In a previous episode titled "Ruined for Choice," we took a look at how decision-making can be obstructed by our desire to avoid the unpleasant feeling of regret. In reality, remorse aversion can cause people to abandon certain choices totally.
In this episode of Choiceology with Katy Milkman (), we look more closely at remorse itself..
Stirling Hart () is a professional lumberjack. He's likewise a first-rate lumberjack sports () professional athlete. He has taken a trip the world contending versus the very best of the best in events such as the underhand chop (), the spring board (), the single buck (), and the standing block slice (). These grueling and hazardous jobs need explosive strength, accuracy, and nerves of steel.
In 2016, Stirling Hart represented Canada at the Stihl Timbersports ® () World Champion in Stuttgart, Germany. He was controling the events until he pertained to the hot saw () (an occasion involving a chainsaw developed from a modified bike engine). That's when one split-second decision changed the course of the competitors. You'll hear how that a person minute impacted Stirling for months later.
Stirling Hart lives and works in Squamish, British Columbia, Canada.
Next, Katy consults with Colin Camerer () about the neuroscience of remorse. Colin discusses how regret occurs and how it can affect our behavior, for better and for even worse. You'll become aware of an interesting research study () by Tom Gilovich () identifying remorse in Olympic medalists, and you'll find out about the ways that are sorry for can affect financial investment decisions. You'll likewise gain important insight on how to reduce some of the unfavorable effects of regret.
Colin Camerer is a Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can learn more about remorse in his paper "Neural Evidence of Regret and Its Implications for Investor Behavior ().".
Choiceology is an initial podcast from Charles Schwab (). For more on the series, see schwab.com/podcast ().
If you enjoy the show, please leave a ⭐ ⭐ ⭐ ⭐ ⭐ rating or review on Apple Podcasts. ().
Important Disclosures:.
All expressions of viewpoint go through alter without notice in response to shifting market conditions.
The remarks, views, and opinions expressed in the discussion are those of the speakers and do not always represent the views of Charles Schwab.
Information contained herein from third-party companies is gotten from what are considered trusted sources. Nevertheless, its precision, efficiency or reliability can not be guaranteed.
Investing involves threat, consisting of loss of principal. (1020-081T).
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