Choiceology with Katy Milkman | S18 EP4
Better Off Later: Our Preference for Improving Sequences (With George Loewenstein)
Across all kinds of decisions—from our salaries to our weekend plans—we tend to prefer options that progressively get better, if given the choice. Why is it that our minds place such a high premium on an upward trajectory?
In this episode of Choiceology with Katy Milkman, we look at why we're drawn to experiences that appear to improve over time.
Katy speaks with Jerald Podair, Robert S. French Professor of American Studies, Emeritus, at Lawrence University and author of The Strike That Changed New York. They revisit the historic 1960 New York City public school teachers' strike where educators put their careers on the line to trade short-term perks and principal favoritism for a contract that guaranteed a predictable, upward-climbing pay scale for everyone.
Then, Katy is joined by George Loewenstein, Herbert A. Simon University Professor of Economics and Psychology at Carnegie Mellon University and author of the new book The Opposite of Happiness: How Bad Feelings Make and Break Us. They discuss his seminal research on why we prefer rising salaries, the emotional toll of anticipation and dread, and how a simple change in order of events can flip our decisions.
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The books How to Change: The Science of Getting from Where You Are to Where You Want to Be, The Strike That Changed New York, and The Opposite of Happiness: How Bad Feelings Make and Break Us are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about their content.