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Choiceology with Katy Milkman

Not Just Another Statistic: With Guests Carol Quirke & Deborah Small

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

🗓️ 30 August 2021

⏱️ 33 minutes

🧾️ Download transcript

Summary

You 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.

Transcript

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0:00.0

On October 14, 1987, Jessica McClure was totalling around her on-spack yard in Midland, Texas.

0:15.8

Then, suddenly, every parent's nightmare became a reality.

0:21.6

The 18-month-old tumbled into an abandoned water well shaft on the property.

0:26.8

Jessica was trapped more than 20 feet below ground. Authorities and local volunteers

0:32.5

launched a massive rescue effort.

0:42.3

Understandably, national media attention was glued to the story.

0:46.9

A slew of reporters documented the ongoing rescue efforts for all of America and the world to see.

0:53.6

At one point, rescuers lowered a microphone down the well pipe,

0:57.3

and they heard Jessica singing, a hopeful sign.

1:01.4

The rescue team drilled a shaft parallel to the well where Jessica was trapped,

1:05.6

and then drilled horizontally to reach the toddler.

1:09.4

Finally, after 58 agonizing hours, the rescue team pulled baby Jessica from the well to safety.

1:15.8

She was in serious but stable condition. Donations to the McClure family came pouring in,

1:27.5

and eventually a trust fund was established for Jessica with a total of more than $700,000.

1:34.6

This dramatic story has a happy ending, but it also illustrates the tendency we have to open

1:39.8

our hearts and dedicate our attention and other resources to a specific individual or small

1:45.2

group in need when we hear their story. Even when we're aware that we could probably help more

1:50.0

people, more efficiently, by focusing resources on other problems.

1:55.1

In this episode, we'll explore different ways we tend to be captivated by individuals

1:59.5

and their stories and become numb to large numbers.

2:02.8

And I'll speak to my Wharton colleague, Deborah Small, about research she and others have done

2:07.2

about these tendencies and why they arise.

...

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