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 do you move on to something new? Do you fish or cut bait? On this episode of Choiceology with Dan Heath, we look at how past effort, time or expense can influence the way we make decisions moving forward—even when they shouldn’t. The episode begins on an auction house floor but quickly climbs to the top of the highest peak in the world. Along the way, you’ll see how common is the lure to continue no matter what, and how it affects all kinds of decisions, big and small. Professor Michael Roberto explains how to identify this bias in your day-to-day life. You can read his paper on how it may have influenced some life-and-death decisions at the top of Mount Everest. Lou Kasischke’s book on his experience on the 1996 Mount Everest expedition is called After the Wind. You’ll also find out how to fight back against the influence of this trap in a story about Intel CEO Andy Grove—one of the most successful business leaders of the 20th century. And to learn about making investment decisions with an eye toward the future, check out our bonus article “Don’t Look Back.” 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. (0318-8VJ8)

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 congestion to retirement savings. Tara Austin of Ogilvy Change tells the dramatic story of how she and her team worked to reduce street crime in a London neighborhood after a devastating riot. It was a surprisingly simple project that had a measurable impact. You can see images from the project in this BBC News article. You’ll also hear about an experiment we ran on a busy intersection in an attempt to reduce collisions between bicycles and pedestrians—using nothing but a roll of duct tape. And behavioral design expert Sille Krukow explains how choice architecture can channel our inherent laziness to help us make better decisions. After listening, you can read our bonus article Nudge Yourself to learn even more about how to turn smart decisions into easier ones. 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. (0218-8ZH9)

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. Jonathan Parshall tells the dramatic story of how it influenced the course of history during a World War II battle. A ridiculous cracker-eating contest demonstrates the pitfalls of this bias in real time. And Professor Don A. Moore explains the history and psychology behind the bias and offers advice on how to minimize its effects. Learn more about how this bias may be affecting your investing outcomes in this article. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a ⭐️⭐️⭐️⭐️⭐️ rating or review on Apple Podcasts. (0218-8W73)

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 12.