"Don't judge a book by its cover" is an old adage for a good reason. Elegant book cover designs can create a positive impression and make you more likely to judge the writing quality more positively. But these traits—cover art and writing—are separate and distinct features of books. So why do we allow the judgment of one[...]
Are rules made to be followed—or meant to be broken? Often, the answer will depend on culture and the context in which people make decisions. In this episode of Choiceology with Katy Milkman, we look at how carefully people in different contexts follow social norms, rules, and procedures. We'll also see how strict and relaxed cultures affect the[...]
In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk.Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but there[...]
When someone asks, "What's your favorite restaurant?" odds are you're inclined to recommend a place you've eaten at recently—even if it's not really your favorite. It's just top of mind. Why do we weigh recent events so heavily? And how does this tendency impact important decisions, like whom to vote for or how to conduct medical procedures? In[...]
Vitamin C is a cure for the common cold. Bats are blind. Sugar makes children hyperactive.All of these statements are false. So why are they so pervasive? And why do they feel so true?In this episode of Choiceology with Katy Milkman, we look at a phenomenon that can cause us to believe inaccurate information more than[...]
Curious what it would be like to walk in someone else's (work) shoes? Join New York Times bestselling author Dan Heath as he explores the world of work, one profession at a time, and interviews people who love what they do. What does a couples therapist think when a friend asks for relationship advice? What[...]
Filling out an overly complicated form or waiting on hold for hours to speak with a customer service rep is a frustrating experience. And sometimes it seems like the process itself is designed to be difficult.In this episode of Choiceology with Katy Milkman, we look at how friction––time, distance, complexity, or anything that gets in[...]
A train was speeding along the tracks in 19th-century England when a passenger suddenly started smashing windows and waving a pistol in the air. People believed his actions were caused by what was, at the time, a new and unfamiliar form of transportation. Doctors posited the rattling motion and noise of trains could cause passengers[...]
It’s halftime at a basketball game. A kid nervously steps onto center court. If he can score a basket from center court, he’ll take home the prize money. He tells the announcer that he plays on his elementary school team and that he has been practicing for this moment. The crowd holds their breath as[...]
Why do ocean waves move the way they do? How does a toaster work? How might ink flow through a ballpoint pen without the help of gravity? You may know the answer to these questions, but explaining them in detail could reveal an unexpected truth.In this episode of Choiceology with Katy Milkman, we look at[...]
What is the difference between buying groceries for the whole week versus grabbing something to eat on the way home each day? Grouping choices together so that you make a bunch of selections all at once can seem daunting, but it can actually help you reach your goals faster.In this episode of Choiceology with Katy[...]
Scientifically sound, randomized experiments can be expensive and difficult to run. But there’s an alternative: It turns out that certain real-life situations can also generate useful scientific data. The trick is finding them.In this episode of Choiceology with Katy Milkman, we look at how events outside of our control can create opportunities for so-called natural[...]
There are moments in life where it seems as though everything is riding on one important decision. If only we had a crystal ball to see the future, we could make those decisions with greater confidence. Fortune-telling aside, there are actually methods to improve our predictions—and our decisions.In this episode of Choiceology with Katy Milkman,[...]
If you ran a survey at a science fiction convention to find out which movies were most popular with the general public, chances are good that the results would lean heavily towards sci-fi films. This skewing of data is plain to see in this context, but in many others it’s less obvious and potentially more[...]
On this special bonus episode of Choiceology with Katy Milkman, we highlight Ripple Effect, a new podcast from the Wharton School of the University of Pennsylvania. Hosted by Dan Loney, Ripple Effect showcases research by Wharton faculty and shares what their insights mean for you.As part of a series on women and work, this episode[...]
We all make decisions involving risk. Decisions like trying out for your school’s chess team, speaking up when you don’t agree with your boss, or going down a double-black-diamond run at the end of a long day of skiing. So how do we determine which risks are worth taking and which ones are too …[...]
Finding a new favorite celebrity feels a little bit like falling in love. Perhaps you find their smile endearing, or you relate to their sense of humor. Maybe you see things in your everyday routine that remind you of them. You feel like you know them so well. But whether it’s a star athlete or[...]
Mullets. Skinny jeans. Crocs. Many of us can recall trends that we've jumped on, only to see those trends become passé soon after. But the fear of missing out can snowball into heavier consequences.In this episode of Choiceology with Katy Milkman, we look at how speculation and rapidly growing trends, however niche, can cloud people's[...]
When you fail to reach a challenging goal, say, saving a certain amount of money each month or getting to the gym a certain number of times a week, it can be tempting to just give up on the plan entirely. But new research shows that building some flexibility into that plan can actually improve[...]
It seems like every other week there's a news report about how coffee will help you live longer or will shorten your life. There are similar reports about vitamins and water consumption and any number of other health-related studies. So why do we see so much conflicting information around scientific research in the media? In this[...]
You've probably caught yourself indulging after a workout or a game or a stretch of healthy eating. Maybe it was a pint or two after a soccer game or an extra piece of cheesecake after a vigorous hike. These indulgences are easier to justify after a healthy activity. Ironically, though, these indulgences can undo some[...]
If you’ve ever lost a job, or been through a breakup, or failed an exam, you’ll know that the aftermath can be painful and disorienting. But for some percentage of those who experience these disappointing outcomes, unforeseen opportunities will arise.In this episode of Choiceology with Katy Milkman, we look at the occasional upside of being[...]
When we feel angry or excited, or happy or sad, the reasons for those emotions may seem obvious. Angry? It was that argument with a spouse. Excited? It was that promotion at work. Happy? Must've been that delicious meal. Sad? It was that tearjerker film, for sure. But it turns out that we often mistake[...]
“Life, liberty, and the pursuit of happiness.” A quintessentially American phrase from the Declaration of Independence. That “pursuit of happiness” takes many forms, but it turns out that some approaches are more likely to be successful, according to science. In this episode of Choiceology with Katy Milkman, we look at a way to frame how you[...]
Humans can easily distinguish between a zero-chance event (e.g., the Washington Nationals winning the World Series in 2022) and a sure thing (e.g., the sun coming up tomorrow). But in between those two clear outcomes, it turns out that we’re not great at estimating odds.In this episode of Choiceology with Katy Milkman, a bias that[...]
You hear it a lot in contemporary education, the tech world, and the arts: that it's important to fail, to make mistakes so that you can learn from them and get better at whatever you do. But that generally accepted wisdom is incomplete.In this episode of Choiceology with Katy Milkman, we look at how failure[...]
If you've ever been faced with an important decision when time was scarce, information was incomplete, or tempers were running high, you'll know that it's difficult to make a good choice. Now imagine a decision that has implications for the entire world, and the people facing that decision are 500 feet below the surface of[...]
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[...]
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[...]
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[...]
Don’t shoot the messenger is a metaphorical phrase for blaming the bearer of bad news. It’s easy to be angry with someone who is associated with information you don’t want to hear–say, a doctor delivering an unwelcome diagnosis, or a manager who has to fire you due to budget issues beyond her control. The phrase[...]
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[...]
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[...]
Anticipating and planning for obstacles can sometimes be more powerful than adopting a positive mindset.A positive attitude is important when embarking on any new endeavor. However, as you may have heard in previous episodes of Choiceology with Katy Milkman, overoptimism also can blind you to important information.In this episode, we look at a strategy that[...]
Most of us would prefer to avoid an argument at work or at home. But there are times when arguments—at least when they’re civil—can help surface important information for decision-making. In this episode of Choiceology with Katy Milkman, we look at situations where certain types of conflict can actually lead to better outcomes.You’re probably familiar with[...]
Perhaps this scenario seems familiar. Let’s say you generally do a good job of sticking to your monthly budget, but a rare opportunity arises—maybe a favorite musical artist is in town, or you’ve been invited to a friend’s 25th anniversary event—and you blow past your regular spending limit. It’s all right—you’ll just have to tighten[...]
When young children imagine their future lives, they’re often very optimistic. They’ll say things like “I’m going to be an astronaut!” or “When I grow up, I want to be a movie star!” These outcomes are, of course, quite rare. Most children will grow into slightly less exotic careers as adults. But even as adults,[...]
You may notice that charity campaigns tend to focus on the stories of one or two individuals or families, and that those stories are often rich with emotional content but light on information and statistics. There’s a reason for that.In this episode of Choiceology with Katy Milkman, we look at the different ways we tend[...]
Most people wouldn’t attempt a marathon or a climb up Mount Everest without first working through some less audacious objectives. And yet there are countless examples of ambitious goals—new businesses, academic degrees, career changes, athletic feats—that were abandoned because they appeared too daunting in scope.In this episode of Choiceology with Katy Milkman, we look at[...]
Important decisions can be complex and difficult to make. We’re at the mercy of certain behavioral biases, and we often face a degree of uncertainty. And while it’s helpful to be aware of our shortcomings and mindful of our incomplete picture of the world, there is a proven way to make better decisions, on balance. In[...]
Many episodes of this podcast deal with cognitive biases that can hinder our decision-making abilities. In this episode of Choiceology with Katy Milkman, we look at a different kind of error: how completely irrelevant information can negatively influence our judgments, making them varied and unpredictable.This variability of human judgment—or noise—is the topic of a new[...]
If you’ve ever lost a job, or been through a breakup, or failed an exam, you’ll know that the aftermath can be painful and disorienting. But for some percentage of those who experience these disappointing outcomes, unforeseen opportunities will arise.In this episode of Choiceology with Katy Milkman, we look at the occasional upside of being[...]
You probably have a list of reminders somewhere. Maybe you have a calendar with important dates marked. And likely a mental to-do list. And shopping lists. And gift ideas. And you’ve got to remember to get your taxes filed. And don’t forget to get those prescriptions filled before the drug store closes. And you’ve got[...]
For many, the onset of the coronavirus pandemic was terrifying. Descriptions of the outbreak in Europe and Asia led to panic buying and sheltering in place here at home. But, as time passed and people became acclimatized to life with masks and social distancing, many of those same people who were terrified at the outset[...]
Have you ever visited your doctor to deal with a minor health issue and then left the office with nothing more than the doctor’s calming reassurance? Chances are good that you felt a bit better, physically, just by virtue of experiencing the environment of the clinic and anticipating some kind of improvement in your health.In[...]
Hardware stores and home improvement shows often promote do-it-yourself projects. And while it’s challenging to make your own projects look as good as the ones on TV or in glossy brochures, building something yourself can be a very rewarding experience. The trouble is, the DIY approach can sometimes cloud your perceptions of the value of[...]
In a past episode titled “Spoiled for Choice,” we looked at how decision-making can be hampered by our desire to avoid the painful emotion of regret. In fact, regret aversion can cause people to abandon certain decisions entirely.In this episode of Choiceology with Katy Milkman, we look more closely at regret itself. Stirling Hart is a[...]
For some people, the check engine light on their car dashboard means an immediate trip to the repair shop. But for others, it represents a nagging unpleasant feeling that’s best to be avoided. So they put it out of their mind for as long as they can. In this episode of Choiceology with Katy Milkman, we[...]
You’ve probably had the annoying experience of going to a store to pick up a few things, only to leave having forgotten at least one of them. That’s likely due to the challenge of holding more than one piece of information in your working memory while you shop, not to mention the effects of time[...]
“Mom! Janey got more ice cream than me! Not fair!” For kids—and many adults—the notion of what’s fair or not often involves comparing quantities of some valuable thing. But there’s another, more nuanced concept of fairness that crops up in certain types of negotiations. In this episode of Choiceology with Katy Milkman, we look at what[...]
Traditional economic theory says that more choice should always be better than less. After all, if the cereal aisle has corn flakes, honey nut corn flakes, toasted coconut corn flakes, chocolate corn flakes, multi-grain flakes, and all the rest, you’ll surely be able to find the breakfast carbs that suit your taste buds perfectly. But[...]
The rapid heartbeat. The shaking hands. The flushed face. The symptoms of pre-performance jitters are common. For some people, nervousness before a big test or important presentation is normal and temporary. For others, it can be debilitating. Typical suggestions for managing nerves tend to involve deep breaths and calming thoughts. But what if there were[...]
Have you ever bid in a competitive auction—say, on eBay—and won the item, only to see a similar item for sale elsewhere at a lower price? If so, you may have fallen prey to the winner’s curse.In this episode of Choiceology with Katy Milkman, we look at bias that can lead people to overpay in[...]
Have you ever purchased a car or a motorcycle or a boat, based on some particular quality it had that made you fall in love? Maybe it was candy apple red. Maybe it had sleek lines. Maybe the engine made a pleasing purr. Hopefully that decision was a happy one. But what happens when the[...]
If you’ve ever signed up for a frequent flyer program, chances are good that you were awarded a certain number of bonus points to start. Those bonus points feel like a nice little gift, but they also serve another purpose: to increase your motivation to participate in the program.In this episode of Choiceology with Katy[...]
An unprecedented global health crisis has overwhelmed healthcare systems, disrupted economies and financial markets, and radically altered our daily lives. And while social distancing is the responsible thing to do to slow the spread of disease, it also heightens the emotional challenges we face during these scary and uncertain times.In this special bonus episode of[...]
We are inundated with decisions in the modern world. What to wear, what to buy, what to watch, where to work, what to eat, who to call, where to live, what to study, when to exercise, how much to save, etc. And every decision, no matter how small, requires mental effort. But when a particular[...]
Many episodes of this podcast deal with cognitive biases that can hinder our decision-making abilities. In this episode of Choiceology with Katy Milkman, we look at a different kind of error: how completely irrelevant information can negatively influence our judgments, making them varied and unpredictable.This variability of human judgment—or noise—is the topic of an upcoming[...]
Benjamin Franklin is one of the most revered figures in American history. He accomplished more in one lifetime--as a publisher, scientist, and politician--than most of us dream of. One argument for his success is that he was a creature of habit. His grueling daily schedule focused on repeating several habits of self-improvement. He hoped to[...]
If you’ve toured through any old world cities, you’ve probably marveled at ancient buildings that have stood the test of time. You might think to yourself, “They sure made things to last back in those days.” And while the Notre Dame Cathedral or the Parthenon or the Tower of London may seem like proof of[...]
In this episode of Choiceology with Katy Milkman, we look at how framing a decision based on what you stand to lose versus what you stand to gain affects your tolerance of risk.Luis Green was a contestant on the popular TV game show Deal or No Deal. The game is largely one of chance, but[...]
Say you have a colleague who is struggling to complete a project at work. You might offer them some tips and tricks based on your own experience with similar projects. And it’s reasonable to expect those tips might be helpful to your colleague. But what if it turned out that the act of giving that[...]
Think back to a situation where you’ve been really pressed for time. Chances are good that the pressure of a deadline or an appointment caused you to be (a) hyper-focused and efficient or (b) panicked and prone to errors.Now think of a situation where you had plenty of available time. While you were probably much[...]
There’s something satisfying about the close door button in an elevator, especially when you’re in a rush. However, it turns out that most of those close door buttons aren’t actually connected to anything; they have no effect. So why are they there?In this episode of Choiceology with Katy Milkman, we explore a quirk in the[...]
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 delays and cost overruns. In this episode of Choiceology with Katy Milkman,[...]
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 you’re like most people, though, you put March[...]
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 question is, did you really know it along? In this episode[...]
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 episode of Choiceology with Katy Milkman, we look at quirk of[...]
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 worse, gets the details wrong and implicates an innocent person. Why does this happen? In this episode[...]
“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 peculiar ways people tend to value the things[...]
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 algorithms are commonplace and so, generally speaking, we’re used to them. But what about the algorithms behind self-driving cars[...]
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 this episode of Choiceology with Katy Milkman,[...]
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[...]
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 Charles Schwab. For more on the series, visit schwab.com/podcast. If you[...]
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 there we hear from the founder and CEO of Charity: Water, Scott[...]
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 behave from the people around you—family, co-workers, friends, social media, even the[...]
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 freshly opened, sitting there right in front[...]
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? Or is it[...]
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 School. You’ll hear from sports stars, Nobel laureates and everyday[...]
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 that—more often than not—your predictions will miss the mark. Why[...]
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 that can influence what you’re willing to pay.[...]
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 events we should really be concerned about?[...]
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 Choiceology with Dan Heath, we look at the[...]
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 continue to work toward that increasingly difficult goal, or[...]
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 choices are presented can have a huge impact on everything from vandalism to traffic[...]
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 with Dan Heath, we reveal this bias and explain how it affects decisions, big and small.[...]
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. Subscribe for free today to get the first episode automatically when it launches February[...]
Can we learn to make smarter choices? Listen in as host Katy Milkman–behavioral scientist, Wharton professor, and author of How to Change–shares 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. Season 1 of Choiceology was hosted by Dan Heath, bestselling author of Made to Stick and Switch. Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit schwab.com/contactus for contact options. (0321-1S88)
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All podcast content including episodes, graphics, and podcast descriptions are directy attributed to Charles Schwab or their podcast platform partner. If you believe your copyrighted work is in use without your permission, you can follow our process outlined here. See terms of use.
