Choiceology with Katy Milkman Charles Schwab

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.

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.

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.

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.

When we judge someone, rarely do we stop to consider how their particular situation likely played a large role in guiding their actions.

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.