Choiceology with Katy Milkman

In this engaging discussion, Devin Pope, a Steven G. Rothmeier Professor at the Booth School of Business, reveals how cognitive biases shape our economic decisions. He explores intriguing concepts like left digit bias, showing why we might pay more for a car that has 29,999 miles instead of 30,000. The conversation includes fascinating insights into pricing strategies in music, diamonds, and even medical decisions, emphasizing how numbers significantly influence our choices in surprising ways.

Chloë Hamilton, a journalist known for her work in The Guardian, joins Jackie Silverman, an assistant professor at the University of Delaware studying consumer behavior. They dive into the motivational power of streaks—how apps can inspire commitment but sometimes lead to unhealthy obsessions. Hamilton shares fascinating stories, including a dedicated runner's extreme streak, while Silverman reveals how breaking a streak can trigger feelings of failure. The discussion emphasizes strategies to promote ‘streak repair’ and balance in habit formation.

Daniella McCahey, a Texas Tech history professor and co-author of "Antarctica: A History in 100 Objects," shares the gripping stories of polar explorer Richard E. Byrd, including his harrowing expeditions and how he navigated extreme conditions. Tom Gilovich, a psychology professor at Cornell and originator of the headwinds/tailwinds asymmetry, discusses our tendency to focus on challenges while overlooking advantages. Together, they explore how these cognitive biases shape our experiences and influence decision-making in both personal and professional realms.

Ken Adelman, former U.S. ambassador to the UN and arms control director during Reagan's administration, shares insights on the 1986 Reykjavik summit with Mikhail Gorbachev, revealing the depth of their surprisingly candid negotiations amid Cold War tensions. Julia Minson, a decision scientist at Harvard, discusses the 'psychology of disagreement' and how personal biases shape our perceptions of reality. Together, they explore naive realism, the challenges of conflicting views, and the vital importance of understanding diverse perspectives in communication.

Stephen M. Colbert, a keen observer of the film industry and co-host of a popular podcast, shares insights about the tumultuous relationship between DC and Marvel, highlighting how Rotten Tomatoes scores influenced fan expectations. He reveals the behind-the-scenes struggles of directors and studios in this ratings-obsessed environment. Linda Chang, a behavioral scientist, dives into 'quantification fixation,' explaining how our over-reliance on numbers can distort important decision-making. Together, they challenge listeners to look beyond digits in their choices.

It’s a new season of Choiceology, an original podcast from Charles Schwab. New episodes arrive every two weeks, so please follow us in your favorite podcasting app. Important DisclosuresThe 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 source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication. All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.Investing involves risk including loss of principal.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 book and makes no representations about its content.(0325-43AS)

Ethan Gilsdorf, a writer and performer, shares how Dungeons & Dragons helped him navigate life’s hurdles and find empowerment. David Fajgenbaum, a physician and Castleman disease advocate, discusses his battle with illness and the transformative power of storytelling in healing. Kurt Gray, a psychology professor, delves into the hero's journey as a framework for personal growth, encouraging listeners to reshape their narratives. Together, they explore how embracing life's challenges can create meaning and resilience through our own heroic tales.

Francis Kelly, President and CEO of CEOVIEW Branding and former leader of the Truth anti-smoking campaign, teams up with Christopher Bryan, a professor at UT Austin specializing in psychological reactance. They discuss how rebellion can be harnessed to encourage healthier choices, particularly among adolescents. Kelly shares insights on the groundbreaking Truth campaign that effectively reduced youth smoking by tapping into teens' resistance to authority. Bryan introduces creative strategies to promote healthy eating, making rebellion a tool for positive change.

In this insightful conversation, best-selling author Matthew Polly shares his thoughts on Bruce Lee’s complex legacy, revealing key nuances that shape our collective memory of the martial arts icon. Alongside him, Maurice Schweitzer, a behavioral economics expert, delves into how our memories are influenced by selective retention, highlighting the peak-end rule. They discuss how recognizing the impact of memorable moments can enhance workplace satisfaction and decision-making, ultimately transforming how we perceive experiences.

In this conversation, UFO expert Toby Ball, host of the podcast Strange Arrivals, shares insights about the Rendlesham Forest Incident, exploring the allure and skepticism surrounding unidentified flying objects. Alongside him, Tania Lombrozo, a psychology professor at Princeton, discusses our human tendency to favor simple explanations for complex issues, which can often lead to misinterpretations. Together, they examine the interplay between folklore and reality, emphasizing the importance of recognizing complexity in a world that often seeks simpler narratives.