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

  • What’s the Big Idea? With Guests Robert Rydell & Don Moore

    13/09/2021 Duration: 36min

    When young children imagine their future lives, they’re often very optimistic. They’ll say things like “I’m going to be an astronaut!” or “When I grow up, I want to be a movie star!” These outcomes are, of course, quite rare. Most children will grow into slightly less exotic careers as adults. But even as adults, we tend toward personal optimism. We assume that we will outlive the average person, that we will remain in better health than the average person, and that our children will be above average in school or in sports. Of course, we can’t all be above average.In this episode of Choiceology with Katy Milkman, we look at the mistakes we make when we assume we’re less susceptible to failure or negative outcomes than are other people.World’s Fairs are large scale events requiring an immense amount of planning and organization. And while there have been many memorable and successful fairs, there have also been many expensive failures. Robert Rydell tells the story of the 1926 Sesquicentennial International Ex

  • Not Just Another Statistic: With Guests Carol Quirke & Deborah Small

    30/08/2021 Duration: 33min

    You may notice that charity campaigns tend to focus on the stories of one or two individuals or families, and that those stories are often rich with emotional content but light on information and statistics. There’s a reason for that.In this episode of Choiceology with Katy Milkman, we look at the different ways we tend to be captivated and motivated by individuals and their stories, while on the other hand, we often become numb or disengaged when presented with large numbers or statistical information.Carol Quirke tells the story of Dorothea Lange and her most famous photograph. Dorothea Lange was a documentary photographer who did important work raising awareness of the plight of migrant workers during the Great Depression. But one of her photos stands above the rest: Migrant Mother. You’ll hear the story of how that photograph came to be, and the effect it had on public policy.You can view the image online at the Library of Congress.Carol Quirke is a professor at SUNY Old Westbury, and the author of Eyes o

  • Big Goals, Little Steps: With Guests Shannon Miller & Hal Hershfield

    16/08/2021 Duration: 36min

    Most people wouldn’t attempt a marathon or a climb up Mount Everest without first working through some less audacious objectives. And yet there are countless examples of ambitious goals—new businesses, academic degrees, career changes, athletic feats—that were abandoned because they appeared too daunting in scope.In this episode of Choiceology with Katy Milkman, we look at a simple strategy that can make your biggest goals more manageable.Shannon Miller is one of the most decorated athletes in the history of gymnastics. She is a seven-time Olympic medalist, and two-time inductee into the US Olympic Hall of Fame. While her ambitions as a young gymnast included competing at national and international events, she learned early on that achieving those lofty goals would require many small steps along the way. You’ll hear how Shannon Miller’s approach to goals led her to the pinnacle of her sport, and also helped her through a devastating illness.You can read more about Shannon Miller’s challenges and triumphs in h

  • Scientist Mode: With Guests Adam Grant & Luca Parmitano

    07/06/2021 Duration: 34min

    Important decisions can be complex and difficult to make. We’re at the mercy of certain behavioral biases, and we often face a degree of uncertainty. And while it’s helpful to be aware of our shortcomings and mindful of our incomplete picture of the world, there is a proven way to make better decisions, on balance.  In this episode of Choiceology with Katy Milkman, we look at how questioning our basic assumptions and thinking like a scientist can help us untangle the knottiest of problems and make choices with greater confidence.Luca Parmitano was the first Italian astronaut to perform an EVA—an extravehicular activity, otherwise known as a space walk—in 2013. During that EVA, Luca noticed a small amount of excess moisture in his space suit. Engineers chalked it up to a minor leak in his drinking container.But on his second EVA, Luca nearly drowned in space. You’ll hear from Luca himself about what happened and what it was like to have his helmet fill with water, 250 miles above the earth, outside the Interna

  • Judge the Judges: With Guests Daniel Kahneman, James Hutchinson & G.M. Pucilowski

    24/05/2021 Duration: 32min

    Many episodes of this podcast deal with cognitive biases that can hinder our decision-making abilities. In this episode of Choiceology with Katy Milkman, we look at a different kind of error: how completely irrelevant information can negatively influence our judgments, making them varied and unpredictable.This variability of human judgment—or noise—is the topic of a new book by Nobel Prize-winning economist Daniel Kahneman, with Cass Sunstein and Olivier Sibony. You’ll hear an interview with Kahneman later in the episode where he explains his preoccupation with the substantial and expensive effects of noise. He proposes ways to reduce the problem of noise for industries, businesses, and individuals who need to make more objective judgements.But first, we’ll dive into the world of wine judging. G.M. “Pooch” Pucilowski will take you on a guided tour of the California State Fair Commercial Wine Competition. You’ll hear about the criteria for judging different varietals—and the accompanying challenges that wine j

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

    10/05/2021 Duration: 38min

    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

  • Hold That Thought: With Guests Sarah-Louise Miller, Warren Reed, Todd Rogers & Angela Duckworth

    26/04/2021 Duration: 36min

    You probably have a list of reminders somewhere. Maybe you have a calendar with important dates marked. And likely a mental to-do list. And shopping lists. And gift ideas. And you’ve got to remember to get your taxes filed. And don’t forget to get those prescriptions filled before the drug store closes. And you’ve got to renew your insurance, and …There’s a lot of information to juggle in modern life. In this episode of Choiceology with Katy Milkman, we look at ways to improve reminders and reduce forgetting around things like voting, vaccinations, and international espionage.Sarah-Louise Miller is a doctoral candidate in the Department of War Studies at King’s College London. Sarah-Louise tells the story of Elizabeth Reynolds (a.k.a. Elizabeth “Minnie” Devereux-Rochester), a young courier operating behind enemy lines in France during the Second World War. Elizabeth’s ability to absorb and memorize information contributed greatly to the Allied war effort and may very well have saved her life.You’ll also hear

  • In the Face of Risk: With Guests Jeff Elison & Ido Erev

    12/04/2021 Duration: 35min

    For many, the onset of the coronavirus pandemic was terrifying. Descriptions of the outbreak in Europe and Asia led to panic buying and sheltering in place here at home. But, as time passed and people became acclimatized to life with masks and social distancing, many of those same people who were terrified at the outset began to let their guard down and take unnecessary risks.In this episode of Choiceology with Katy Milkman, we look at a peculiar inconsistency around how we perceive risk and rare events.Jeff Elison is a professor and an avid rock climber. Jeff tells the story of a fateful climb on a beautiful sunny day just outside of Alamosa, Colorado. Jeff normally climbs with friends, but on this particular day, none of his regular partners were available. Early in his climbing career, Jeff might have balked at a solo climb, but as a veteran, he felt confident that he could manage the familiar climb safely. But then, he slipped and fell. …Jeff Elison is a professor of psychology at Adams State University.

  • Mindful of Mindsets: With Guests Erik Vance & Alia Crum

    29/03/2021 Duration: 35min

    Have you ever visited your doctor to deal with a minor health issue and then left the office with nothing more than the doctor’s calming reassurance? Chances are good that you felt a bit better, physically, just by virtue of experiencing the environment of the clinic and anticipating some kind of improvement in your health.In this episode of Choiceology with Katy Milkman, we explore how your beliefs and expectations can have a very real impact on your health and well-being.Science journalist Erik Vance vividly recounts several peculiar experiences taking part in traditional healing ceremonies in Mexico. Erik examined certain aspects of these age-old rituals through the lens of modern science to discover some measurable effects on health. He also volunteered for a rather painful experiment in a research lab involving electric shocks with some surprising results.Erik Vance is a journalist and editor with the New York Times Well Desk. He’s also the author of the book: Suggestible You: The Curious Science of Your

  • Some Assembly Preferred: With Guests Mike Norton & Michael Ojo

    15/03/2021 Duration: 36min

    Hardware stores and home improvement shows often promote do-it-yourself projects. And while it’s challenging to make your own projects look as good as the ones on TV or in glossy brochures, building something yourself can be a very rewarding experience. The trouble is, the DIY approach can sometimes cloud your perceptions of the value of your project.In this episode of Choiceology with Katy Milkman, we look at how putting personal effort into something—be it a hand-knit scarf, a new deck, or even a small business—can lead people to overestimate the value of that effort.Michael Ojo is a web developer and pilot influencer. He runs a popular YouTube channel called MojoGrip, where he shares his love of aviation. It’s also where he documented a project near and dear to him: the building of his first kit airplane, the Sling TSI. You’ll hear the story of Michael’s epic project. Everything from the steep learning curve, to the technical challenges, to the trials and tribulations of building a complicated piece of mac

  • If Only …: With Guests Stirling Hart & Colin Camerer

    12/10/2020 Duration: 31min

    In a past episode titled “Spoiled for Choice,” we looked at how decision-making can be hampered by our desire to avoid the painful emotion of regret. In fact, regret aversion can cause people to abandon certain decisions entirely.In this episode of Choiceology with Katy Milkman, we look more closely at regret itself. Stirling Hart is a professional lumberjack. He’s also a world-class lumberjack sports athlete. He has travelled the world competing against the best of the best in events such as the underhand chop, the spring board, the single buck, and the standing block chop. These grueling and dangerous tasks require explosive strength, accuracy, and nerves of steel.In 2016, Stirling Hart represented Canada at the Stihl Timbersports® World Championship in Stuttgart, Germany. He was dominating the events until he came to the hot saw (an event involving a chainsaw built from a modified motorcycle engine). That’s when one split-second decision changed the course of the competition. You’ll hear how that one momen

  • I Don’t Want to Know: With Guests Amelia Boone & Emily Ho

    28/09/2020 Duration: 35min

    For some people, the check engine light on their car dashboard means an immediate trip to the repair shop. But for others, it represents a nagging unpleasant feeling that’s best to be avoided. So they put it out of their mind for as long as they can. In this episode of Choiceology with Katy Milkman, we examine the tendency to avoid or ignore certain information when it may be uncomfortable or inconvenient.Amelia Boone is a high achiever. Within a short time of taking up the grueling sport of obstacle course racing, she was winning world championships. At the top of her game, she went looking for other challenges, and eventually took up ultra-running—where athletes compete in races longer than marathons, sometimes as long as 100 miles! Again, Amelia quickly rose to the upper echelons of this elite club of athletes.But then the injuries began. You’ll hear about Amelia’s attitude of pushing through the pain and training harder—an attitude that nearly destroyed her athletic career. When her injuries finally sidel

  • A Successful Failure: With Guests Cass Sunstein, Kirabo Jackson & Andrew Chaikin

    14/09/2020 Duration: 40min

    You’ve probably had the annoying experience of going to a store to pick up a few things, only to leave having forgotten at least one of them. That’s likely due to the challenge of holding more than one piece of information in your working memory while you shop, not to mention the effects of time pressure, distraction, and the procedural complexity of a seemingly simple trip to a store.In this episode of Choiceology with Katy Milkman, we look at effective tools for managing complex and time-sensitive procedures, from grocery shopping to space exploration.Fifty years ago, astronauts aboard the Apollo 13 lunar spacecraft radioed Mission Control with the now iconic phrase “Houston, we’ve had a problem.” A critical piece of equipment had exploded, putting the three crew member’s lives in extreme danger. What followed was a monumental problem-solving effort to bring the astronauts safely back to Earth.Historian Andrew Chaikin tells the harrowing story of Apollo 13, based on his interviews with NASA engineers and th

  • Fair Is Fair: With Guests John Thorn & Richard Thaler

    31/08/2020 Duration: 33min

    “Mom! Janey got more ice cream than me! Not fair!” For kids—and many adults—the notion of what’s fair or not often involves comparing quantities of some valuable thing. But there’s another, more nuanced concept of fairness that crops up in certain types of negotiations. In this episode of Choiceology with Katy Milkman, we look at what people perceive as fair or not amid changing circumstances.At the turn of the 20th century, professional baseball had entered what came to be known as the dead-ball era. Pitchers had a distinct advantage over batters, resulting in low-scoring games and a substantial drop in attendance. Owners and league officials decided they needed to change some rules to entice fans back to their stadiums. One option on the table was to ban the spitball.John Thorn explains the history of the spitball and other doctored pitches and describes the state of baseball at the time. While empty bleachers were clearly bad for the bottom line, the owners also recognized the problem of implementing a rul

  • Spoiled for Choice: With Guests Barry Schwartz & Jen Glantz

    17/08/2020 Duration: 33min

    Traditional economic theory says that more choice should always be better than less. After all, if the cereal aisle has corn flakes, honey nut corn flakes, toasted coconut corn flakes, chocolate corn flakes, multi-grain flakes, and all the rest, you’ll surely be able to find the breakfast carbs that suit your taste buds perfectly. But it turns out that, in certain situations, more choices can be counterproductive.In this episode of Choiceology with Katy Milkman, we look at how having too many options can sometimes produce anxiety, reduce satisfaction, and even lead us to abandon the decision we’d planned to make altogether.You’ll hear from professional bridesmaid (yes, that’s a real thing) Jen Glantz about her experiences supporting brides through the many decisions they face in planning a wedding. Jen has seen it all: the fatigue, the indecision, the anxiety, and the emotional toll that can result from managing myriad choices while planning the big day.Jen, herself, is now engaged to be married. But rather t

  • A Bundle of Nerves: With Guests Alison Wood Brooks & Steven Osborne

    03/08/2020 Duration: 34min

    The rapid heartbeat. The shaking hands. The flushed face. The symptoms of pre-performance jitters are common. For some people, nervousness before a big test or important presentation is normal and temporary. For others, it can be debilitating. Typical suggestions for managing nerves tend to involve deep breaths and calming thoughts. But what if there were a better way?In this episode of Choiceology with Katy Milkman, we look at the science behind the state of arousal commonly referred to as stage fright, including new research into better ways to manage unpleasant emotions.You’ll hear world-renowned concert pianist Steven Osborne describe the agonizing moment during an important performance when he began to experience memory lapses due to anxiety. As the fear of making mistakes increased, Steven began to worry that stage fright could cost him the career he loved. But through therapy and reflection, he managed to flip the script on his anxiety—and came to see it as a gift to be explored. All of the piano music

  • Bidder Beware: With Guests Max Bazerman & Glenye Cain Oakford

    11/05/2020 Duration: 34min

    Have you ever bid in a competitive auction—say, on eBay—and won the item, only to see a similar item for sale elsewhere at a lower price? If so, you may have fallen prey to the winner’s curse.In this episode of Choiceology with Katy Milkman, we look at bias that can lead people to overpay in auctions and other types of negotiations.We begin with the story of Havre de Grace. This prize filly had an exceptionally successful career as a racehorse before being auctioned as a broodmare. Expectations were high for the sale because Havre de Grace had such a strong thoroughbred pedigree. But the way the auction proceeded surprised everyone in the room.Glenye Cain Oakford was at the Fasig-Tipton November Mixed Sale and paints a vivid picture of a dramatic bidding process. She is an award-winning journalist, writer, and videographer based in Lexington, Kentucky. She was the senior bloodstock correspondent at the Daily Racing Form at the time of the auctionSpecial thanks to Fasig-Tipton for use of the audio clips from t

  • A Choice Apart: With Guests Max Bazerman & Vivienne Wagner

    27/04/2020 Duration: 28min

    Have you ever purchased a car or a motorcycle or a boat, based on some particular quality it had that made you fall in love? Maybe it was candy apple red. Maybe it had sleek lines. Maybe the engine made a pleasing purr. Hopefully that decision was a happy one. But what happens when the red sports car spends most of its time in the shop? Or the sleek motorbike is hard on your back? Or the purring boat engine is a gas-guzzler?In this episode of Choiceology with Katy Milkman, we look at how our preferences tend to shift when we evaluate a choice on its own versus side-by-side with other possible options.The episode begins with Vivienne Wagner and her family’s decision to adopt an adorable puppy after seeing a popular movie that featured the breed. (You know, the spotty dogs—over a hundred of them.) It’s a cautionary tale about a lovable but incredibly difficult pooch named Barkley and the perils of selecting a family pet in a vacuum. Max Bazerman is an authority on the phenomenon of shifting preferences when dec

  • So Close to the Prize: With Guests Oleg Urminsky & Brian Zinn

    13/04/2020 Duration: 36min

    If you’ve ever signed up for a frequent flyer program, chances are good that you were awarded a certain number of bonus points to start. Those bonus points feel like a nice little gift, but they also serve another purpose: to increase your motivation to participate in the program.In this episode of Choiceology with Katy Milkman, we explore how your proximity to a goal can affect the way you behave.You’ll hear the fascinating story of Brian Zinn and his decade-spanning quest to unravel an elaborate riddle. When Brian was a college student, he stumbled upon a book called The Secret: A Treasure Hunt. In it were 12 cryptic puzzles—arcane verses and mysterious images that, when paired and solved, would point readers to 12 treasures buried in undisclosed locations around the United States.The treasure hunt was a harmless pastime during Brian’s college days, but when he rediscovered the book years later, it became something of an obsession. You’ll learn about his escalating adventures attempting to locate one of the

  • Coping Amid the Crisis: With Guest Laurie Santos

    06/04/2020 Duration: 39min

    An unprecedented global health crisis has overwhelmed healthcare systems, disrupted economies and financial markets, and radically altered our daily lives. And while social distancing is the responsible thing to do to slow the spread of disease, it also heightens the emotional challenges we face during these scary and uncertain times.In this special bonus episode of Choiceology with Katy Milkman, we look to the science of happiness to see how we might mitigate the adverse impacts to our mental health and well-being—and maybe even cultivate good new habits that can help us when the crisis is over.In 2018, psychologist Laurie Santos introduced a new course at Yale—its subject, happiness—which quickly became the storied university’s most popular class ever. Katy interviews Laurie to find out what insights from the course apply to our current situation and to solicit advice on happiness-improvement steps we can be taking now.Laurie Santos is a professor of psychology and head of Silliman College at Yale Universit

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