Can we learn to make smarter choices? Listen in as host Katy Milkman--behavioral scientist, Wharton professor, and author of How to Change--shares stories of high-stakes decisions and what research reveals they can teach us. Choiceology, an original podcast from Charles Schwab, explores the lessons of behavioral economics to help you improve your judgment and change for good.
Season 1 of Choiceology was hosted by Dan Heath, bestselling author of Made to Stick and Switch.
Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit schwab.com/contactus for contact options. (0321-1S88)
The Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin Wu
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.
The Good Fight: With Guests Adam Grant & Tom Crouch
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.
Expect the Unexpected With Guests Abigail Sussman, Howie Jeon, and Greg Golden
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.
What’s the Big Idea? With Guests Robert Rydell and Don Moore
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.
Not Just Another Statistic: With Guests Carol Quirke and Deborah Small
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.
Big Goals, Little Steps: With Guests Shannon Miller and Hal Hershfield
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.
Choiceology is worth the listen
Dr Milkman’s “Better Decision Making 601”class is in session. This is a graduate level course so better take notes. Each episode is well thought out and presented to the podcast audience. Love the way she involves colleagues as guests to share their expertise on a specific study, or invites the subject of a study to testify about their experience in decision making. Dr Milkman never fails to relate the topic directly to investing and business.
Milkman shepherds these discussions across a wonderful and wild range of topics. She yokes together the history of science, social science, behavioral economics, psychology—and reveals what’s really going on when we decide.
I discovered Financial Decider first but found I preferred the wider range of Choiceology. Interesting vignettes or guests are used to explore various cognitive and behavioral biases.