Choiceology with Katy Milkman Charles Schwab

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.

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.