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Choiceology with Katy Milkman

The Power of Negative Thinking: With Guests Annie Duke, Mike Richard & Kelvin Wu

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

🗓️ 25 October 2021

⏱️ 31 minutes

🧾️ Download transcript

Summary

Anticipating 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.

Transcript

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0:00.0

A positive point of view could do so much for a person.

0:10.6

If in our thoughts we constantly fix attention upon sinister expectations of dire events

0:16.8

that might happen, the result will be constantly to feel insecure.

0:21.6

I discovered that if you expect the worst, you're likely to get the worst.

0:26.9

And if you expect the best, you're likely to get the best.

0:30.8

It's the power of positive thinking.

0:34.3

Norman Vincent Peel's 1952 book, The Power of Positive Thinking, had a huge influence

0:40.3

on popular notions about what it takes to be successful, healthy, and happy.

0:45.9

And while a positive mindset can be useful when you set out to achieve a difficult goal,

0:50.3

there's another approach that can sometimes serve you better according to science.

0:55.3

In this episode of The Podcast, we'll talk about the power of negative thinking.

0:59.4

You'll hear how lives were saved during a freak mining accident on a lake in Louisiana.

1:04.8

And I'll speak with author and decision strategist Annie Duke about why imagining failure

1:10.2

can lead to better outcomes.

1:18.2

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

1:23.7

It's a show about the psychology and economics behind our decisions.

1:28.2

We bring you true stories involving high stakes moments, and then we explore the latest

1:32.8

research in behavioral science to help you make better judgments and avoid costly mistakes.

1:54.4

My name is Michael Rechard, senior.

1:56.8

I live in Jefferson, Ireland, Louisiana, on the shore of Lake Payur.

2:02.4

Lake Pinyor is a lovely spot about 25 miles from Lafayette and about 10 miles inland.

2:09.5

The beautifully manicured Rip Van Winkle Gardens are on the southeast side, and a little further

...

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