Choiceology with Katy Milkman

Choiceology with Katy Milkman

www.schwab.com/resource-center/insights/podcast
Exposing the psychological traps that lead to expensive mistakes.


Best-Laid Plans: With Guests Ken Bowersox, Robert Godwin & Bradley Staats
May 27 • 37 min
If you’ve ever been through a home renovation, you know that it often takes more time or more money (or both!) than the contractor’s original estimate. But why is that? Experienced contractors renovate homes all the time. And yet they still regularly face…
Boxed In: With Guests Sophie Morgan, Modupe Akinola & Dolly Chugh
May 13 • 33 min
Assuming you live in the northern hemisphere, which would you say is colder: a day in March or a Day in April? On average, of course, March is colder than April, but there’s probably not a big difference in temperature between March 31 and April 1. If…
Knew It All Along: With Guests Kathleen Vohs, Douglas Porch & Julian Jackson
Apr 29 • 32 min
Think about a time when something happened that just seemed meant to be. Maybe you had a feeling that your child would get into a certain college. Perhaps you just knew that your partner would forget to pack something important for your vacation. The…
No Harm, No Foul? With Guests Francesca Gino & Dr. Byers “Bud” Shaw
Apr 15 • 35 min
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? In this episode of Choiceology with Katy Milkman, we look at a bias that can lead to errors in the…
Hitting Your Number: With Guests Jason Beck & Devin Pope
Apr 1 • 33 min
Have you ever noticed that there’s something satisfying about seeing a car’s odometer roll over from 99,999 to 100,000 miles? Or maybe more likely, looking at a clock right when it hits 12:00 on the nose? What’s so special about these moments? In this…
Out of Focus: With Guests Dolly Chugh, Max Bazerman & Mark Pendergrast
Mar 18 • 39 min
If you’ve ever watched a TV crime drama, you’ve probably heard that eyewitness testimony is notoriously unreliable. A person commits a crime literally right in front of someone, but the witness can’t identify key characteristics of the perpetrator—or…
Love the Mug You’re With: With Guests Joel Platt, Sally Sadoff & Richard Thaler
Feb 18 • 36 min
“For most things are differently valued by those who have them and by those who wish to get them; what belongs to us, and what we give away, always seems very precious to us.” –Aristotle In this episode of Choiceology with Katy Milkman, we look at the…
Data for the Win: With Guests Michael Kist & Cade Massey
Feb 4 • 30 min
Netflix recommendations, Amazon suggestions, Google searches, airline ticket prices, your social media feed. All of these things are driven by algorithms—computer models that crunch massive amounts of data to generate useful results. These types of online…
The Mystery of Chance: With Guests Andy Marocco & Tom Gilovich
Jan 21 • 27 min
Have you ever seen a cloud overhead that looks very much like, say, a rabbit? Or maybe you’ve found a potato chip that had an uncanny resemblance to Elvis, or a cornflake that was almost exactly the shape of the state of Texas. What are the chances? In…
A Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab
Jan 7 • 32 min
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…
Happy Holidays from Choiceology
Dec 21, 2018 • 1 min
Choiceology with Katy Milkman returns after the holidays, starting with a special New Year’s episode on January 7. In the meantime, you can listen to all of our past episodes online or in your podcast app of choice. Choiceology is an original podcast from…
Happiness: With Guests Scott Harrison & Mike Norton
Dec 10, 2018 • 29 min
In this episode of Choiceology with Katy Milkman, we examine an old insight about happiness and giving. It’s an insight that is now backed up by behavioral science. The episode begins with a scene from the Charles Dickens classic A Christmas Carol. From…
Everybody’s Doing It: With Guests Tyler Hamilton & Todd Rogers
Nov 26, 2018 • 27 min
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? No so fast. You are, in fact, a social animal. You take many visible and invisible cues on how to…
The Temptation of Now: With Guests Richard Thaler & Angela Duckworth
Nov 12, 2018 • 24 min
Most of us would like to think we make decisions for our own good. Presented with the imaginary choice between a bag of salty, greasy potato chips and a healthy salad, you might opt, in principle, for the salad. But what happens when that bag of chips is…
Losses Loom Large: With Guests Hank Haney, Dolly Chugh & Maurice Schweitzer
Oct 29, 2018 • 34 min
Winning feels good. Whether it’s nailing a tricky golf shot or landing a big client for your firm, it’s nice to come out on top. But is it the thrill of victory that pushes you to sink that 10-foot putt or compels you to put in a few extra hours at work?…
Introducing Season 2 of Choiceology
Oct 15, 2018 • 4 min
Season 2 of Choiceology is coming soon! Dan Heath hands the reins over to new host Katy Milkman for this season. Katy brings an incredible depth of knowledge to the show through her work as a professor of Operations, Information & Decisions at The Wharton…
How Tomorrow Feels Today
May 14, 2018 • 33 min
Imagine you’ve just been through a major life event: The birth of a child. A major award. The loss of a job. A divorce. Now picture yourself 10 years in the future and try to imagine how that event affected your overall well-being. Research shows…
A Number in Mind
Apr 23, 2018 • 28 min
When you set out to buy something—a car, for example, or a laptop or some small gadget for your kitchen—you analyze the features and the style and the utility of the thing, and then you make a choice. But it turns out that there’s a psychological force…
Swimming with Sharks
Apr 9, 2018 • 29 min
Sometimes it seems as if danger lurks around every corner. News reports of events like plane crashes and shark attacks make grave risk to life and limb feel real and imminent. And while there’s no doubt that risk is a part of life, are these the types of…
The Devil’s Advocate
Mar 26, 2018 • 27 min
In a world awash in data, you’d think it would be relatively easy to make informed, objective decisions. But there’s a problem that gets in your way, even with all of this information at your fingertips: You see what you want to see. On this episode of…
Summit Fever
Mar 12, 2018 • 29 min
Imagine that you’ve put in effort toward a goal, but things haven’t quite worked out the way you hoped. Maybe your goal was more expensive than you expected; maybe it’s taking longer to reach than you thought. So the question is, do you double down and…
The Big Impact of Small Changes
Feb 26, 2018 • 27 min
You don’t make decisions in a vacuum. Context matters, perhaps more than you think. On this episode of Choiceology with Dan Heath, we explore the subtle, sometimes hidden structures that influence your decisions. You’ll see how small changes in the way…
It’s Hard To Be Humble
Feb 12, 2018 • 25 min
The Battle of Midway. Saltine crackers. Carnival games. What do these seemingly unrelated things have in common? Well, they’re connected by a common psychological trap—one that affects the way we all make decisions. In this first episode of Choiceology…
Introducing Choiceology with Dan Heath
Jan 19, 2018 • 2 min
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…