If Only …: With Guests Stirling Hart & Colin Camerer

Choiceology with Katy Milkman

Charles Schwab

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

4.7 • 1.5K Ratings

🗓️ 12 October 2020

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a past episode titled “Spoiled for Choice,” we looked at how decision-making can be hampered by our desire to avoid the painful emotion of regret. In fact, regret aversion can cause people to abandon certain decisions entirely. In this episode of Choiceology with Katy Milkman, we look more closely at regret itself.

Transcript

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0:00.0	Next train to City Center in one minute.
0:23.0	No, no, no, no, wait. There's no, no, wait. There's next train to City Center in 10 minutes. There's something about just missing a train or a plane or maybe an appointment.
0:38.0	When you're so close to making it, it feels worse than missing it by a lot, even though you'd be in the same situation
0:44.3	either way. Why is that? In this episode we're looking at the emotion triggered
0:50.0	by near misses, an emotion that colors our experience of the past and can seriously
0:55.4	affect our decisions about the future.
0:57.2	I'm Dr. Katie Milkman and this is Choiceology, an original podcast from Charles Schwab.
1:08.0	It's a show about the psychology and economics behind our decisions.
1:12.0	We bring you true stories involving high stakes make or break moments,
1:16.0	and we explore the latest research in behavioral science
1:19.0	to help you make better choices and avoid costly errors. I would have got my first axe around the age of three or four.
1:40.0	This is Sterling.
1:42.0	My name's Sterling Hart. I'm from Squamish, British Columbia.
1:45.0	Sterling is one of the top Lumberjacks in the world.
1:48.0	He was born into it.
1:49.7	The Lumberjack profession runs in my family, my dad and my grandfather were both
1:54.8	loggers I'd see my dad outside you know training or working away and I just wanted to be
2:00.9	out there with him and a passion was basically bred into me from a very very young age.
2:06.0	When he's not working as a lumberjack, he's competing in lumberjack's sports.
2:10.0	These are competitions where athletes use axes and saws and events based on logging skills.
2:16.0	You know, it originated in the logging camps back in the early 1900s of the late 1800s.
2:21.0	When all the cities were being built out here on the coast they'd live
	...

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