorite route to work.Kassia St. Clair brings us the story of William Henry Perkin. As a young man in 19th-century London, Perkin had set his sights on a career in chemistry and medicine. He devoted his time and energy to the search for a treatment for malaria, which was a growing problem around the world. Unfortunately, he failed in his quest, but his failure opened the door to a surprising new discovery that transformed an entire industry.Kassia St. Clair is a design journalist and the author of The Secret Lives of Color. Next, Annie Duke joins Katy to explain how events like a shutdown of the London subway system, o

  • So Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem Haggag

    26/09/2022 Duration: 33min

    When we feel angry or excited, or happy or sad, the reasons for those emotions may seem obvious. Angry? It was that argument with a spouse. Excited? It was that promotion at work. Happy? Must've been that delicious meal. Sad? It was that tearjerker film, for sure. But it turns out that we often mistake the root causes of our feelings and other experiences.In this episode of Choiceology with Katy Milkman, we look at a family of biases that affects the way we understand behaviors, events, and emotions.Samantha Futerman and Anaïs Bordier grew up in different parts of the world. They were raised speaking different languages. They lived in very different home environments. They experienced different types of schooling. You'd probably assume these two women with very different upbringings turned out quite differently.  After all, where and how you're raised has a big impact on the person you become. Surprisingly though, Samantha and Anaïs share some uncanny similarities.Samantha Futerman is an American actress, wri

  • How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes

    12/09/2022 Duration: 31min

    “Life, liberty, and the pursuit of happiness.” A quintessentially American phrase from the Declaration of Independence. That “pursuit of happiness” takes many forms, but it turns out that some approaches are more likely to be successful, according to science. In this episode of Choiceology with Katy Milkman, we look at a way to frame how you spend your time and money that may help you lead a happier life.Joshua Fields Millburn was hungry for success. Despite a difficult childhood, he was determined to make it big. He worked long hours, took little time off, and rapidly climbed the corporate ladder in his hometown of Dayton, Ohio. By his mid-twenties, he had worked his way to a director position at a telecommunications company and was leading a very prosperous lifestyle. But his workaholism had taken a toll. By 28, his marriage had failed, his mother had died, and Joshua was at a crossroads.You’ll hear how he was forced to take stock of what was most important—and how he shifted his priorities in a way that ch

  • Not by a Long Shot: With Guests Katia Jordan & Craig Fox

    29/08/2022 Duration: 33min

    Humans can easily distinguish between a zero-chance event (e.g., the Washington Nationals winning the World Series in 2022) and a sure thing (e.g., the sun coming up tomorrow). But in between those two clear outcomes, it turns out that we’re not great at estimating odds.In this episode of Choiceology with Katy Milkman, a bias that affects the way we predict the likelihood of rare events.Katia Jordan had all the makings of a tennis star: a preternatural talent, an intense drive to succeed, top-tier coaches, and parents who supported her dream completely. She was certain that she would be the next Venus Williams. But along the way, she discovered that her path to tennis glory was not as straight as she imagined.Katia Jordan is a former Division 1 tennis player and is currently script coordinator on the television program All American Homecoming.Next, Katy speaks with UCLA psychology professor Craig Fox about how we tend to overweight the likelihood of small probabilities. Building on seminal work by his mentor

  • Fail Better: With Guests Joseph Herscher & Lauren Eskreis-Winkler

    15/08/2022 Duration: 32min

    You hear it a lot in contemporary education, the tech world, and the arts: that it's important to fail, to make mistakes so that you can learn from them and get better at whatever you do. But that generally accepted wisdom is incomplete.In this episode of Choiceology with Katy Milkman, we look at how failure can cloud your ability to learn and to improve.Joseph Herscher is creator of the wildly successful YouTube channel Joseph's Machines. He builds intricate and whimsical contraptions that perform simple tasks in overly complicated ways. You may know them as Rube Goldberg machines. Joseph's machines take months to build—and often dozens and dozens of takes to capture on video in a single shot. That's because there are so many points of failure, it's rare for these elaborate contraptions to work perfectly.All that to say, Joseph Herscher is no stranger to failure. But his work illustrates a positive approach to a negative experience. Annoying as it can be, failure is a good way to gather useful information. Y

  • Under Pressure: With Guests Svetlana Savranskaya, Gary Slaughter & Modupe Akinola

    23/05/2022 Duration: 39min

    If you've ever been faced with an important decision when time was scarce, information was incomplete, or tempers were running high, you'll know that it's difficult to make a good choice. Now imagine a decision that has implications for the entire world, and the people facing that decision are 500 feet below the surface of the ocean in a nuclear-armed diesel submarine that is overheating and running out of power.In this episode of Choiceology with Katy Milkman, we look at decisions under pressure and how our thinking process is affected by stress.We begin in the Sargasso Sea, just off the coast of Florida, in October 1962. It's the height of the Cold War, and the Cuban Missile Crisis is bringing the U.S. and the Soviet Union closer to open conflict. John F. Kennedy has ordered a naval "quarantine" around Cuba after the discovery of Soviet missile installations there, and the Soviets have responded by sending a squadron of submarines to the area. Those submarines were ill-equipped for the warm waters around Cu

  • Out of Proportion: With Guests Damon Lesmeister & Kelly Shue

    09/05/2022 Duration: 33min

    Many of the decisions we make require us to compare numbers. Which car is most fuel efficient? How is a stock performing relative to the market? How risky is one medication versus another? A problem arises when we fail to make these comparisons in the right units.In this episode of Choiceology with Katy Milkman, we look at the mistakes we make when we overweight absolute numbers and neglect their relative value.Damon Lesmeister is a wildlife biologist in Oregon who studies a very special bird: the northern spotted owl. This iconic animal is struggling to survive in the old growth forests of the Pacific Northwest. Among other challenges, the northern spotted owl is being crowded out of its habitat by an invasive species: the barred owl. Conservationists are now faced with a difficult decision, but one that is made more clear by properly comparing the relative sizes of the two owl populations.Damon Lesmeister is a research wildlife biologist with the US Forest Service and holds courtesy faculty appointments wit

  • Choiceology's Guide to Nudges

    25/04/2022 Duration: 39min

    Nudges are all around you. They might help you choose your meal at a restaurant, navigate a busy airport terminal, or start saving for the future. But nudges are often subtle, so you might not notice them until they’re pointed out. In this episode of Choiceology with Katy Milkman, we’re doing things a little differently. This episode is your guide to the many ways nudges have changed the world for the better. We'll revisit examples of nudges you may recognize from previous episodes of Choiceology. UCLA professor Shlomo Benartzi explains why defaults help more people save for retirement. University of Chicago professor Ayelet Fishbach reminds us how making the best choice a fun one is a great way to encourage better decisions. Harvard professor Todd Rogers discusses how social norms can help people reduce water and energy usage in hotels. You'll hear a feature interview with Nobel Prize-winning economist Richard Thaler, who along with Harvard law professor Cass Sunstein popularized nudges more than a decade ag

  • More Than a Feeling: With Guests Jamie Wall, Mona Krewel & Alex Edmans

    11/04/2022 Duration: 36min

    While it’s nice to think of ourselves as rational decision-makers, more often than not, emotion plays a role in how we decide. Some people may spend more on a new car when the weather is nice. Others may take bigger risks than normal after indulging in a sweet dessert. Some may make rash choices following a disappointing end to their favorite TV series.In this episode of Choiceology with Katy Milkman, we look at how positive or negative sentiment from one part of your life can spill over and affect decisions in another.In New Zealand in 2011, two seemingly unrelated events—a general election and a Rugby World Cup—may have been connected and influenced by national mood.Auckland-based author and rugby player Jamie Wall brings us the story of the fabled All Blacks, the New Zealand men's national rugby team, and their nail-biting final match against archrival France. The All Blacks were considered one of the best teams in the world but hadn’t won a World Cup in 24 years. While they had home field advantage in 201

  • Second-Guessing First Impressions: With Guests Allen Sarven & Richard Nisbett

    28/03/2022 Duration: 32min

    Don’t shoot the messenger is a metaphorical phrase for blaming the bearer of bad news. It’s easy to be angry with someone who is associated with information you don’t want to hear–say, a doctor delivering an unwelcome diagnosis, or a manager who has to fire you due to budget issues beyond her control. The phrase also points to a tendency we all have to overweight someone’s personality or disposition (that person who fired me is a jerk) and underweight the situation (sales were down this year, and they can’t afford current staffing levels).In this episode of Choiceology with Katy Milkman, we look at this bias in a number of different contexts, and explore how it often leads us to make mistakes.Allen Sarven, a.k.a Al Snow, is a man who has been viewed as both a villain and a hero. He spent many years as a professional wrestler in the WWE as a heel or bad guy. Wrestling fans would heap scorn on him, and cheer on his opponents. Of course, it was all an act and as you’ll hear, he is a three-dimensional human being

  • Less Is More: With Guests Ryan McFarland & Gabrielle Adams

    14/03/2022 Duration: 34min

    Supply chain issues and income inequality notwithstanding, we live in an age of abundance. Our closets overflow with clothing. Many children have more toys than they could possibly enjoy. Garages are filled with sporting gear. Offices are cluttered with gadgets. And even our calendars are packed with meetings and tasks. It can all be a bit much. In this episode of Choiceology with Katy Milkman, we look at a bias that leads us to add to our collections and to-do lists but neglect to remove unnecessary or unhelpful items.We begin with the charming story of Strider Bikes, the pedal-less balance bikes for small children. Founder Ryan McFarland is an avid cyclist and motorcycle enthusiast. When his son Bode was 2 years old, Ryan was keen to get him started on riding toys. But nothing he tried quite worked for such a young child. So began a quest to engineer a bike that would get Bode riding right away but still teach him the fundamentals of two-wheeled cycling.You can read more about the Strider Bike story in the

  • A Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab (Rebroadcast)

    01/01/2022 Duration: 34min

    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 Lif

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

    25/10/2021 Duration: 31min

    Anticipating and planning for obstacles can sometimes be more powerful than adopting a positive mindset.A positive attitude is important when embarking on any new endeavor. However, as you may have heard in previous episodes of Choiceology with Katy Milkman, overoptimism also can blind you to important information.In this episode, we look at a strategy that can help counteract the effects of overoptimism and overconfidence. You could call it the power of negative thinking.We begin with the amazing story of a lake in Louisiana that completely disappeared in a matter of hours. An oil drilling accident in 1980 created a giant sinkhole in Lake Peigneur that rapidly drained massive amounts of water into an active salt mine, swallowing several boats and barges and large chunks of land in the process. The event was catastrophic, but no lives were lost, thanks in part to robust emergency planning.You’ll hear first-hand accounts of the dramatic event from Michael Richard, Sr., whose family owns and operates a garden a

  • The Good Fight: With Guests Adam Grant & Tom Crouch

    11/10/2021 Duration: 31min

    Most of us would prefer to avoid an argument at work or at home. But there are times when arguments—at least when they’re civil—can help surface important information for decision-making. In this episode of Choiceology with Katy Milkman, we look at situations where certain types of conflict can actually lead to better outcomes.You’re probably familiar with the story of Orville and Wilbur Wright. The Wright brothers secured their place in history by achieving the world’s first sustained flight of a powered, heavier-than-air aircraft at Kitty Hawk, North Carolina, in December of 1903. Less well known is the fact that the brothers would often argue intensely with each other over their engineering ideas.Tom Crouch reveals the family culture of argument and debate inside the Wright home as the brothers were growing up, and he explains how that argumentative streak may have helped them solve a key problem in their quest for powered flight.Tom D. Crouch is curator emeritus of the Smithsonian Institution and the auth

  • Expect the Unexpected: With Guests Abigail Sussman, Howie Jeon & Greg Golden

    27/09/2021 Duration: 32min

    Perhaps this scenario seems familiar. Let’s say you generally do a good job of sticking to your monthly budget, but a rare opportunity arises—maybe a favorite musical artist is in town, or you’ve been invited to a friend’s 25th anniversary event—and you blow past your regular spending limit. It’s all right—you’ll just have to tighten your belt a bit next month. But then your phone stops working, and you have to buy a new model. And now your car needs an expensive repair. Again, these are not ordinary expenses, so you chalk it up to life and go back to your usual budget. And then the invitation to a destination wedding arrives …In this episode of Choiceology with Katy Milkman, we explore a common error around the way individuals and organizations categorize seemingly exceptional expenses.Food trucks have come a long way since their humble beginnings as purveyors of meat pies and coffee for day laborers. Today, there’s a stunning variety of culinary options: from simple french fries to French haute cuisine, fro

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