Choiceology with Katy Milkman

So Close to the Prize: With Guests Oleg Urminsky & Brian Zinn


Listen Later

If you’ve ever signed up for a frequent flyer program, chances are good that you were awarded a certain number of bonus points to start. Those bonus points feel like a nice little gift, but they also serve another purpose: to increase your motivation to participate in the program.

In this episode of Choiceology with Katy Milkman, we explore how your proximity to a goal can affect the way you behave.

You’ll hear the fascinating story of Brian Zinn and his decade-spanning quest to unravel an elaborate riddle. When Brian was a college student, he stumbled upon a book called The Secret: A Treasure Hunt. In it were 12 cryptic puzzles—arcane verses and mysterious images that, when paired and solved, would point readers to 12 treasures buried in undisclosed locations around the United States.

The treasure hunt was a harmless pastime during Brian’s college days, but when he rediscovered the book years later, it became something of an obsession. You’ll learn about his escalating adventures attempting to locate one of the book’s hidden treasures. Since the publication of The Secret nearly 40 years ago, only three of the 12 treasures have ever been found.

Next, Oleg Urminsky joins Katy to reveal the behavioral mechanisms that drive us to increase our efforts as we approach a goal, or perceive that we’re approaching a goal. Urminsky’s research led him to demonstrate surprising shifts in behavior using a simple coffee card loyalty program. 

Oleg Urminsky is a professor of marketing at the University of Chicago Booth School of Business. You can read more about his research in the 2006 paper “The Goal-Gradient Hypothesis Resurrected.” 

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

If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts.

Important Disclosures:

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

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.

(0420-08H4)

...more
View all episodesView all episodes
Download on the App Store

Choiceology with Katy MilkmanBy Charles Schwab

  • 4.8
  • 4.8
  • 4.8
  • 4.8
  • 4.8

4.8

1,383 ratings


More shows like Choiceology with Katy Milkman

View all
Planet Money by NPR

Planet Money

30,823 Listeners

Freakonomics Radio by Freakonomics Radio + Stitcher

Freakonomics Radio

32,260 Listeners

TED Radio Hour by NPR

TED Radio Hour

22,054 Listeners

Hidden Brain by Hidden Brain, Shankar Vedantam

Hidden Brain

43,409 Listeners

The Indicator from Planet Money by NPR

The Indicator from Planet Money

9,555 Listeners

Worklife with Adam Grant by TED

Worklife with Adam Grant

9,187 Listeners

Schwab Market Update Audio by Charles Schwab

Schwab Market Update Audio

316 Listeners

Financial Decoder by Charles Schwab

Financial Decoder

298 Listeners

The Happiness Lab with Dr. Laurie Santos by Pushkin Industries

The Happiness Lab with Dr. Laurie Santos

14,389 Listeners

WashingtonWise by Charles Schwab

WashingtonWise

438 Listeners

Giving With Impact by DAFgiving360

Giving With Impact

10 Listeners

No Stupid Questions by Freakonomics Radio + Stitcher

No Stupid Questions

3,678 Listeners

People I (Mostly) Admire by Freakonomics Radio + Stitcher

People I (Mostly) Admire

2,136 Listeners

Freakonomics, M.D. by Freakonomics Radio + Stitcher

Freakonomics, M.D.

1,118 Listeners

The Economics of Everyday Things by Freakonomics Network & Zachary Crockett

The Economics of Everyday Things

1,606 Listeners

What It's Like To Be... by Dan Heath

What It's Like To Be...

658 Listeners

On Investing by Charles Schwab

On Investing

281 Listeners