Supply chain concerns and income inequality notwithstanding, we reside in an age of abundance. Our closets overflow with clothing. Lots of kids have more toys than they could possibly take pleasure in. Garages are filled with sporting equipment. Offices are jumbled with gadgets. And even our calendars are loaded with meetings and tasks. It can all be a bit much..

In this episode of Choiceology with Katy Milkman (), we look at a bias that leads us to add to our collections and to-do lists but neglect to eliminate unnecessary or unhelpful products.

We begin with the lovely story of Strider Bikes (), the pedal-less balance bikes for little kids. Founder Ryan McFarland is a passionate bicyclist and motorbike enthusiast. When his boy Bode was 2 years old, Ryan was keen to get him started on riding toys. However nothing he attempted rather worked for such a young child. So began a mission to engineer a bike that would get Bode riding right away however still teach him the principles of two-wheeled biking.

You can read more about the Strider Bike story in the Leidy Klotz () book Subtract: The Untapped Science of Less. ().

Next, you'll hear a re-creation of an experiment motivated by the research of Leidy Klotz and Gabrielle Adams () and their partners, showing how this tendency to fix problems by addition can sometimes be expensive and suboptimal.

Gabrielle Adams signs up with Katy to talk about the science behind this bias towards addition. You'll hear about practical strategies to overcome this bias that will help you conserve money and time– and maybe even declutter your mind.

You can find out more about subtraction overlook in the research paper () Gabrielle Adams co-authored with Benjamin Reverse, Andrew Hales, and Leidy Klotz.

Gabrielle Adams is an assistant teacher of public law and company administration at the Frank Batten School of Leadership and Public Policy at the Darden School of Service () at the University of Virginia ()..

Finally, Katy discusses ways to identify opportunities to deduct things from your life that may end up making you much better off.

Choiceology is an initial podcast from Charles Schwab (). For more on the series, visit schwab.com/podcast ().

If you take pleasure in the show, please leave a ⭐ ⭐ ⭐ ⭐ ⭐ score or evaluation on Apple Podcasts. ().

Disclosures.

All expressions of viewpoint undergo alter without notification in reaction to shifting market conditions.

The comments, views, and viewpoints revealed in the presentation are those of the speakers and do not always represent the views of Charles Schwab..

Data included herein from third-party providers is gotten from what are thought about trusted sources. However, its accuracy, efficiency or dependability can not be ensured.

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

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