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Choiceology with Katy Milkman

In the Face of Risk: With Guests Jeff Elison & Ido Erev

Choiceology with Katy Milkman

Charles Schwab

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

4.71.5K Ratings

🗓️ 12 April 2021

⏱️ 35 minutes

🧾️ Download transcript

Summary

For many, the onset of the coronavirus pandemic was terrifying. Descriptions of the outbreak in Europe and Asia led to panic buying and sheltering in place here at home. But, as time passed and people became acclimatized to life with masks and social distancing, many of those same people who were terrified at the outset began to let their guard down and take unnecessary risks. In this episode of Choiceology with Katy Milkman, we look at a peculiar inconsistency around how we perceive risk and rare events.

Transcript

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0:00.0

Okay, folks, you're all set.

0:10.0

Thank you.

0:11.0

Thanks.

0:12.0

No problem.

0:13.0

You know, I actually feel a bit better now that we have this alarm system installed.

0:17.6

You know what?

0:18.6

Me too.

0:19.6

I mean, it's not like there have been a lot of break-ins in the neighborhood, but I like

0:23.0

the peace of mind.

0:24.0

Yeah, for sure.

0:25.0

Day one.

0:26.0

Okay.

0:27.0

I'm on my way.

0:28.0

Can you set the alarm when you go?

0:29.8

Yep, we'll do.

0:36.8

Day two.

0:43.8

Day five.

0:45.8

Oh, sorry.

0:47.8

I forgot to set the alarm.

0:50.8

No problem.

0:54.8

I'm sure it will be fine.

0:57.8

Day ten.

...

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