Guests Daniel Kahneman and Colin Camerer, along with game show contestant Luis Green, discuss the psychology of decision-making in high-stakes situations like Deal or No Deal. Topics include framing decisions based on potential loss or gain, the reflection effect on preferences, and the influence of framing choices on decision-making.

Explore the impact of recent events on decision-making, from the 1968 US presidential election to medical procedures. Discover how 'October surprises' influenced the election and how recency bias affects physician decision-making. Learn strategies to avoid recency bias and make informed decisions.

Discover the truth behind common misconceptions like Vitamin C curing colds and bats being blind. Learn about the persistent misinformation surrounding MSG and the illusory truth effect with guests Jennifer LeMesurier and Tali Sharot. Explore how repeated exposure to information impacts belief and sharing, and uncover strategies for navigating online misinformation.

Explore the intriguing world of forensic accountants as they uncover fraudulent activities, dissecting cases like the Bernie Madoff Ponzi scheme. Learn about the legal term 'Center' and the challenges of proving fraudulent intent. Discover the impact of famous forensic accountants and movie portrayals, shedding light on the critical role these professionals play in uncovering financial fraud.

Richard Thaler, Nobel Prize-winning economist, discusses the concept of friction and 'sludge' in decision-making. Susan Budowski shares stories of people struggling to get out of timeshare contracts. Wendy Wood talks about leveraging friction for positive habits. The podcast explores subscription traps and the impact of friction on behavior change.

David Silbey, an expert in transportation history, and Ned Augenblick, a psychologist specializing in human behavior on trains, join Katy Milkman for an episode discussing how people overreact to poor quality or incomplete information. They examine historical examples like the myth of "railway madness" and the USS Maine explosion, highlighting the tendency to assign great importance to news stories without significant impact. The episode also explores the biases in belief updating and the trade-off between lab experiments and real-life situations in behavioral science research.

Sports enthusiasts Albert Chen and basketball prodigy Elizabeth Tipton discuss the Sports Illustrated cover jinx and how extraordinary performances can mislead people about future results. They explore regression to the mean, luck vs. skill in bowling, and mean reversion neglect.

A.J. Jacobs shares his gratitude journey in exploring the complex operations behind his cup of coffee. Steven Sloman discusses the illusion of explanatory depth and how it affects our understanding. The podcast emphasizes the importance of explaining complex concepts to uncover misunderstandings in decision-making.

Gary Lawless, a sports team reporter, shares the underdog story of the Vegas Golden Knights, a new hockey team that became surprising playoff contenders in their first year. Erika Kirgios discusses research on wider versus narrower choice brackets and their impact on decision-making. The podcast explores the success and challenges of building a team from scratch, the benefits of taking a global perspective on decision-making, and the importance of grouping choices together for better results.

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 or accidental experiments. The organizers of a heroic airlift transporting thousands of Ethiopian Jews to Israel broke the record for the flight with the most passengers. It was 1994, and the clock was ticking for Israeli intelligence personnel and leaders of the Ethiopian Jewish community as they worked to transport as many people as possible before the civil war closed in on Addis Ababa. This desperate effort, dubbed Operation Solomon, would change the lives of the Ethiopian Jews in surprising and unintended ways. Stephen Spector is a professor of religions and culture and medieval English at Stony Brook University. He's also the author of Operation Solomon: The Daring Rescue of the Ethiopian Jews.Solomon Ezra is an active member of the Ethiopian and Jewish communities in Portland, Oregon, and was a ground operations leader during Operation Solomon. Donna Rosenthal is the author of The Israelis: Ordinary People in an Extraordinary Land.Next, Katy speaks with Steven Levitt about how to spot natural experiments and why they can provide such unique information about human behavior.Steven Levitt is the William B. Ogden Distinguished Service Professor of Economics at the University of Chicago, co-author of the bestselling book Freakonomics, and the host of a Freakonomics Radio podcast called People I Mostly Admire.Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts. Important DisclosuresAll expressions of opinion are subject to change without notice in reaction to shifting market 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 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. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.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.(0823-30U5)