← Podcasts

Choiceology

Hosted by Katy Milkman

Behavioral scientist and Wharton professor Katy Milkman explores the hidden forces that shape our decisions. An original podcast from Charles Schwab, Choiceology blends true stories of irrational decision-making with expert analysis of cognitive biases, heuristics, and nudges that can improve judgment.

31 episodes processed

Host Profile

Themes
cognitive biasesdecision-makingbehavioral economicsnudgeshabit formationtemptation bundlingloss aversionframing effects
Style

Narrative-driven episodes (30-40 min) blending true stories with expert interviews. Each episode dramatizes one cognitive bias through a real-world story, then brings in a researcher to explain the science. Accessible, well-produced.

Known Biases
Behavioral economics as improvement frameworkNudge-positive worldviewSchwab-adjacent financial decision framing
20 canon references

Episodes

# · Oct 6, 2025 · 30m
Katy Milkman

After learning an outcome, people believe they predicted it all along. Explores hindsight bias — the 'I knew it all along' effect — and how it distorts learning, accountability, and self-assessment.

# · Sep 22, 2025 · 31m
Katy Milkman

Explores the psychology of regret — why we regret inactions more than actions in the long run, how counterfactual thinking creates suffering, and how to use anticipated regret as a decision-making tool.

1 canon
# · Aug 25, 2025 · 31m
Katy Milkman

Defaults are the most powerful nudge in behavioral science. Organ donation rates, retirement savings, and privacy settings are all determined more by what happens when people do nothing than by what they actively choose.

1 canon
# · Aug 11, 2025 · 30m
Katy Milkman

Why people donate the same amount to save 2,000 birds as to save 200,000 birds. Explores scope insensitivity — our inability to scale emotional responses proportionally to the magnitude of a problem.

# · Jun 2, 2025 · 32m
Ellen Evers

A mental accounting trick that can help maximize joy and minimize pain. Explores how the way we separate life's highs and lows can influence our happiness — distributing small pleasures across time rather than bundling them.

1 canon
# · May 19, 2025 · 31m
Katy Milkman

Why having more options can make us less happy and less likely to choose at all. Explores choice overload, satisficing vs. maximizing, and practical strategies for navigating a world of infinite options.

1 canon
# · May 5, 2025 · 33m
Jackie Silverman

The motivational power of streaks — and what happens when they break. Explores how streaks can be both powerfully motivating and devastatingly demotivating, and strategies for recovering from a broken streak.

1 canon
# · Apr 21, 2025 · 30m
Katy Milkman

Explores our tendency to defer to authority figures even when they're wrong. From Milgram's obedience experiments to modern examples, examines why we follow experts uncritically and how to maintain independent judgment.

1 canon
# · Apr 7, 2025 · 31m
Katy Milkman

Why people evaluate savings and costs as proportions rather than absolute amounts. Explores ratio bias — driving 20 minutes to save $10 on a $20 item but not on a $500 item, even though $10 saved is $10 saved regardless.

# · Mar 24, 2025 · 31m
Linda Chang

Why we fixate on numbers even when words or graphs convey the same information. Explores quantification bias — our tendency to trust and overweight numerical data while discounting qualitative information of equal or greater value.

# · Mar 10, 2025 · 34m
Kurt Gray

How framing your life narrative as an epic journey gives you control and meaning. Explores the psychology of narrative identity — why the stories we tell about ourselves shape our resilience, motivation, and sense of purpose.

1 canon
# · Oct 21, 2024 · 31m
Christopher Bryan

Can resistance to authority be leveraged for positive change? Explores psychological reactance — our instinct to push back when we feel our freedom is threatened — and how to redirect that energy productively.

# · Oct 7, 2024 · 32m
Maurice Schweitzer

How to structure experiences so we remember them more fondly. Research on the peak-end rule and how the final moments of an experience disproportionately shape our memory of the whole thing.

# · Oct 7, 2024 · 27m
Katy Milkman

Why tiny gaps near round numbers drive big decisions. Milkman explores why a used car with 99,500 miles sells for dramatically less than one with 100,500 miles — and what this reveals about how our minds process numbers.

1 canon
# · Sep 23, 2024 · 34m
Tania Lombrozo

Why we prefer simple explanations — and the cost of that preference. Explores our bias toward simplicity in causal reasoning and why the simplest answer isn't always the right one.

# · Sep 9, 2024 · 30m
Katy Milkman

When facing losses that aren't yet finalized, people take on more risk than they normally would. Explores how loss aversion and the disposition effect cause investors and everyday decision-makers to hold onto losing positions too long.

1 canon
# · Sep 9, 2024 · 31m
Katy Milkman

Milkman explores why streaks (Duolingo, exercise apps, journaling habits) are so motivating — and why breaking a streak can be devastating enough to make people quit entirely.

1 canon
# · Aug 26, 2024 · 33m
Angela Duckworth

How giving advice can benefit the giver as much or more than the receiver. Research shows that the act of advising others activates motivation, crystallizes knowledge, and increases the advisor's own follow-through.

# · Aug 12, 2024 · 35m
Katy Milkman

A special episode featuring a video game designed to reduce cognitive biases and a practical checklist for making better decisions. Research shows that structured decision-making processes can permanently reduce common judgment errors.

1 canon
# · Jun 3, 2024 · 30m
Katy Milkman

Why people keep investing time, money, or effort into something even when future benefits no longer justify continuing. Explores the sunk cost fallacy through stories of escalating commitment in business, relationships, and personal projects.

# · May 20, 2024 · 31m
Katy Milkman

The dark side of social proof. Explores how our tendency to copy others — a normally adaptive heuristic — can lead to herding, information cascades, and collective errors when the crowd is wrong or uninformed.

1 canon
# · May 6, 2024 · 30m
Katy Milkman

Milkman revisits her own research on temptation bundling — pairing a guilty pleasure (like binge-watching a show) with a behavior you want to do more (like exercising). Updated evidence on when it works, when it doesn't, and how to design effective bundles.

1 canon
# · Apr 22, 2024 · 31m
Katy Milkman

Moral licensing — how doing something good can give us psychological permission to do something bad. After exercising, people eat more. After buying organic, people are less generous. Explores the hidden costs of virtuous behavior.

# · Apr 8, 2024 · 30m
Katy Milkman

Why we systematically misjudge the probability of rare events — both overestimating dramatic risks (plane crashes, shark attacks) and underestimating mundane ones (car accidents, heart disease). The psychology of probability neglect and availability bias.

# · Mar 25, 2024 · 30m
Katy Milkman

Why we instinctively infer causation from correlation — and the costly real-world consequences. Explores how spurious correlations fool intuition, why randomized experiments are essential, and practical tests for distinguishing causation from coincidence.

# · Aug 21, 2023 · 30m
Katy Milkman

Why humans systematically prefer smaller rewards now over larger rewards later. Milkman uses the marshmallow test, retirement savings data, and climate change inaction to explain present bias.

1 canon
# · Apr 17, 2023 · 29m
Katy Milkman

Milkman introduces temptation bundling — her research showing that pairing an indulgent activity (binge-watching TV) with a virtuous one (exercising) makes both more likely. A behavioral science hack for willpower.

1 canon
# · Jan 9, 2023 · 28m
Katy Milkman

Milkman presents her original research on the 'fresh start effect' — the finding that people are more likely to pursue goals at temporal landmarks like New Year's, birthdays, and Mondays. The psychology of why new beginnings feel motivating.

1 canon
# · Sep 12, 2022 · 28m
Katy Milkman

Milkman explores why people value things they own more than identical things they don't own. The coffee mug experiment, housing bubbles, and why sellers consistently overprice and buyers consistently lowball.

1 canon
# · May 16, 2022 · 29m
Katy Milkman

Milkman explores why we seek information that confirms our existing beliefs and dismiss evidence that challenges them. From misdiagnosed patients to failed investments, confirmation bias is the most expensive cognitive error humans make.

2 canon
# · Mar 14, 2022 · 30m
Katy Milkman

The story of Howard Hughes's Spruce Goose — the largest airplane ever built, and a monument to the sunk cost fallacy. Milkman uses the story to explain why we throw good money after bad and how to recognize the trap.

1 canon