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The Illusion of Number One

Ranked lists are everywhere—top hospitals, best colleges, must-visit cities. Yet behind these rankings are hidden assumptions, and they don't always reflect what matters most to you.
April 20, 2026
Podcast cover: The Illusion of Number One

Choiceology with Katy Milkman | S17 EP3

The Illusion of Number One

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After you listen:

  • Listen to Katy speak with Linda Chang about a bias called quantification fixation in the Choiceology episode "A Numbers Game."
  • Discover more Schwab podcasts about the markets, financial decision-making, economic policy, and more.

Ranked lists are everywhere—top hospitals, best colleges, must-visit cities. A single number can influence what we notice, what we value, and the decisions we make. Yet behind these rankings are hidden assumptions, and they don't always reflect what matters most to you. 

In this episode of Choiceology with Katy Milkman, we explore how rankings shape attention, guide choices, and subtly steer behavior.

Shriya Boppanna shares how rankings shaped one of the biggest decisions of her life—and, years later, what she gained and what she missed by chasing prestige.

Next, Katy speaks with Rick Larrick, the Hanes Corporation Foundation Professor of Management and Organizations at Duke University's Fuqua School of Business. His research reveals how rank labels simplify complex choices and influence everything from restaurant reservations to career moves—often without us even noticing.

Choiceology is an original podcast from Charles Schwab.

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The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is 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 its content.

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