27 min listen
Summit Fever
ratings:
Length:
30 minutes
Released:
Mar 12, 2018
Format:
Podcast episode
Description
Imagine that you’ve put in effort toward a goal, but things haven’t quite worked out the way you hoped. Maybe your goal was more expensive than you expected; maybe it’s taking longer to reach than you thought. So the question is, do you double down and continue to work toward that increasingly difficult goal, or do you move on to something new? Do you fish or cut bait?
On this episode of Choiceology with Dan Heath, we look at how past effort, time or expense can influence the way we make decisions moving forward—even when they shouldn’t.
The episode begins on an auction house floor but quickly climbs to the top of the highest peak in the world. Along the way, you’ll see how common is the lure to continue no matter what, and how it affects all kinds of decisions, big and small.
Professor Michael Roberto explains how to identify this bias in your day-to-day life. You can read his paper on how it may have influenced some life-and-death decisions at the top of Mount Everest.
Lou Kasischke’s book on his experience on the 1996 Mount Everest expedition is called After the Wind.
You’ll also find out how to fight back against the influence of this trap in a story about Intel CEO Andy Grove—one of the most successful business leaders of the 20th century.
And to learn about making investment decisions with an eye toward the future, check out our bonus article “Don’t Look Back.”
Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.
If you enjoy the show, please leave a ⭐️⭐️⭐️⭐️⭐️ rating or review on Apple Podcasts.
(0318-8VJ8)
On this episode of Choiceology with Dan Heath, we look at how past effort, time or expense can influence the way we make decisions moving forward—even when they shouldn’t.
The episode begins on an auction house floor but quickly climbs to the top of the highest peak in the world. Along the way, you’ll see how common is the lure to continue no matter what, and how it affects all kinds of decisions, big and small.
Professor Michael Roberto explains how to identify this bias in your day-to-day life. You can read his paper on how it may have influenced some life-and-death decisions at the top of Mount Everest.
Lou Kasischke’s book on his experience on the 1996 Mount Everest expedition is called After the Wind.
You’ll also find out how to fight back against the influence of this trap in a story about Intel CEO Andy Grove—one of the most successful business leaders of the 20th century.
And to learn about making investment decisions with an eye toward the future, check out our bonus article “Don’t Look Back.”
Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.
If you enjoy the show, please leave a ⭐️⭐️⭐️⭐️⭐️ rating or review on Apple Podcasts.
(0318-8VJ8)
Released:
Mar 12, 2018
Format:
Podcast episode
Titles in the series (85)
The Mystery of Chance: With Guests Andy Marocco & Tom Gilovich: Have you ever seen a cloud overhead that looks very much like, say, a rabbit? Or maybe you’ve found a potato chip that had an uncanny resemblance to Elvis, or a cornflake that was almost exactly the shape of the state of Texas. What are the chances? In this episode of Choiceology with Katy Milkman, we explore curious events and mysterious patterns in order to reveal the human habit of ascribing meaning to randomness. Andy Marocco of the Naval Air Station Fort Lauderdale Museum joins Katy to revisit some of the most famous and enduring unsolved air and naval mysteries that have occurred inside the “treacherous” Bermuda Triangle. You’ll hear about several famous disappearances, with a focus on the harrowing tale of Flight 19 in which several planes and airmen vanished without a trace. Next, we conduct a simple experiment--or is it a magic trick?--involving a series of coin tosses. Our game master will attempt to identify by Choiceology with Katy Milkman