Winning feels great. Whether it's nailing a tricky golf shot or landing a huge client for your company, it's good to come out on top. But is it the thrill of victory that pushes you to sink that 10-foot putt or obliges you to put in a few additional hours at work? Or is it the worry of losing that motivates you more?

In this episode of Choiceology with Katy Milkman (), we analyze a bias that impacts the irrational way individuals frequently respond to gains and losses.

The episode begins with the heartbreaking story of Robbie Powell. A missed out on medical diagnosis and an elaborate conceal expose the lengths to which some individuals are willing to enter order to prevent a hit to their track records.

You'll hear from professor Dolly Chugh () from New york city University's Stern School (). Dolly and collaborator Molly Kern have actually done some excellent research study showing how people act in a different way when making ethical options in the face of a possible loss versus a potential gain. You can discover more about this phenomenon in her book How Great Individuals Battle Bias: The Individual You Mean to Be ().

Then renowned golf coach Hank Haney () explains how Tiger Woods and other golf pros appear to work harder to avoid bogeys on the putting green than they do to make birdies. According to Wharton School professor Maurice Schweitzer (), expert golf enthusiasts may be missing out on numerous thousands of dollars in earnings because of this tendency. And he's got research () to prove it.

Finally, Katy will leave you with useful tips on how to restrict the impact of this predisposition in your own decisions.

Choiceology is an original podcast from Charles Schwab (). For more on the series, go to schwab.com/podcast ().

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

Essential Disclosures:

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

Data contained herein from third-party companies is obtained from what are thought about trustworthy sources. However, its accuracy, completeness or dependability can not be guaranteed.

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