A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski

Completing an overly complex type or waiting on hold for hours to consult with a customer care rep is a discouraging experience. And often it looks like the procedure itself is designed to be challenging.

In this episode of Choiceology with Katy Milkman (), we look at how friction—- time, distance, complexity, or anything that gets in the way of your goals– can add to what Nobel Prize– winning economist Richard Thaler calls "sludge.".

A young couple strolls into a theme park and they are used a present card. The only catch is that they need to enjoy a 90-minute presentation about timeshares. By the end of the presentation, they are the owners of a timeshare in the timeshare capital of the world, Orlando, Florida. Getting into a timeshare contract was easy, but leaving it ended up being far more of a grind.

Susan Budowski () informs the story of how her customers left a sticky circumstance, and she explains how many companies make it easy and quick to buy a timeshare but difficult and lengthy to offer or get out of those contracts.

Susan Budowski is a lawyer in Florida and Maryland who specializes in fixing timeshare matters.

Next, Katy speaks to Wendy Wood () about her research on how individuals can leverage friction to assist construct favorable routines and diminish negative ones.

You can find out more in her book Great Practices, Bad Habits: The Science of Making Favorable Modifications That Stick ().

Wendy Wood is the Emerita Provost Teacher of Psychology and Business at Dornsife College at the University of Southern California.

Then, Katy talks with Richard Thaler () about how sludge makes it challenging for individuals to achieve their goals and goes over numerous methods we can combat sludge in public law and in our everyday lives.

Richard Thaler is a Nobel Prize– winning economic expert and Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago's Booth School of Company. He is also the co-author of Nudge ().

If you delight in the program, please leave a score or review on Apple Podcasts (). ().

Important Disclosures.

The remarks, views, and opinions revealed in the discussion are those of the speakers and do not always represent the views of Charles Schwab.

Information included herein from 3rd party service providers is obtained from what are thought about trusted source. However, its precision, efficiency or dependability can not be ensured and Charles Schwab & Co. expressly disclaims any liability, consisting of incidental or substantial damages, emerging from mistakes or omissions in this publication.

All corporate names and market data shown above are for illustrative functions just and are not a suggestion, deal to offer, or a solicitation of a deal to buy any security. Supporting documents for any claims or statistical info is readily available upon request..

Investing involves danger including loss of principal.

The book How to Change: The Science of Getting from Where You Are to Where You Wish to Be is not connected with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&C o.). Charles Schwab & Co., Inc. (CS&C o.) has actually not examined the book and makes no representations about its material.

Apple, the Apple logo design, 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

. Google Podcasts and the Google Podcasts logo are hallmarks of Google LLC.

Spotify and the Spotify logo design are signed up hallmarks of Spotify AB.

( 1023-39VT).

A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski

Wealth Builders Club
Wealth Builders Club Secrets Revealed – Click Here to Discover the #1 Investment Resource!

You May Also Like

About the Author: Richard Money

Leave a Reply

Your email address will not be published. Required fields are marked *