Across all kinds of decisions—from our salaries to our weekend plans—we tend to prefer options that progressively get better, if given the choice. Why is it that our minds place such a high premium on an upward trajectory?
In this episode of Choiceology ( with Katy Milkman ( , we look at why we’re drawn to experiences that appear to improve over time.
Katy speaks with Jerald Podair ( , Robert S. French Professor of American Studies, Emeritus, at Lawrence University and author of The Strike That Changed New York ( . They revisit the historic 1960 New York City public school teachers’ strike where educators put their careers on the line to trade short-term perks and principal favoritism for a contract that guaranteed a predictable, upward-climbing pay scale for everyone.
Then, Katy is joined by George Loewenstein ( , Herbert A. Simon University Professor of Economics and Psychology at Carnegie Mellon University and author of the new book The Opposite of Happiness: How Bad Feelings Make and Break Us ( . They discuss his seminal research on why we prefer rising salaries, the emotional toll of anticipation and dread, and how a simple change in order of events can flip our decisions.
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 ( .
00:00 Disneyland’s Design Trick
02:24 The 1960 Teachers’ Strike That Traded Perks for Progress
16:33 Unpacking the Pull of Improving Sequences with George Loewenstein
29:50 Engineering Your Own Upward Climb: Katy’s Reflections
Important Disclosures
This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice.
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 sources. However, its accuracy, completeness or reliability cannot be guaranteed.
All corporate 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.
Past performance is no guarantee of future results.
Investing involves risk including loss of principal.
The books How to Change: The Science of Getting from Where You Are to Where You Want to Be, The Strike That Changed New York, and The Opposite of Happiness: ( How Bad Feelings Make and Break Us are not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about their content.
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