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Choiceology with Katy Milkman

Boxed In: With Guests Sophie Morgan, Modupe Akinola & Dolly Chugh

Choiceology with Katy Milkman

Charles Schwab

Behavioral Economics, Society & Culture, Social Sciences, Decision Making, Charles Schwab, Business, Science, Investing, Dan Heath, Katy Milkman

4.81.4K Ratings

🗓️ 13 May 2019

⏱️ 33 minutes

🧾️ Download transcript

Summary

Assuming 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 people helps us to simplify a complex world, but it can also lead to important errors. In this episode of Choiceology with Katy Milkman, we look at the ways our snap judgments work for us and against us. First, Katy brings you a profile of Sophie Morgan, tracing her career path from relative unknown to reality TV model to lead presenter at one of the largest sporting events in the world. And you’ll find out what makes Sophie unique in her field. Next, we hit the street with a quick questionnaire to see how people make judgments when faced with uncertainty or incomplete information. You can try these questions yourself, before you listen: Question 1: William is an opera fan who enjoys touring art museums when he goes on vacation. He enjoys playing chess with his friends. Which is more likely? A: William is a professional violinist for a major symphony orchestra. B: William is a farmer. Question 2: Amy is 29 years old. She’s single, outspoken and very bright. As a student, she majored in English literature and was deeply interested in theater. Which is more probable? A: Amy is a bank teller. B: Amy is a bank teller and writes an arts review for her local newspaper. After revealing the answers to our questionnaire, Katy is joined by Modupe Akinola, of Columbia Business School and Dolly Chugh of New York University’s Stern School of Business to explore the functions and flaws of these types of judgments and the mental architecture behind them. Dolly Chugh is the author of The Person You Mean to Be: How Good People Fight Bias. Finally, Katy gives you some simple strategies to counteract some of the negative impacts of snap judgments and implicit attitudes.

Transcript

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0:00.0

There's this riddle that's been around for many years and it goes something like this.

0:10.0

A father and a son are in a car accident. They're both taken to the hospital.

0:14.8

The father is pronounced dead on arrival. The son is seriously injured but has a weak pulse.

0:21.2

He needs an operation immediately. The surgeon scrubs for the operation, but as the boy is whisked into the emergency room, the surgeon says,

0:30.0

I can't operate on this boy. He's my son.

0:34.0

How is this possible?

0:37.0

His father died in the car crash.

0:39.0

The answer is simple.

0:41.0

The surgeon is the boy's mother.

0:46.0

Now, maybe you've heard this riddle before,

0:48.6

and not everyone gets stuck on it, but many do.

0:51.6

And it points to a tendency we all have to rely on imperfect

0:54.9

shortcuts when we make judgments. Today we'll look at this tendency and how it

0:59.6

helps us quickly organize the world but how it can also lead to important errors.

1:04.0

I'm Katie Milkman and this is Choiceology, an original podcast from Charles Schwab.

1:15.0

It's a show about the subtle forces that can push you in one direction or another

1:19.6

when you're trying to make a decision, often without you even realizing it. We bring you high-stakes stories that

1:26.0

illustrate these hidden forces that can shift decisions, and then we dive into the science

1:30.8

behind our occasionally irrational behavior.

1:34.0

Finally, we try to give you some tools to fight back against behavioral traps.

1:39.0

And it's all to help you avoid costly mistakes. Going into this modeling industry was strange and new and really fun at times, you know, doing shoots where they take, you know, up to five hours to do your hair and makeup.

2:07.0

Honestly, all the different looks, the different styles, the different hair, the different clothes, the makeup, and the team and stuff.

...

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