Katherine Milkman is a behavioral economist, judgment & decision-making scholar, speaker, and professor at The Wharton School of the University of Pennsylvania.
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 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 chop. These grueling and dangerous tasks require explosive strength, accuracy, and nerves of steel.In 2016, Stirling Hart represented Canada at the Stihl Timbersports® World Championship in Stuttgart, Germany. He was dominating the events until he came to the hot saw (an event involving a chainsaw built from a modified motorcycle engine). That’s when one split-second decision changed the course of the competition. You’ll hear how that one moment affected Stirling for months afterward.Stirling Hart lives and works in Squamish, British Columbia, Canada.Next, Katy speaks with Colin Camerer about the neuroscience of regret. Colin explains how regret arises and how it can affect our behavior, for better and for worse. You’ll hear about a fascinating study by Tom Gilovich identifying regret in Olympic medalists, and you’ll learn about the ways that regret can influence investment decisions. You’ll also gain valuable insight on how to minimize some of the negative effects of regret.Colin Camerer is a Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read more about regret in his paper “Neural Evidence of Regret and Its Implications for Investor Behavior.”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 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 sources. However, its accuracy, completeness or reliability cannot be guaranteed.Investing involves risk, including loss of principal. (1020-081T)
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 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 winning world championships. At the top of her game, she went looking for other challenges, and eventually took up ultra-running—where athletes compete in races longer than marathons, sometimes as long as 100 miles! Again, Amelia quickly rose to the upper echelons of this elite club of athletes.But then the injuries began. You’ll hear about Amelia’s attitude of pushing through the pain and training harder—an attitude that nearly destroyed her athletic career. When her injuries finally sidelined her from racing, Amelia realized that she’d been ignoring a crucial aspect of her health. Amelia Boone is an obstacle racer, ultra-runner, and attorney living in Colorado.Next, Emily Ho joins Katy to talk about the science behind this tendency to avoid certain types of information. She explains how the phenomenon impacts investors, medical patients, and employees, and she illustrates the perils of ignoring uncomfortable facts.Emily Ho is a research assistant professor at Northwestern University’s Department of Medical Social Sciences. You can read more about information avoidance in the research paper she co-authored with George Loewenstein and David Hagmann.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 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 sources. However, its accuracy, completeness or reliability cannot be guaranteed.(0920-0817)
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 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.Fifty years ago, astronauts aboard the Apollo 13 lunar spacecraft radioed Mission Control with the now iconic phrase “Houston, we’ve had a problem.” A critical piece of equipment had exploded, putting the three crew member’s lives in extreme danger. What followed was a monumental problem-solving effort to bring the astronauts safely back to Earth.Historian Andrew Chaikin tells the harrowing story of Apollo 13, based on his interviews with NASA engineers and the Apollo crew. You’ll hear about the incredibly complex and dangerous procedures involved in piloting the hobbled ship and how Mission Control and the crew used a simple tool—the checklist—to help limit potential errors and manage complicated operations.Andrew Chaikin is the author of A Man on The Moon: The Voyages of The Apollo Astronauts.Next, Kirabo Jackson joins Katy to explain his work studying the effectiveness of checklists in a more down-to-earth setting: auto repair shops. You’ll hear how the implementation of checklists improved productivity and increased profits for shop owners. Kirabo Jackson is the Abraham Harris Professor of Education and Social Policy at Northwestern University. You can read more about his work in his research paper with Henry S. Schneider on checklists and worker behavior.Finally, Cass Sunstein discusses with Katy the more general topic of simplification. He explains how checklists and simplified processes can save governments and businesses money and time, as well as significantly increasing citizen participation in programs.Cass Sunstein is the Robert Walmsley University Professor at Harvard Law School. He is also the founder and director of the Program on Behavioral Economics and Public Policy at Harvard Law School, former administrator of the U.S. government’s Office of Information and Regulatory Affairs, and author of many books. His latest book is Too Much Information: Understanding What You Don’t Want to Know.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 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 sources. However, its accuracy, completeness or reliability cannot be guaranteed.(0920-0U2X)
For the next week, Mike passes the mic to a few guest hosts. Today, Annie Duke, former professional poker player, cognitive scientist, and author of Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts is in the seat again.On the Gist, remembering information.In the interview, Annie talks to Katherine Milkman, a researcher and professor at the University of Pennsylvania who studies behavior, about how the pandemic has thrown everybody out of their old habits and forced the creation of new ones. They discuss how sticky any of these new habits might be, and that we should be aware of how quickly we can forget all that we’ve learned.In the Spiel, the national misremembering of truth.Email us at thegist@slate.comPodcast production by Daniel Schroeder and Margaret Kelley.Slate Plus members get bonus segments and ad-free podcast feeds. Sign up now. Learn more about your ad choices. Visit megaphone.fm/adchoices
View 36 more appearances
Share Profile
Are you Katherine? Verify and edit this page to your liking.

Share This Creator

Recommendation sent

Join Podchaser to...

  • Rate podcasts and episodes
  • Follow podcasts and creators
  • Create podcast and episode lists
  • & much more

Creator Details

Location
Philadelphia, Pennsylvania, United States of America
Episode Count
40
Podcast Count
3
Total Airtime
22 hours, 25 minutes
PCID
Podchaser Creator ID logo 319071