Choiceology with Katy Milkman

Teamwork is an essential part of everyday life, at work, school, and home. But what allows some teams to thrive under intense pressure while others buckle? In this episode of Choiceology with Katy Milkman, we explore how candid cultures that invite ideas from every level of an organization can be the difference between failure and a miracle. Jonathan Franklin, an award-winning journalist based in Chile, tells the remarkable story of the 2010 San José mine collapse and rescue mission. Franklin's book 33 Men: Inside the Miraculous Survival and Dramatic Rescue of the Chilean Miners details key moments of candor and collaboration—and winning ideas that came from unlikely places.  Next, Katy speaks with Amy Edmondson, the Novartis Professor of Leadership and Management at the Harvard Business School. Edmondson shares her pioneering research on psychological safety and why it's so essential to build cultures that invite candor. Edmondson's foundational book on the topic, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth, has been translated into 15 languages. Choiceology is an original podcast from Charles Schwab. For more on the show, visit schwab.com/podcast. If you enjoy the show, please leave a rating or review on Apple Podcasts. 01:10 The Organizational Failure Behind Space Shuttle Columbia  03:03 This Is Choiceology  03:38 World-Class Collaboration That Saved 33 Lives in Chile 18:21 The Power of Ideas Over Hierarchy  19:15 How to Create Cultures That Empower Teams With Amy Edmondson 34:37 The Value of Psychological Safety Everywhere Important Disclosures 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. 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.  Past performance is no guarantee of future results.  Investing involves risk including loss of principal. The books How to Change: The Science of Getting from Where You Are to Where You Want to Be, 33 Men: Inside the Miraculous Survival and Dramatic Rescue of the Chilean Miners, and The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation, and Growth are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content. 0626-P47L Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

From stocks to fitness to video games, real-time performance data is available everywhere these days. Seeing desirable upward trends feels amazing. But when there's a drop, it can feel like the world is ending.  In this episode of Choiceology with Katy Milkman, we explore what happens when we judge performance too much in the short term. Cora Kennedy takes us inside the world of collegiate esports, where constant performance data shapes how players think and compete—including Cora herself. We also hear from Dan Ginn, who was a smartwatch devotee who checked his fitness data morning, noon, and night—until a serious illness forced him to rethink his habits.  Lastly, Katy speaks with Shlomo Benartzi, professor emeritus, behavioral decision-making, at UCLA Anderson School of Management. Shlomo shares his research on why we tend to overreact to short-term losses—and how this tendency helps explain a puzzle that has long stumped economists.  Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts. 00:00 Introduction 00:50 The Competitive World of Esports Stats 03:42 This Is Choiceology  04:15 Smartwatch Data Obsession Gone Awry  10:55 Checking Immediate Data Can Sabotage Long-Term Goals  11:46 The Equity Premium Puzzle and Myopic Loss Aversion With Shlomo Benartzi  23:27 Katy Milkman Reflects on Managing Myopia  Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general, informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice.  Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.> Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. 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.  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. Past performance is no guarantee of future results.  Investing involves risk including loss of principal. Fixed income securities  are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. There are   risks associated with investing in dividend paying stocks, including but not limited to the risk that stocks may reduce or stop paying dividends. The books How to Change: The Science of Getting from Where You Are to Where You Want to Be , Save More Tomorrow and The Smarter Screen are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about their content. (0526-GE5U) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Imagine you're cleaning out your grandmother's attic when you notice a floorboard that doesn't quite sit right. You pry it up—and find $10,000 hidden beneath it. It's a startling discovery, but also a window into another way of thinking about money. Your grandmother was likely part of a generation that lived through hard financial times—a depression, unemployment—and saved for a rainy day, even when times became good.  In this episode of Choiceology with Katy Milkman, we're looking at how major economic events impact us and influence how much risk we're comfortable taking. Frank Ferrante shares the story of legendary comedian Groucho Marx and how Groucho fared during and after the stock market crash of 1929.  Next, Katy speaks with Ulrike Malmendier, the Cora Jane Flood Professor of Finance at UC Berkeley's Haas School of Business. Ulrike's research reveals how major economic events can reshape our instincts about risk in ways that can last a lifetime, long after the circumstances that caused them have changed. Choiceology is an original podcast from Charles Schwab. If you enjoy the show, please leave a rating or review on Apple Podcasts. 0:00 Introduction 0:54 Hurricane Katrina's Lasting Mark 3:14 This is Choiceology 3:52 Groucho Marx After the 1929 Stock Market Crash 15:22 Why You Can Lose Out When Remaining Too Risk-Adverse 16:08 How Macroeconomic Experiences Shape Us With Ulrike Malmendier  29:07 Katy Milkman Reflects on Risk Preferences 31:09 Final Thoughts & Next Time Important Disclosures 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. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. 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.  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. 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 books and makes no representations about its content. 0526-ABDP Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's a new season of Choiceology, an original podcast from Charles Schwab.  Each episode tells true stories involving high-stakes moments and explores the latest research to help you make better judgments and avoid costly mistakes. This season, we go underground to one of the most dramatic mining rescues in history and step onto the court during a pivotal Boston Celtics roster shakeup. We hear from leading researchers in psychology and behavioral economics, such as Richard Thaler, Amy Edmondson, and more.  New episodes arrive every two weeks. Follow now in your favorite podcasting app. Choiceology is an original podcast from Charles Schwab. For more on the show, visit schwab.com/podcast. Important Disclosures 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. 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.  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 books and makes no representations about its content. 0326-G3CV Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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 podcast 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. 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 books and makes no representations about its content.0725-PKW2 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Many 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 reduce the problem of noise for industries, businesses, and individuals who need to make more objective judgements.But first, we’ll dive into the world of wine judging. G.M. “Pooch” Pucilowski will take you on a guided tour of the California State Fair Commercial Wine Competition. You’ll hear about the criteria for judging different varietals—and the accompanying challenges that wine judges face as they swirl, sniff, and sip through dozens and sometimes hundreds of different wines. After years of coordinating and observing the judges, Pooch noticed a large amount of variability in the results. This may not be surprising, since taste is subjective. But after some tweaks to the process, he even began to notice that judges were inconsistent with themselves!Enter vintner and retired oceanographer Robert Hodgson. Pooch teamed up with Hodgson to devise a way to study and improve the consistency of wine judging and push for a more objective competition. The results were promising, but not without controversy.You can read Robert Hodgson’s research paper on wine judging here. G.M. “Pooch” Pucilowski is a speaker, writer, wine judge, and educator. He runs wine appreciation classes through his University of Wine.You’ll also hear about the potential role of chemical analysis and artificial intelligence in improving the results of wine judging from James Hutchinson, formerly of the Royal Society of Chemistry and currently CEO of KiwiNet.And finally, Katy explores the potential of leveraging noise to produce better decisions by employing the wisdom of crowds—and even “the crowd within.” 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. (0521-1H4C) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.