The Temptation of Now: With Guests Richard Thaler & Angela Duckworth

Choiceology with Katy Milkman

Charles Schwab

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

4.8 • 1.4K Ratings

🗓️ 12 November 2018

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most of us would like to think we make decisions for our own good. Presented with the imaginary choice between a bag of salty, greasy potato chips and a healthy salad, you might opt, in principle, for the salad. But what happens when that bag of chips is freshly opened, sitting there right in front of you? Do you change your mind? In this episode of Choiceology with Katy Milkman, we look at a bias that has an outsized influence on decisions you make in the here and now. The show begins with an experiment that reveals how difficult it is to avoid the temptation of junk food—and how the power of that temptation is affected by time. Then, you’ll hear the story of a man who spent his childhood in relative poverty but found himself wealthy beyond his dreams by the time he was a teenager. This unexpected windfall changed his life in an instant. But it ultimately became a painful lesson on the dangers of living only for the present. You’ll hear from two heavyweights in the world of psychology and economics. Richard Thaler is a Nobel Prize–winning economist and co-author of Nudge: Improving Decisions About Health, Wealth, and Happiness. Thaler tells the story of how he came to discover and research this bias. Renowned psychologist Angela Duckworth explores some of the ways you can combat temptation and make better decisions for your future. She’s the author of the bestseller Grit: The Power of Passion and Perseverance. Finally, Katy Milkman offers additional tips to help you avoid the pitfalls of this bias: with behavioral tools such as temptation bundling and commitment devices.

Transcript

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0:00.0	I'm Katie Milkman and this is Choiceology.
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0:22.0	What are you waiting for?
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0:28.4	We've all been there.
0:30.2	You spot a seemingly good deal on a thing
0:32.4	you didn't even know you needed, but you feel compelled to act.
0:36.0	You need that fancy banana slicer now, and the ad says if you order today, you'll get a bonus spork.
0:43.2	Awesome!
0:44.8	But what's actually going on here?
0:46.8	Is this something you really need, or is it an impulse by?
0:50.2	Is cooking even your thing? Why does the immediate reward of a small thing sometimes get in the way of bigger, more important things down the road?
0:59.0	That urge to grab a candy bar on your way through the checkout line probably gets in the way of your long-term diet goals.
1:06.0	But maybe you do it anyway. What's up with that?
1:10.0	We're going to look at how our choices are influenced by the way we experience time, the here and now and the future.
1:16.8	You'll wonder how you ever lived without it. Order now. Supplies are limited. This is Choiceology, an original podcast from Charles Schwab.
1:31.0	It's a show about the hidden forces that can affect your ability to make the best decisions.
1:36.0	We look at everyday choices and high stakes judgments, and we analyze them to help you avoid costly mistakes. We've gathered some unsuspecting victims together for a test, A battle of wills and willpower. We've gone out into the world
2:06.8	to test an idea about temptation and time.
2:10.9	Hello, how are you guys doing today? So we're asking the question, given the choice between an apple and a chocolate bar, which would you eat right now?
2:19.0	Probably the chocolate.
	...

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