Shows
Choiceology with Katy MilkmanWhy Starting Over HurtsIf you've ever gotten well into a project—maybe a DIY renovation—and then realized that you've taken the wrong approach, you probably know that it's very tempting to just stay the course. Starting all over again would be so painful, even if starting over is clearly the best option.Or maybe you've taken a wrong turn on a hike and only noticed it a mile later. You know the dread of going back. Even if turning around is the smartest option, there's a strong pull to just keep moving forward.In this episode of Choi...
2025-09-2237 min
Choiceology with Katy MilkmanTeamwork That Works: What Great Teams Have in CommonWhat makes an effective team? Talent? Skill? Discipline?In this episode of Choiceology with Katy Milkman, we're looking at some of the more surprising ingredients of successful teams, according to science. Teams where the whole is greater than the sum of its parts.You'll hear the story of the Kon-Tiki expedition—a harrowing journey across the Pacific Ocean led by Norwegian explorer Thor Heyerdahl. A journey made by a small band of adventurers who set out to understand ancient human migration. They were young. Most were inexperienced. But they had enthusiasm, a range of talents and...
2025-09-0842 min
Choiceology with Katy MilkmanWhen It Feels Like Everyone's WatchingWe've all been there. Maybe you fumbled a line in a presentation. Or tripped on a shoelace. Or suffered a bad hair day. It can feel like the whole world is watching you—and judging you—in those embarrassing moments. But are people paying as much attention to you as you think?In this episode of Choiceology with Katy Milkman, we explore why we tend to blow our own missteps out of proportion.We go behind the scenes of some of the most consequential speeches of World War II. Speeches given by a man who was c...
2025-08-2536 min
Choiceology with Katy MilkmanHow a Single Source of Information Can Seem Like SeveralYou've probably been in situations where multiple friends recommend the same product. It must be great, if everyone is talking about it, right? But then you find out that those friends had all just seen the same product on a popular TV show. What seemed like independent recommendations really came from a single source.In this episode of Choiceology with Katy Milkman, we consider the consequences of missing out on the true source of information when we're exposed to that information through multiple channels.Joe Schwarcz tells the story of two-time Nobel laureate Linus Pauling a...
2025-08-1128 min
Choiceology with Katy MilkmanLittle Bits of Happiness: With Guests Sally Millington & Ellen EversWere you the kind of kid who devoured all your Halloween candy in one sitting—or savored it daily until, somehow, it was Easter? And when it comes to bad news, do you prefer it all at once or with some time in between? Turns out, the way we bundle or separate life's highs and lows can influence our happiness. In this episode of Choiceology with Katy Milkman, we consider a mental accounting trick that can help maximize joy and minimize pain. You'll hear from Sally Millington of York, U.K., who set out to try 5...
2025-06-0228 min
Choiceology with Katy MilkmanHooked on Streaks: With Guests Chloë Hamilton & Jackie SilvermanStreaks have long been logged in the world of sports. And for tracking habits, like daily writing. But now apps encourage us to keep streaks going for just about anything. Messaging friends, learning new languages, meditating, exercising, you name it. In this episode of Choiceology with Katy Milkman, we explore the motivational power of streaks. And we look at ways to alleviate the demotivating effects of breaking a streak. We speak with journalist Chloë Hamilton, who wrote a story for The Guardian about how a daily ritual can enrich your life or become an unhealthy obse...
2025-05-0531 min
Choiceology with Katy MilkmanObstacle Illusions: With Guests Daniella McCahey & Tom GilovichFirst-born children tend to believe that their parents were harder on them than their siblings are willing to grant. Football fans take disproportionate note of the challenging games on their team's schedules. We're wired to interpret our challenges as bigger than our advantages, even if the reality is more balanced.In this episode of Choiceology with Katy Milkman, we consider our tendency to focus more attention on our negative or challenging experiences than on our positive or easy ones. This asymmetry also appears in how we remember the lives and experiences of other people. Daniella Mc...
2025-04-2130 min
Choiceology with Katy MilkmanA Hero's Journey: With Guests Ethan Gilsdorf, David Fajgenbaum & Kurt GrayLuke Skywalker, Frodo Baggins, Katniss Everdeen, the main characters of many great stories, they all have one thing in common: the shape of their journey. From answering the call to adventure, to undergoing tests of character and strengths, to triumphantly returning home forever changed. It's a classic narrative structure that's inspired countless tales from ancient myths to modern media. But it's not just great for entertainment. In this episode of Choiceology with Katy Milkman, we look at how this specific type of storytelling can be leveraged to make your life more manageable, exciting, and meaningful. Wri...
2024-10-2139 min
Choiceology with Katy MilkmanThe Truth Is Out There: With Guests Tania Lombrozo & Toby BallYour car breaks down. Must be because you skipped an oil change last month. Or your favorite team loses. Well, that was because of a bad call by a corrupt referee. In reality, many events involve multiple contributing factors. But we tend to gravitate toward single causes. In this episode of Choiceology with Katy Milkman, we look at our desire to explain things simply, even when the truth may be more complex.Where unidentified flying objects are concerned, there is rarely a simple answer. They'd be identified flying objects otherwise. So in the absence of co...
2024-09-0931 min
Choiceology with Katy MilkmanTo Fight Another Day: With Guests Alex Imas & Mary StockwellWhen you're facing loss—say, in a board game or during a sporting event or with a declining stock—it can be difficult to remember your true tolerance for risk. You're likely to seek risk more than you normally would.In this episode of Choiceology with Katy Milkman, we look at a tendency to seek risk in the face of losses when those losses aren't yet finalized, but how chalking up those losses and moving on can actually help you recalibrate your appetite for risk.During the American Revolutionary War, George Washington and his generals often...
2024-06-0335 min
Choiceology with Katy MilkmanChoiceology's Guide to Better Decisions: With Guests James Korris, Carey Morewedge & Jack SollOver the years, Choiceology has offered a lot of advice for making better decisions. In this special episode of Choiceology with Katy Milkman, we bring you the story of a video game that is surprisingly effective at reducing decision errors, and you'll hear about a practical checklist for improving choices in many different contexts.Solving fictitious mysteries might sound like fun and games, but the video game MISSING: The Pursuit of Terry Hughes was designed with a serious purpose in mind: to help intelligence analysts avoid decision-making traps. In 2015, James Korris and Carey Morewedge worked together to de...
2024-05-2031 min
Choiceology with Katy MilkmanThe Charmer's Playbook: With Guests Wilfred Webster & Daniel Read"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 trait to spill over to another unrelated trait? In this episode of Choiceology with Katy Milkman, we look at a tendency to allow our judgments of one trait of a person (or product or company...
2024-05-0634 min
Choiceology with Katy MilkmanRecipe for Success: With Guests Simon Rogan & Michele GelfandAre 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 quality of our decisions—and how to find the sweet spot depending on your goals.Professional kitchens have historically been challenging work environments: high standards, long hours with low pay, and a strong hierarchy of cook...
2024-04-2234 min
Choiceology with Katy MilkmanTake the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis Green (Rebroadcast)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 are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But a...
2024-04-0844 min
Choiceology with Katy MilkmanTop of Mind: With Guests John Farrell & Manasvini SinghWhen 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 this episode of Choiceology with Katy Milkman, we look at a phenomenon that can cause us to overweight recent events compared to earlier events and make suboptimal decisions. The 1968 presidential election was one of...
2024-03-2532 min
Choiceology with Katy MilkmanRepeat After Me: With Guests Jennifer LeMesurier & Tali SharotVitamin 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 we should, and also lead us to trust reliable information less than we should.If you’re over a certain age, you might remember friends or family panicking about MSG, or monosodium glutamate, particularly in Ame...
2024-03-1134 min
Choiceology with Katy MilkmanA Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan BudowskiFilling 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 the way of your goals—can contribute to what Nobel Prize–winning economist Richard Thaler calls "sludge." A young couple walks into a theme park and they are offered a gift card. The only catch is that they have to w...
2023-10-2337 min
Choiceology with Katy MilkmanJumping to Conclusions: With Guests David Silbey & Ned AugenblickA 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 to act erratically, creating the short-lived but popular myth of "railway madness."In this episode of Choiceology with Katy Milkman, we look at how people often overreact to poor quality or incomplete information.A sudden explosion in 1889 ripped apart the...
2023-10-0937 min
Choiceology with Katy MilkmanNo Mean Feat: With Guests Albert Chen & Elizabeth TiptonIt’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 the ball sails through the air, hits the backboard … and goes in. The stadium erupts in excitement. Could he be the next Michael Jordan? In this episode of Choiceology with Katy Milkman, we look at how extraordinary performances can mislead people...
2023-09-2533 min
Choiceology with Katy MilkmanA Cup of Knowledge: With Guests A.J. Jacobs & Steven SlomanWhy 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 why people think they understand things better than they actually do.The idea started at the dinner table. One of A.J. Jacobs’ kids presented him with a seemingly simple task—thank the people who made his cup of coff...
2023-09-1130 min
Choiceology with Katy MilkmanThe Golden Misfits: With Guests Gary Lawless & Erika KirgiosWhat 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 Milkman, we look at how taking a bird's eye view on a series of selections can help create better results overall.Most sports teams take years to establish themselves as contenders. But sometimes, a brand-new team is able to...
2023-08-2833 min
Choiceology with Katy MilkmanAn Accidental Experiment: With Guests Steven Levitt, Solomon Ezra & Stephen SpectorScientifically 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 per...
2023-08-1432 min
Choiceology with Katy MilkmanThe Superforecasters: With Guests Leon Panetta, Peter Bergen & Barbara MellersThere 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, we look at what makes some people “superforecasters.” In 2010, the United States government had been looking for Al Qaeda leader and perpetrator of the 9/11 attacks, Osama bin Laden, for nearly a decade. Years of intelligence gathering all over the wor...
2023-06-0537 min
Choiceology with Katy MilkmanSurvey Says: With Guests W. Joseph Campbell & Emily OsterIf 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 pernicious.In this episode of Choiceology with Katy Milkman, we look at a bias that can distort information that we gather from the world around us.First, W. Joseph Campbell tells the story of the infamous Literary Digest election pol...
2023-05-2229 min
Choiceology with Katy Milkman(BONUS) From Ripple Effect: Does Diversity Training Work? with Katy MilkmanOn 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 of Ripple Effect features Choiceology host and Wharton professor Katy Milkman. After years of conducting research on gender bias in the workplace, Katy has reached a singular conclusion: Systemic change is necessary to create long-lasting progress towards diversity, equity, and inclusion. Sh...
2023-05-0831 min
Choiceology with Katy MilkmanBrave on the Waves: With Guests Bianca Valenti & Katherine CoffmanWe 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 … risky?In this episode of Choiceology with Katy Milkman, we look at gender differences around confidence and uncertainty, and how we can all better calibrate our bravado.Surfing waves as tall as apartment buildings takes a lot of strength and sk...
2023-04-2432 min
Choiceology with Katy MilkmanFan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj ShahFinding 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 a Hollywood type, the reality is they likely have no idea who you are. In this episode of Choiceology with Katy Milkman, we explore how we can develop deep connections with complete strangers — and how that in turn makes us feel more...
2023-04-1030 min
Choiceology with Katy MilkmanThe Beanie Bandwagon: With Guests Robert Cialdini & Yemisi BrookesMullets. 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 judgment. A tight knit group of friends in Chicago start buying stuffed animals from a little-known toymaker, called Ty Warner, for their kids. The friends' enthusiasm for the toys is contagious, and soon the demand for these cute stuffed an...
2023-03-2731 min
Choiceology with Katy MilkmanThe Power of Do-Overs: With Guests Jeff Ryan & Marissa SharifWhen 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 your chances of success.In this episode of Choiceology with Katy Milkman, we look at how mulligans, skip days, cheat meals, and get-out-of-jail free cards are important strategies for sticking to your long-term goals.In the era of pinball and...
2023-03-1325 min
Choiceology with Katy MilkmanMesmerized: With Guests Mara Rockliff & John ListIt 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 episode of Choiceology with Katy Milkman, a look at the slippery problem of separating correlation from causation.You'll hear the fascinating story of Franz Mesmer and the apparently miraculous effects of what he dubbed animal magnetism. Author Mara Rockliff r...
2022-11-0735 min
Choiceology with Katy MilkmanThe Bad with the Good: With Guests Uzma Khan & Gustav KällstrandYou'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 of your hard work. So why do we tend to behave this way? In this episode of Choiceology withKaty Milkman, a look at how we justify our decisions based on previous behavior.Alfred Nobel was a very successful inventor and b...
2022-10-2430 min
Choiceology with Katy MilkmanRebroadcast: Silver Linings: With Guests Annie Duke, Kassia St. Clair & Adam GrantIf 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 forced to quit a career, or a relationship, or even a favorite route to work.Kassia St. Clair brings us the story of William Henry Perkin. As a young man in 19th-century London, Perkin had set his sigh...
2022-10-1039 min
Choiceology with Katy MilkmanSo Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem HaggagWhen 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 the root causes of our feelings and other experiences.In this episode of Choiceology with Katy Milkman, we look at a family of biases that affects the way we understand behaviors, events, and emotions.Samantha Futerman and Anaïs Bordier g...
2022-09-2633 min
Choiceology with Katy MilkmanHow You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes“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 spend your time and money that may help you lead a happier life.Joshua Fields Millburn was hungry for success. Despite a difficult childhood, he was determined to make it big. He worked long hours, took little time off, and rapid...
2022-09-1231 min
Choiceology with Katy MilkmanNot by a Long Shot: With Guests Katia Jordan & Craig FoxHumans 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 affects the way we predict the likelihood of rare events.Katia Jordan had all the makings of a tennis star: a preternatural talent, an intense drive to succeed, top-tier coaches, and parents who supported her dream completely. Sh...
2022-08-2933 min
Choiceology with Katy MilkmanFail Better: With Guests Joseph Herscher & Lauren Eskreis-WinklerYou 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 can cloud your ability to learn and to improve.Joseph Herscher is creator of the wildly successful YouTube channel Joseph's Machines. He builds intricate and whimsical contraptions that perform simple tasks in overly complicated ways. You may know them...
2022-08-1532 min
Passion Struck with John R. MilesKaty Milkman on Creating Lasting Behavior Change for Good EP 155Katy Milkman - Creating Lasting Behavior Change for Good. | | Brought to you by AppSumo (https://social.appsumo.com/passion) and Gusto (https://www.gusto.com/passionstruck.)
Dr. Katy Milkman is the James G. Dinan Endowed Chair at The Wharton School of the University of Pennsylvania, host of Charles Schwab’s popular behavioral economics podcast Choiceology, and the former president of the International Society for Judgment and Decision Making.
She is also the co-founder and co-director of the Behavior Change for Good Initiative, a research center with the mission of advancing the science of lasting behavior chang...
2022-06-2859 min
Choiceology with Katy MilkmanUnder Pressure: With Guests Svetlana Savranskaya, Gary Slaughter & Modupe AkinolaIf 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 the ocean in a nuclear-armed diesel submarine that is overheating and running out of power.In this episode of Choiceology with Katy Milkman, we look at decisions under pressure and how our thinking process is affected by stress.We begin in...
2022-05-2339 min
Choiceology with Katy MilkmanOut of Proportion: With Guests Damon Lesmeister & Kelly ShueMany 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 look at the mistakes we make when we overweight absolute numbers and neglect their relative value.Damon Lesmeister is a wildlife biologist in Oregon who studies a very special bird: the northern spotted owl. This iconic animal is struggling...
2022-05-0933 min
Choiceology with Katy MilkmanChoiceology's Guide to NudgesNudges 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 episode is your guide to the many ways nudges have changed the world for the better. We'll revisit examples of nudges you may recognize from previous episodes of Choiceology. UCLA professor Shlomo Benartzi explains why defaults help more p...
2022-04-2539 min
Choiceology with Katy MilkmanMore Than a Feeling: With Guests Jamie Wall, Mona Krewel & Alex EdmansWhile 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 a disappointing end to their favorite TV series.In this episode of Choiceology with Katy Milkman, we look at how positive or negative sentiment from one part of your life can spill over and affect decisions in another.In Ne...
2022-04-1136 min
Choiceology with Katy MilkmanSecond-Guessing First Impressions: With Guests Allen Sarven & Richard NisbettDon’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 also points to a tendency we all have to overweight someone’s personality or disposition (that person who fired me is a jerk) and underweight the situation (sales were down this year, and they can’t afford current staffing levels).In this...
2022-03-2832 min
Choiceology with Katy MilkmanLess Is More: With Guests Ryan McFarland & Gabrielle AdamsSupply 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 bit much. In this episode of Choiceology with Katy Milkman, we look at a bias that leads us to add to our collections and to-do lists but neglect to remove unnecessary or unhelpful items.We begin with the charming story o...
2022-03-1434 min
In Our HandsEp. 7. Katy Milkman on the Science of Behavior ChangeIn this episode, Ramanan speaks with Katy Milkman, the James G. Dinan Professor at The Wharton School of the University of Pennsylvania. Milkman’s research explores ways that insights from economics and psychology can be harnessed to change consequential behaviors for good, such as savings, exercise, vaccination take-up and discrimination. She is also the author of the bestselling book How to Change: The Science of Getting From Where You Are to Where You Want to Be, which was named one of the eight best books for healthy living in 2021 by the New York Times. In 2018, she began hosting Charles Sc...
2022-01-0721 min
Choiceology with Katy MilkmanA Clean Slate: With Guests John Beshears, Richard Thaler & Ray Zahab (Rebroadcast)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 seasons. And while it can be argued that all of these dates are arbitrary, studies show that they can still give you a head start in achieving your goals.In this episode of Choiceology with Katy Milkman, we examine the common bu...
2022-01-0134 min
The Art of CharmKaty Milkman | How to Change Your BehaviorIn today’s episode, we cover how to change with Katy Milkman. Katy is a professor at The Wharton School of the University of Pennsylvania, host of Charles Schwab’s popular behavioral economics podcast Choiceology, and the former president of the international Society for Judgment and Decision Making.
Making long lasting changes in our behavior can be difficult, so what mindsets help us to make changes, what can you do to overcome low confidence when making big changes, and how do you overcome procrastination so you don’t keep putting off the life you want?
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2021-11-2251 min
Choiceology with Katy MilkmanThe Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin WuAnticipating 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 can help counteract the effects of overoptimism and overconfidence. You could call it the power of negative thinking.We begin with the amazing story of a lake in Louisiana that completely disappeared in a matter of h...
2021-10-2531 min
Choiceology with Katy MilkmanThe Good Fight: With Guests Adam Grant & Tom CrouchMost 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 the story of Orville and Wilbur Wright. The Wright brothers secured their place in history by achieving the world’s first sustained flight of a powered, heavier-than-air aircraft at Kitty Hawk, North Carolina, in December of...
2021-10-1131 min
Choiceology with Katy MilkmanExpect the Unexpected: With Guests Abigail Sussman, Howie Jeon & Greg GoldenPerhaps 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 your belt a bit next month. But then your phone stops working, and you have to buy a new model. And now your car needs an expensive repair. Again, these are not ordinary expenses, so you chalk it up to l...
2021-09-2732 min
Choiceology with Katy MilkmanWhat’s the Big Idea? With Guests Robert Rydell & Don MooreWhen 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, we tend toward personal optimism. We assume that we will outlive the average person, that we will remain in better health than the average person, and that our children will be above average in school or in sports. Of course, we can’t all be a...
2021-09-1336 min
Choiceology with Katy MilkmanNot Just Another Statistic: With Guests Carol Quirke & Deborah SmallYou 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 to be captivated and motivated by individuals and their stories, while on the other hand, we often become numb or disengaged when presented with large numbers or statistical information.Carol Quirke tells the story of Dorothea Lange and he...
2021-08-3033 min
Choiceology with Katy MilkmanBig Goals, Little Steps: With Guests Shannon Miller & Hal HershfieldMost 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 a simple strategy that can make your biggest goals more manageable.Shannon Miller is one of the most decorated athletes in the history of gymnastics. She is a seven-time Olympic medalist, and two-time inductee into the US Oly...
2021-08-1636 min
CastologyIt’s Nice to Hear You, Shipworm, Choiceology with Katy MilkmanLiz Recommends - It’s Nice to Hear Youhttps://www.itsnicetohearyou.comCan the power of voice lead to a deeper connection? Hear what happens in this audio only matchmaking experiment based on the exchange of voice memos. No names, no direct contact, no pictures. IT’S NICE TO HEAR YOU is an independently produced genre-bending podcast about this real life experiment that took place in 2020. Through 6 episodes, there are lessons, told 1 pair at a time. Yes, some pairs do end up in a relationship afterwards. Eavesdrop into their private conversations and hear how thes...
2021-07-1128 min
Behavioral Grooves PodcastKaty Milkman: How to Make Healthy Habits that Actually Last [INTERVIEW]We all appreciate a fresh start. Time to start again. A clean slate. Maybe we want to go to the gym more often, eat more vegetables, or read more books. But why do we often fail to maintain our new healthy habits?
Our guest today, Katy Milkman PhD, believes that we often focus too much on the final outcome, rather than the steps that will get us there. Thinking about what is going to trigger our actions and what barriers are going to get in the way of our new behavior, are much more effective techniques than...
2021-06-2748 min
Choiceology with Katy MilkmanScientist Mode: With Guests Adam Grant & Luca ParmitanoImportant 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 this episode of Choiceology with Katy Milkman, we look at how questioning our basic assumptions and thinking like a scientist can help us untangle the knottiest of problems and make choices with greater confidence.Luca Parmitano was the fi...
2021-06-0734 min
Choiceology with Katy MilkmanJudge the Judges: With Guests Daniel Kahneman, James Hutchinson & G.M. PucilowskiMany 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 book by Nobel Prize-winning economist Daniel Kahneman, with Cass Sunstein and Olivier Sibony. You’ll hear an interview with Kahneman later in the episode where he explains his preoccupation with the substantial and expensive effects of noise. He proposes ways to re...
2021-05-2432 min
Choiceology with Katy MilkmanSilver Linings: With Guests Annie Duke, Kassia St. Clair & Adam GrantIf 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 forced to quit a career, or a relationship, or even a favorite route to work.Kassia St. Clair brings us the story of William Henry Perkin. As a young man in 19th-century London, Perkin had set his sigh...
2021-05-1038 min
Something You Should KnowHow to Achieve Any Goal According to Science & What Is Life? A Nobel Prize Winner ExplainsNoise levels are increasing, and all that noise can have a lot of negative effects on your health and happiness. This episode begins by explaining the negative impact of too much noise so you can protect yourself. https://www.sehn.org/sehn/noise-pollution-takes-toll-on-health-and-happiness-everyday-noise-can-overstimulate-the-bodys-stress-responseWhat is the best way to achieve any goal? There are a lot of theories and ideas but there is also solid research about this. If you want to know what the research says is the best way to accomplish those big goals, listen to Katy Milkman. She is a professor at the Wharton...
2021-04-2951 min
Choiceology with Katy MilkmanHold That Thought: With Guests Sarah-Louise Miller, Warren Reed, Todd Rogers & Angela DuckworthYou 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 to renew your insurance, and …There’s a lot of information to juggle in modern life. In this episode of Choiceology with Katy Milkman, we look at ways to improve reminders and reduce forgetting around things like voting, vaccinations, and interna...
2021-04-2636 min
Choiceology with Katy MilkmanIn the Face of Risk: With Guests Jeff Elison & Ido ErevFor 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 began to let their guard down and take unnecessary risks.In this episode of Choiceology with Katy Milkman, we look at a peculiar inconsistency around how we perceive risk and rare events.Jeff Elison is a professor and an avid...
2021-04-1235 min
Choiceology with Katy MilkmanMindful of Mindsets: With Guests Erik Vance & Alia CrumHave 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 this episode of Choiceology with Katy Milkman, we explore how your beliefs and expectations can have a very real impact on your health and well-being.Science journalist Erik Vance vividly recounts several peculiar experiences taking part in traditional he...
2021-03-2935 min
Choiceology with Katy MilkmanSome Assembly Preferred: With Guests Mike Norton & Michael OjoHardware 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 your project.In this episode of Choiceology with Katy Milkman, we look at how putting personal effort into something—be it a hand-knit scarf, a new deck, or even a small business—can lead people to overestimate the value of that effort...
2021-03-1536 min
Choiceology with Katy MilkmanIf Only …: With Guests Stirling Hart & Colin CamererIn 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 professional lumberjack. He’s also a world-class lumberjack sports athlete. He has travelled the world competing against the best of the best in events such as the underhand chop, the spring board, the single buck, and the standing block c...
2020-10-1231 min
Choiceology with Katy MilkmanI Don’t Want to Know: With Guests Amelia Boone & Emily HoFor 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 examine the tendency to avoid or ignore certain information when it may be uncomfortable or inconvenient.Amelia Boone is a high achiever. Within a short time of taking up the grueling sport of obstacle course racing, she was win...
2020-09-2835 min
Choiceology with Katy MilkmanA Successful Failure: With Guests Cass Sunstein, Kirabo Jackson & Andrew ChaikinYou’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 pressure, distraction, and the procedural complexity of a seemingly simple trip to a store.In this episode of Choiceology with Katy Milkman, we look at effective tools for managing complex and time-sensitive procedures, from grocery shopping to space exploration.Fi...
2020-09-1440 min
Choiceology with Katy MilkmanFair Is Fair: With Guests John Thorn & Richard Thaler“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 people perceive as fair or not amid changing circumstances.At the turn of the 20th century, professional baseball had entered what came to be known as the dead-ball era. Pitchers had a distinct advantage over batters, resu...
2020-08-3133 min
Choiceology with Katy MilkmanSpoiled for Choice: With Guests Barry Schwartz & Jen GlantzTraditional 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 it turns out that, in certain situations, more choices can be counterproductive.In this episode of Choiceology with Katy Milkman, we look at how having too many options can sometimes produce anxiety, reduce satisfaction, and even lead us to abandon the dec...
2020-08-1733 min
Choiceology with Katy MilkmanA Bundle of Nerves: With Guests Alison Wood Brooks & Steven OsborneThe 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 a better way?In this episode of Choiceology with Katy Milkman, we look at the science behind the state of arousal commonly referred to as stage fright, including new research into better ways to manage unpleasant emotions.You’ll hear wo...
2020-08-0334 min
Behavioral Grooves PodcastKaty Milkman, PhD: Using Behavior Change for Good[NOTE: This is a republished episode from #99 in November 2019.]
Katy Milkman is no ordinary behavioral scientist. She’s a Professor of Operations, Information and Decisions at Wharton. She has a secondary faculty appointment in the University of Pennsylvania’s Medical School in the Department of Medical Ethics and Health Policy. She’s Co-Director, with Angela Duckworth, at the non-profit Behavior Change for Good Initiative. She’s the host of one of our favorite podcasts, called Choiceology, she is in the middle of writing a book, and she’s a Mom and Partner all at the same time!
We a...
2020-07-1258 min
Choiceology with Katy MilkmanA Spoonful of Sugar: With Guests Ayelet Fishbach, Dan Ariely, Lynne Gauthier & Nancy Strahl“In every job that must be done, there is an element of fun. You find the fun, and snap, the job’s a game!” So says Julie Andrews’ character in the Disney film Mary Poppins before she launches into the famous musical number “A Spoonful of Sugar.” In this episode of Choiceology with Katy Milkman, we look at the science behind the intuitive strategy of making difficult or boring things easier by adding that “element of fun.” But while Mary Poppins was focused on making the tedious task of cleaning a room a bit more enjoyable, you’ll see that this ap...
2020-05-2543 min
Choiceology with Katy MilkmanBidder Beware: With Guests Max Bazerman & Glenye Cain OakfordHave 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 auctions and other types of negotiations.We begin with the story of Havre de Grace. This prize filly had an exceptionally successful career as a racehorse before being auctioned as a broodmare. Expectations were high for the sa...
2020-05-1134 min
Choiceology with Katy MilkmanA Choice Apart: With Guests Max Bazerman & Vivienne WagnerHave 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 red sports car spends most of its time in the shop? Or the sleek motorbike is hard on your back? Or the purring boat engine is a gas-guzzler?In this episode of Choiceology with Katy Milkman, we look at how our preferences...
2020-04-2728 min
Choiceology with Katy MilkmanSo Close to the Prize: With Guests Oleg Urminsky & Brian ZinnIf 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 Milkman, we explore how your proximity to a goal can affect the way you behave.You’ll hear the fascinating story of Brian Zinn and his decade-spanning quest to unravel an elaborate riddle. When Brian was a college stud...
2020-04-1336 min
Choiceology with Katy MilkmanCoping Amid the Crisis: With Guest Laurie SantosAn 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 Choiceology with Katy Milkman, we look to the science of happiness to see how we might mitigate the adverse impacts to our mental health and well-being—and maybe even cultivate good new habits that can help us when the crisis is ov...
2020-04-0639 min
Choiceology with Katy MilkmanThe Simple Choice: With Guests Shlomo Benartzi & Eric SinkWe 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 option is suggested to us ahead of time, the cognitive load is much smaller.In this episode of Choiceology with Katy Milkman, we explore the subtle power of default options.We begin with a simple experiment, offering free hot chocolate...
2020-03-3035 min
Choiceology with Katy MilkmanJudge the Judges: With Guests Daniel Kahneman, James Hutchinson & G.M. PucilowskiMany 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 book by Nobel Prize-winning economist Daniel Kahneman, with Cass Sunstein and Olivier Sibony. You’ll hear an interview with Kahneman later in the episode where he explains his preoccupation with the substantial and expensive effects of noise. He proposes ways t...
2020-03-1632 min
Choiceology with Katy MilkmanThe Price of Your Vice: With Guests Dan Ariely & Dean KarlanIn an episode of the television series Seinfeld, Jerry does a standup bit where he talks about staying up too late at night. He says, “I’m Night Guy. Night Guy wants to stay up late,” to which he then replies, “What about getting up after five hours of sleep?” The answer? “That’s Morning Guy’s problem.” This illustrates a challenge that we all face: How do you stick to positive long-term goals in the face of negative short-term temptations? In this episode of Choiceology with Katy Milkman, we look at strategies to help keep Night Guy in check, so th...
2019-12-0232 min
Behavioral Grooves PodcastKaty Milkman: Behavior Change for GoodKaty Milkman is no ordinary behavioral scientist. She’s a Professor of Operations, Information and Decisions at Wharton and has a secondary faculty appointment in the University of Pennsylvania’s Medical School in the Department of Medical Ethics and Health Policy. She’s Co-Director, with Angela Duckworth, at the non-profit Behavior Change for Good Initiative. She’s the host of one of our favorite podcasts, called Choiceology, she is in the middle of writing a book, and she’s a Mom and Partner all at the same time.
We are grateful to her for taking time to record a c...
2019-11-2457 min
Choiceology with Katy MilkmanCreatures of Habit: With Guests Wendy Wood, Angela Duckworth & Stephan KestingBenjamin 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 achieve a perfect version of himself by automating certain positive behaviors. Whether or not he always stuck to his daily schedule of self-improvement is debatable, but his intuition about the importance of habit was right on the money.In this episode of...
2019-11-1835 min
Choiceology with Katy MilkmanInvisible Failures: With Guests Emily Oster, Sendhil Mullainathan & Linda Rodriguez McRobbieIf 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 the superior workmanship of a bygone era, what you don’t see are all the other buildings erected during the same period that have since crumbled or been torn down.In this episode of Choiceology with Katy Milkman, we look at a bias...
2019-11-0438 min
Choiceology with Katy MilkmanTake the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis GreenIn 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 are moments during play where the contestant has an option to accept a cash offer to quit. At one point in the game, Luis was offered $333,000 to simply walk away. A guaranteed win! It seems like an obvious choice. But...
2019-10-2143 min
Choiceology with Katy MilkmanYour Own Advice: With Guests Angela Duckworth, Lauren Eskreis-Winkler & Mike ManginiSay 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 advice might provide a measurable benefit to you as well?In this episode of Choiceology with Katy Milkman, we look at how giving advice can benefit the giver—as much or even more than the person receiving the advice.We b...
2019-10-0734 min
Choiceology with Katy MilkmanNot Quite Enough: With Guests Howard Scott Warshaw, Sendhil Mullainathan & Anuj ShahThink 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 less stressed, it’s also likely that the superpowers of hyper-focus didn’t come so easily.In this episode of Choiceology with Katy Milkman, we look at how not having enough time or money or other resources affects behavi...
2019-09-2335 min
Choiceology with Katy MilkmanThe Lucky Loonie: With Guests Peter Jordan, Trent Evans & Don MooreThere’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 way people understand their ability to influence certain events.The 2002 Winter Olympics in Salt Lake City were a watershed moment for the Canadian men’s and women’s hockey teams. The men’s team hadn’t won a gold med...
2019-09-0932 min
Choiceology with Katy MilkmanBest-Laid Plans: With Guests Ken Bowersox, Robert Godwin & Bradley StaatsIf 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, we explore a tendency people have to be overly optimistic about what they can accomplish in a set period of time—starting with a story of the phenomenon playing out on a massive scale.
The International Space Station (ISS) i...
2019-05-2737 min
Choiceology with Katy MilkmanBoxed In: With Guests Sophie Morgan, Modupe Akinola & Dolly ChughAssuming 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 days in the colder March category and April days in the warmer April category. It’s a useful shortcut, but it doesn’t always give you the best information about the temperature on individual days.
This tendency to quickly categorize time, objects and peop...
2019-05-1333 min
Choiceology with Katy MilkmanKnew It All Along: With Guests Kathleen Vohs, Douglas Porch & Julian JacksonThink 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 of Choiceology with Katy Milkman, we explore a tendency to be overconfident in our predictions about events that have already come to pass.
We begin with the story of the fall of France. In the early days of World War...
2019-04-2932 min
Choiceology with Katy MilkmanNo Harm, No Foul? With Guests Francesca Gino & Dr. Byers “Bud” ShawIt 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 way we judge our decision-making processes.
Katy brings you a story about the challenging early days of organ transplant surgery. Dr. Byers “Bud” Shaw arrived in Pittsburgh in 1981 to work under transplant pioneer Dr. Thomas Starzl. At the time, liver transplants were often unsuccessful, and some...
2019-04-1535 min
Choiceology with Katy MilkmanHitting Your Number: With Guests Jason Beck & Devin PopeHave 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 human behavior that can lead, in some cases, to superhuman achievement.
Katy brings you the story of Roger Bannister’s quest to break the four-minute mile—a centuries-old psychological barrier—and the great leaps in athletic achievement that followed his feat. You’ll...
2019-04-0133 min
Choiceology with Katy MilkmanOut of Focus: With Guests Dolly Chugh, Max Bazerman & Mark PendergrastIf 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 of Choiceology with Katy Milkman, we look at the limitations of attention and perception.
The episode begins with the description of a surprising experiment involving two teams passing basketballs. You can try the experiment here, even if you’v...
2019-03-1839 min
Choiceology with Katy MilkmanLove the Mug You’re With: With Guests Joel Platt, Sally Sadoff & Richard Thaler“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 they own.
The episode begins with a tour of the Sports Immortals Museum. Owner and proprietor Joel Platt claims it’s the largest and most diverse assortment of sports mementos in the world. You’ll hear Joel tell some amazing stories be...
2019-02-1837 min
Choiceology with Katy MilkmanData for the Win: With Guests Michael Kist & Cade MasseyNetflix 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 or airplane autopilots? What about algorithms used to predict crimes or to diagnose medical conditions? These are domains in which it often feels uncomfortable to let a computer model make what could be life-or-death decisions.
In this episode of C...
2019-02-0431 min
Choiceology with Katy MilkmanThe Mystery of Chance: With Guests Andy Marocco & Tom GilovichHave 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, we explore curious events and mysterious patterns in order to reveal the human habit of ascribing meaning to randomness.
Andy Marocco of the Naval Air Station Fort Lauderdale Museum joins Katy to revisit some of the most famous and en...
2019-01-2127 min
Choiceology with Katy MilkmanA Clean Slate: With Guests John Beshears, Richard Thaler & Ray ZahabFor 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 seasons. And while it can be argued that all of these dates are arbitrary, studies show that they can still give you a head start in achieving your goals.
In this episode of Choiceology with Katy Milkman, we examine the common bu...
2019-01-0732 min
Choiceology with Katy MilkmanHappy Holidays from ChoiceologyChoiceology 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 enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts.
Important Disclosures:
All expressions of opinion are subject to change without notice in reaction to shifting market conditions.
The comments, views, and o...
2018-12-2101 min
Choiceology with Katy MilkmanHappiness: With Guests Scott Harrison & Mike NortonIn 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 Harrison. When Scott turned 18, he moved to New York City and got a job as a nightclub promoter. He lived a hedonistic lifestyle that included private jets and exotic parties. He should have been on top of the world, but he wa...
2018-12-1029 min
Choiceology with Katy MilkmanEverybody’s Doing It: With Guests Tyler Hamilton & Todd RogersYou’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 folks in the elevator or on the bus. So your decisions and behaviors aren’t always as independent as you might think.
In this episode of Choiceology with Katy Milkman, we look at a phenomenon that may have you ru...
2018-11-2627 min
Choiceology with Katy MilkmanThe Temptation of Now: With Guests Richard Thaler & Angela DuckworthMost 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 of you? Do you change your mind?
In this episode of Choiceology with Katy Milkman, we look at a bias that has an outsized influence on decisions you make in the here and now.
The show begins with an experiment...
2018-11-1224 min
Choiceology with Katy MilkmanLosses Loom Large: With Guests Hank Haney, Dolly Chugh & Maurice SchweitzerWinning 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 the fear of losing that motivates you more?
In this episode of Choiceology with Katy Milkman, we examine a bias that affects the irrational way people often react to gains and losses.
The episode begins with the heartbreaking stor...
2018-10-2934 min
Choiceology with Katy MilkmanIntroducing Season 2 of ChoiceologySeason 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 people making life-altering choices, and Katy will share useful tools and strategies to improve decision making in your own life. Subscribe for free today on Apple Podcasts, Google Podcasts or wherever you listen. Season 2 launches October 29.
Choiceology is an original podcast from Charles Sc...
2018-10-1504 min