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Choiceology

Choiceology with Katy Milkman

Listen in as host Katy Milkman—behavioral scientist, Wharton professor, and author of How to Changeshares 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.

Click each episode link below for a transcript and full show notes.

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How can disappointing outcomes lead to surprising opportunities?

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Forgetting can be a significant barrier to achievement with real consequences. How can reminders help improve our memory?

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The way we perceive the probability of rare events often changes as we acquire direct experience—but are the new perceptions more accurate?

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How can our expectations and mindset have a positive effect on our health and our lives?

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There is a real sense of satisfaction that comes with building something yourself. But can that lead to us overvaluing what we create?

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You wouldn’t be human if you didn’t have at least some regrets. The trick is knowing when (and how) to let things go—and when to use regret productively.

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Have you ever ignored unpleasant information, hoping it would just go away?

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Using a checklist—it’s such a simple idea, but it’s one of the best ways to bring order to complexity and achieve results.

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It’s hard to be objective about fairness—because what seems fair so often depends on your reference points.

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While having a myriad of options is a privilege consumers increasingly expect, too much choice often leads to dissatisfaction and regret.

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Can adverse emotional reactions be reframed to diminish their negative consequences?

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Conventional wisdom is that you should just buckle down and do what’s in your long-term best interest, right? It’s a lot easier if you make it appealing in the short term, too.

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Suppose you just won a hotly contested auction. How likely is it that you got a good deal?

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Making a decision in isolation—versus in a comparison—relies on different processes and tends to produce different results.

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Whatever the goal, we often increase our level of effort when the finish line seems near. How can we make the most of this tendency?

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What can behavioral science teach us about managing the emotional toll of the coronavirus pandemic?  

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Making the beneficial choice the easiest choice can streamline decision-making. But be aware of exactly who’s benefitting.  

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The chance variability of human judgment is a widespread, costly problem—and one that can be measured even when the supposed correct answer isn’t known. 

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Giving in to temptation is all too easy in the moment. But raising the stakes just might bolster your resistance.

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Small repeated behaviors can have an outsize impact on your success, health, and happiness.

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Concentrating only on successes—the things that survive some selection process—often leads to faulty conclusions.

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Risky propositions tend to look different when you’re already behind.

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When it comes to advice, it just might be better to give than to receive.

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A lack of resources can constrain your ability to make the best choices in life. But surprisingly, there are advantages to scarcity in some contexts.

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Some things are simply beyond our control. And while a little luck never hurts, it’s best to understand what your behaviors can truly affect.

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Why do we forget the lessons of past projects and underestimate the time, costs and risks of future actions?

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One of the most common mental shortcuts we commit is making snap judgments about people and things based on limited information.

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Hindsight is 20/20, the saying goes. But occurrences that appear inevitable after the fact rarely seemed so in real time.

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It makes some intuitive sense to judge a decision based on its results. But is it always true that a good decision leads to a good outcome, and vice versa?

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Round-number goals are arbitrary but effective.

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People overlook important information—even when it’s easily accessible or, in hindsight, downright obvious.

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It’s a bias that’s been observed for perhaps thousands of years, a tendency to overvalue what we already possess.

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Where analytical models and algorithms outperform human judgment, it’s still so tempting to just go with your gut.

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We’re wired to search for order in the world. It’s how we learn and construct meaning. But often we see patterns in mere happenstance.

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How you divide your money and time is influenced by a cognitive bias—but it’s one that you can put to good use.

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Giving: It’s one simple behavior that’s been shown to increase happiness.

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You’re an independent-minded person. You make choices for yourself based on the best information available. You own your decisions, right or wrong. Right?

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Why is it so tempting to make short-sighted decisions? And what we can do to exert more self-control?

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From ethical behavior to athletic competition, the disproportionate drive not to lose can lead to major mistakes. 

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Choiceology returns with a new season and a new host—Katy Milkman. Subscribe for free today to get the first episode of season 2 when it launches October 29.

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Whether expecting joy or despair, we tend to overestimate the long-term emotional impact of life events.

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Focusing on a single data point to the exclusion of other information: It’s a tried-and-true negotiating strategy, and it can quickly skew your judgment.

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News reports sometimes make it seem as if danger lurks around every corner. And while there’s no doubt that risk is a part of life, do we worry more than we should?

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In a world awash in data, you’d think it would be relatively easy to make informed, objective decisions. But not if you only see what you want to see.

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Imagine that you’ve put in effort toward a goal, but things haven’t quite worked out the way you hoped. How do you know when it’s time to let it go?

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It's not always about life-changing decisions—sometimes small changes can make a big impact. 

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We can’t all be above average. So why, in certain situations, do we think we’re so special?

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You’re not as rational as you think. In this new podcast, bestselling author Dan Heath performs forensic analysis on decision making. You’ll hear real stories, learn from top experts, and witness informal experiments that demonstrate the mistakes we too often make.

Important Disclosures

Information on this site is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of securities and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation. All expressions of opinion are subject to change without notice in reaction to shifting market, economic and geo-political conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Investing involves risk, including loss of principal.

Past performance is no guarantee of future results.

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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.). Schwab has not reviewed the book and makes no representations about its content.

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

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