Do you recall the best concert you ever went to? Best trip? Best meal? Chances are good that a few memories come to mind—maybe not every detail of the event, but perhaps a couple great moments. It can go the opposite way, too. Worst travel experience. Worst date. Our memory works in snapshots of particular parts of our experience.

In this episode of Choiceology with Katy Milkman, we look at a predictable distortion in the way people remember experiences. And we’re doing it in part to honor a very special memory: the memory of the great Daniel Kahneman. He was a Nobel laureate, international best-selling author, repeated Choiceology guest, and a co-founder of the field that is at the heart of this show: behavioral economics.

Our opinion of an experience is shaped by which parts we remember most. The same can hold true for how we remember people. Matthew Polly is the best-selling author of Bruce Lee: A Life, a biography of the late great Bruce Lee. He retells the story of how this legendary martial artist, actor, and cultural icon is understood in our collective memory. And then he reveals certain nuances in his biography that may change the way you perceive his legacy.

Next, Katy speaks with Maurice Schweitzer, the Cecilia Yen Koo Professor of Operations, Information, and Decisions at the Wharton School of Business at the University of Pennsylvania. Maurice explains how this memory distortion can be leveraged to better retain staff, improve your experience at work, have better conversations with colleagues, and even plan a more enjoyable vacation. He's also the author of Friend and Foe: When to Cooperate, When to Compete, and How to Succeed at Both.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

Investing involves risk including loss of principal.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

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Your car breaks down. Must be because you skipped an oil change last month. Or your favorite team loses. Well, that was because of a bad call by a corrupt referee. In reality, many events involve multiple contributing factors. But we tend to gravitate toward single causes.

In this episode of Choiceology with Katy Milkman, we look at our desire to explain things simply, even when the truth may be more complex.

Where unidentified flying objects are concerned, there is rarely a simple answer. They'd be identified flying objects otherwise. So in the absence of conclusive evidence, UFOs capture the imagination.

Case in point: the Rendlesham Forest Incident. We’ll hear from UFO expert (and skeptic) Toby Ball about a fascinating series of sightings in the Rendlesham Forest in the early 1980s. Toby deconstructs the events—and the rush to conclusions by certain media outlets—in search of an explanation.

Toby explores the folklore and culture surrounding UFO encounters on his show Strange Arrivals. He also appears on the weekly podcast Crime Writers On.

Next, Katy speaks with Tania Lombrozo about her research on our mind’s preference for simple explanations—and when that can lead us astray. Tania is the Arthur W. Marks Professor of Psychology at Princeton University and lab director at Princeton’s Concepts and Cognition Lab.

Choiceology is an original podcast from Charles Schwab. For more on the show, visit schwab.com/Choiceology.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

0924-PU2Z

In this episode of Choiceology with Katy Milkman, we look at the often-misunderstood and surprisingly common Dunning-Kruger effect with an interview featuring one of the researchers who first identified it, David Dunning.

But we start with the story of Cecilia Jimenez, the humble Spanish grandmother and amateur landscape painter who took it upon herself to restore a fresco in her local church. The results made international headlines—and briefly made Ceclia Jimenez a household name—for all the wrong reasons.

Andrew Flack has a lot of compassion for Cecilia. He met with her several times in the process of writing an opera with composer Paul Fowler called Behold the Man about Ceclia’s ill-fated but ultimately beneficial project.

Next, David Dunning explains how—contrary to popular belief—we are all at the mercy of the Dunning-Kruger effect from time to time, and that we should be more humble in recognizing what we don’t know about what we don’t know.

David Dunning is the Ann and Charles R. Walgreen, Jr., Professor of the Study of Human Understanding at the University of Michigan. The paper "Unskilled and Unaware of It: How Difficulties in Recognizing One's Own Incompetence Lead to Inflated Self-Assessments," co-authored with Justin Kruger, led to the bias being named The Dunning-Kruger effect.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk including loss of principal.

The book How to Change: The Science of Getting From Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.

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