In this episode of The Brainy Business podcast, host Melina Palmer welcomes Dr. Katy Milkman to discuss the intricacies of creating lasting behavior change. Katy, a professor at the Wharton School and co-director of the Behavior Change for Good Initiative, shares insights from her book How to Change.

Melina and Katy discuss fresh starts, temptation bundling, and the importance of understanding the underlying barriers to change. They also cover the surprising benefits of giving advice to others as a means of boosting one's own confidence and motivation. Through engaging stories and practical examples, Katy illustrates how small, thoughtful interventions can lead to significant improvements in behavior and outcomes.

In this episode:

• Explore the concept of fresh starts and how they can motivate behavior change.
• Understand the power of temptation bundling to create lasting habits.
• Learn about the psychological benefits of giving advice to others.
• Discover the importance of identifying the right barriers to change for effective interventions.
• Gain insights into Katy Milkman's research and practical applications for behavior change.

Show Notes:

00:00:00 - Introduction Melina introduces the episode and the topic of behavior change with Dr. Katy Milkman.

00:04:30 - Katy Milkman's Background Katy shares her background, her role at the Wharton School, and her work on the Behavior Change for Good Initiative.

00:09:45 - Fresh Starts Katy discusses the concept of fresh starts and how they can be leveraged to motivate behavior change.

00:15:20 - Temptation Bundling Melina and Katy explore the idea of temptation bundling and its effectiveness in creating lasting habits.

00:21:18 - Giving Advice to Others Katy explains the surprising benefits of giving advice to others and how it can boost one's own confidence and motivation.

00:27:54 - Identifying Barriers to Change The conversation shifts to the importance of identifying the right barriers to change for effective interventions.

00:34:06 - Real-World Applications Katy provides examples of how her research can be applied in real-world scenarios to improve behavior and outcomes.

00:40:22 - The Role of Mindset The discussion highlights the role of mindset in achieving behavior change and the power of believing in oneself.

00:46:15 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Katy:

• Katy’s Website
• Behavior Change for Good Initiative
• Katy on Twitter
• Katy on LinkedIn

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Good Habits, Bad Habits, by Wendy Wood
• Indistractable, by Nir Eyal
• How to Change, by Katy Milkman
• Happier Hour, by Cassie Holmes
• Thinking Fast and Slow, by Daniel Kahneman

Top Recommended Next Episode: Temptation Bundling (ep 250)

Already Heard That One? Try These: 

• Habits (ep 256)
• Status Quo Bias (ep 376)
• Tapping into the Power of Habit (ep 368)
• Wendy Wood Interview (ep 428)
• Sludge (ep 384)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this  episode of The Brainy Business podcast, host Melina Palmer welcomes Scott H. Young, the Wall Street Journal bestselling author of Ultralearning and Get Better at Anything. Scott shares his extensive insights into learning, cognitive science, and the psychology behind mastering new skills. Known for his MIT Challenge and year-long language learning adventure, Scott discusses the importance of immersive learning, repetitive practice, and the role of feedback in achieving fluency and proficiency.

Scott delves into the fascinating world of how we learn and improve, emphasizing the significance of learning from others, the challenges of problem-solving, and the necessity of focused practice. He also touches on the concept of "desirable difficulties" and how they enhance long-term retention and skill mastery. This episode is a treasure trove for anyone looking to understand the mechanics of learning and how to apply these principles to get better at anything.

In this episode:

• Discover the key components of effective learning: See, Do, and Feedback.
• Understand the importance of repetitive practice and immersion in mastering new skills.
• Learn about the concept of "desirable difficulties" and how they improve long-term retention.
• Explore the role of feedback in learning and how to create environments that foster expertise.
• Gain insights into the psychological aspects of learning and overcoming common barriers.

Show Notes:

00:00:00 - Introduction Melina introduces Scott and highlights his background and work in the field of learning and cognitive science.

00:03:30 - Scott's Background and Projects Scott shares his journey and notable projects, including the MIT Challenge and his year-long language-learning adventure.

00:11:20 - The Importance of Immersion Scott discusses the benefits of immersive learning and how it accelerates fluency and proficiency.

00:21:45 - Repetitive Practice and Fluency The conversation explores the role of repetitive practice in achieving fluency and the difference between fluency and overall proficiency.

00:31:10 - Desirable Difficulties Scott explains the concept of "desirable difficulties" and how they enhance learning and retention.

00:41:00 - The Role of Feedback The discussion highlights the importance of feedback in learning and how to create environments that foster expertise.

00:45:00 - Practical Tips for Learning Scott offers practical advice for applying these learning principles to various skills, including public speaking and business.

00:47:00 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Scott:

• LinkedIn
• X 

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Good Habits, Bad Habits, by Wendy Wood
• Indistractable, by Nir Eyal
• How to Change, by Katy Milkman
• Get Better at Anything, by Scott H. Young
• Ultralearning, by Scott H. Young and James Clear

Top Recommended Next Episode: How to Set, Achieve and Exceed Brainy Goals (ep 70)

Already Heard That One? Try These: 

• Habits (ep 256)
• Status Quo Bias (ep 376)
• Katy Milkman Interview (ep 151)
• Tapping into the Power of Habit (ep 368)
• Wendy Wood Interview (ep 428)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, host Melina Palmer revisits her insightful conversation with Dr. Wendy Wood, author of Good Habits, Bad Habits. This episode dives deep into the psychology behind habits, exploring how they are formed, maintained, and changed. Wendy, a leading expert in behavioral science, shares practical tips and research-backed strategies to help you understand and harness the power of habits in your personal and professional life.

Melina and Wendy discuss the foundational role habits play in our daily routines and decision-making processes. They emphasize the importance of recognizing both good and bad habits and provide actionable advice on how to reinforce the positive ones while mitigating the negative. The episode is packed with real-world examples, including how small changes in environment and behavior can lead to significant improvements in habit formation and maintenance.

In this episode:

• Understand the basics of habit formation and the role of context and rewards.
• Learn strategies to make good habits easier and bad habits harder.
• Explore practical examples of habit changes, such as altering morning routines and fitness habits.
• Discover the impact of environmental cues on habitual behavior.
• Gain insights into how businesses can leverage habit science to improve customer engagement and satisfaction.

Show Notes:

00:00:00 - Introduction Melina introduces the episode and highlights the importance of understanding habits in both personal and professional contexts.

00:04:12 - The Role of Habits Wendy explains the foundational role of habits in our daily lives and how they operate on an unconscious level.

00:09:30 - Context and Rewards Discussion on how habits are formed through context and rewards, with examples like morning coffee routines.

00:15:20 - Disruption and Opportunity The impact of the COVID-19 pandemic on habits and how disruptions can create opportunities for new habit formation.

00:21:45 - Practical Strategies Tips for making good habits easier and bad habits harder, including environmental adjustments and rewarding behaviors.

00:30:10 - Habit Formation in Business How businesses can leverage habit science to improve customer engagement and satisfaction, with examples from retail and fitness industries.

00:40:00 - Case Studies and Research Wendy shares intriguing case studies and research findings on habit formation and change.

00:50:30 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Wendy:

• Wendy Wood at USC Marshall
• Wendy on Twitter

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Good Habits, Bad Habits, by Wendy Wood
• Indistractable, by Nir Eyal
• How to Change, by Katy Milkman
• Happier Hour, by Cassie Holmes
• Thinking Fast and Slow, by Daniel Kahneman

Top Recommended Next Episode: Michael Norton Interview (ep 383)

Already Heard That One? Try These: 

• Habits (ep 256)
• Status Quo Bias (ep 376)
• Katy Milkman Interview (ep 151)
• Tapping into the Power of Habit (ep 368)
• Sludge (ep 384)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, host Melina Palmer welcomes Nobel Prize winner Dr. Bob Lefkowitz for an insightful discussion on mentorship, focus, and the power of saying no. Dr. Lefkowitz, a distinguished professor at Duke University Medical Center, shares his journey from a passionate physician to a Nobel laureate in Chemistry, highlighting the impact of his research.

Dr. Lefkowitz delves into the importance of mentorship, recounting his own experiences and the significance of his mentee, Brian Kobilka, with whom he shared the Nobel Prize. He emphasizes the value of asking good questions, being thoughtful, and the crucial skill of focusing like a laser on what truly matters. This episode is packed with wisdom on how to balance stubborn pursuit with strategic decision-making in both scientific research and business.

In this episode:

• Understand the significance of mentorship and how it shapes successful careers.
• Discover the importance of focus and saying no to distractions.
• Gain insights into the power of storytelling and synthesizing data.
• Explore practical advice for fostering creativity and seeing things from different perspectives.

Show Notes:

00:00:00 - Introduction Melina introduces Nobel Prize winner Dr. Bob Lefkowitz, highlighting his distinguished career and contributions to science and medicine.

00:04:30 - Dr. Lefkowitz's Background Dr. Lefkowitz shares his journey from aspiring physician to Nobel laureate, detailing his research on G protein-coupled receptors.

00:10:15 - The Importance of Focus Dr. Lefkowitz discusses the critical role of focus in achieving success and how he developed this skill over his career.

00:15:45 - Mentorship and Its Impact The conversation shifts to mentorship, with Dr. Lefkowitz sharing his thoughts on what makes a great mentor and the legacy of training successful scientists.

00:25:00 - Storytelling in Science Dr. Lefkowitz emphasizes the power of storytelling in presenting scientific data and making impactful discoveries.

00:30:20 - The Power of Saying No Dr. Lefkowitz provides practical advice on how to say no to distractions and focus on what truly matters.

00:35:50 - Creativity and Humor The discussion highlights the role of creativity and humor in scientific discovery and problem-solving.

00:45:00 - Closing Thoughts Melina and Dr. Lefkowitz wrap up the conversation, reflecting on the key takeaways and the importance of thoughtful mentorship.

00:50:30 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Dr. Lefkowitz:

•  LinkedIn

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• What Your Employees Need and Can't Tell You, by Melina Palmer
• The Ultimate Guide to Great Mentorship, by Scott Miller
• Mentoring, by Dr. Ruth Gotian and Andy Lopata
• A Funny Thing Happened on the Way to Stockholm, by Robert J. Lefkowitz M.D.
• The Speed of Trust, by Stephen M.R. Covey

Top Recommended Next Episode: Ruth Gotian Interview (ep 419)

Already Heard That One? Try These: 

• Vulnerability Loops (ep 229)
• Unity (ep 216)
• Scott Miller Interview (ep 69)
• Confirmation Bias (ep 260)
• Focusing Illusion (ep 330)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer explores the concept of defaults, how they impact our decisions, and the critical role they play in business and everyday life.  Melina discusses the omnipresence of defaults and how they influence our choices, often without us even realizing it. She explains the concept of status quo bias and how it makes us more likely to stick with default options, even when they may not be in our best interest. Using examples from retirement savings to organ donation, Melina illustrates the power of defaults and the importance of thoughtful choice architecture in both personal and business contexts.

In this episode:

• Understand the pervasive influence of defaults in everyday decisions.
• Learn about status quo bias and its impact on behavior.
• Explore practical examples of defaults in various contexts, including retirement savings and organ donation.
• Discover the ethical considerations in setting defaults and choice architecture.
• Gain insights into how to design better defaults to help customers and employees make beneficial choices.

Show Notes:

00:00:00 - Introduction, Melina introduces the episode and the topic of defaults, highlighting its relevance to her upcoming conversation with Nobel laureate Dr. Bob Lefkowitz.

03:15 - The Omnipresence of Defaults Melina discusses how defaults are everywhere and influence nearly every decision we make, often without us realizing it.

08:30 - Status Quo Bias An exploration of status quo bias and how it makes us more likely to stick with default options, even when they may not be in our best interest.

15:45 - Retirement Savings Example Melina uses the example of retirement savings to illustrate the power of defaults and how different default options can significantly impact behavior.

22:00 - Organ Donation Study A discussion on the ethical considerations of defaults using the example of organ donation and how opt-in vs. opt-out policies affect donation rates.

29:15 - Practical Business Applications Melina provides practical advice on how businesses can use defaults to help customers and employees make better choices, emphasizing the importance of ethical considerations.

36:00 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• A Funny Thing Happened on the Way to Stockholm, by Robert J. Lefkowitz M.D.
• What Your Customer Wants and Can't Tell You, by Melina Palmer
• Nudge, by Richard Thaler & Cass Sunstein
• Thinking Fast and Slow, by Daniel Kahneman
• What Your Employees Need and Can't Tell You, by Melina Palmer

Top Recommended Next Episode: Status Quo Bias (ep 376)

Already Heard That One? Try These: 

• Unlocking the Secrets of the Brain (ep 1)
• Framing (ep 296)
• Priming (ep 252)
• NUDGES and Choice Architecture: Introduction (ep 35)
• Habits (ep 256)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer and Christopher Frank, Chief Client Officer at PSB Insights, dive into the art of decision-making in a data-driven world. Christopher, who has a rich background with industry giants like American Express and Microsoft, shares his expertise in leveraging consumer insights to gain a competitive edge. As a thought leader in critical thinking and decision science, he offers valuable perspectives on how to ask the right questions and interpret data for smarter business decisions.

Christopher’s insights are not only theoretical but also practical, drawn from his extensive experience and his acclaimed books, Drinking from the Fire Hose and Decisions Over Decimals. He emphasizes the importance of starting with the right questions to truly understand the problem at hand and how to make decisions that are both informed and intuitive. His approach to synthesizing data with judgment offers a fresh perspective on navigating the overwhelming amount of information available today.

In this episode:

• Uncover the power of asking the right questions to make better decisions.
• Learn how to leverage data and intuition to drive business strategy.
• Discover the importance of context in interpreting data points.
• Explore the concept of "quantitative intuition" and how it can be developed.
• Understand the role of culture in fostering an environment that thrives on data-driven decisions.

Show Notes:

00:00:00 - Introduction Melina Palmer introduces Christopher Frank and highlights his extensive experience in data analytics and decision science.

00:04:12 - Christopher Frank's Background Christopher shares his journey through American Express, Microsoft, and his current role at PSB Insights, emphasizing his focus on leveraging data for smarter decisions.

00:09:35 - The Importance of Asking Questions Christopher discusses the value of starting with questions to understand the problem and make better decisions, sharing some of his favorite questions to ask.

00:16:28 - The Power of "What Surprised You?" Christopher explains how asking "What surprised you?" can unlock valuable insights and create a safe learning environment.

00:22:50 - Case Study: Outliers in Data Christopher shares a compelling story about how investigating outliers in customer satisfaction data led to significant business insights and strategic decisions.

00:30:17 - Moments of Truth in Consumer Behavior Christopher talks about identifying and understanding the critical moments that matter to consumers and how they can shape business strategies.

00:35:42 - Summary vs. Synthesis Christopher explains the difference between summarizing data and synthesizing it with judgment to make informed decisions.

00:40:05 - The Context Triangle Christopher introduces the concept of the context triangle and how it helps in interpreting data points from multiple perspectives.

00:41:05 - Conclusion, What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Christopher:

• Christopher on LinkedIn
• Christopher on X 

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer
• May Contain Lies, by Alex Edmans
• A More Beautiful Question, by Warren Berger
• What Your Customer Wants and Can't Tell You, by Melina Palmer
• Drinking from the Fire Hose, by Christopher Frank and Paul Magnone

Top Recommended Next Episode: The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126)

Already Heard That One? Try These: 

• Framing (ep 296)
• Felicity Heathcote-Marcz Interview (ep 324)
• Warren Berger Interview (ep 340)
• Alex Edmans Interview (ep 423)
• Beatrix Daros Interview (ep 424)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter

In this episode of The Brainy Business podcast, Melina Palmer explores the power of questions in project scoping with Beatrix Daros. Originally aired in 2022, this episode revisits their collaborative work from 2019, focusing on leveraging behavioral economics to enhance project outcomes. Beatrix emphasizes the importance of balancing technology with deep human connections, a principle she applied while working on Mars' KIND brand. As you listen, consider how clearly Beatrix articulates their value proposition and approach, and think about how this clarity can be applied to your own business practices.

Beatrix shares insights on the global differences in snacking habits and health perceptions, the role of ethnographic studies, and the significant impact of regulatory changes on product placement and marketing strategies. The episode also delves into the innovative use of virtual reality for consumer testing during the pandemic, highlighting how technology can expedite and enhance research processes. This episode is packed with valuable lessons on using behavioral science and technology to drive successful project outcomes.

In this episode:

• Discover the impact of asking the right questions to scope projects effectively.
• Learn about the global differences in snacking habits and health perceptions.
• Explore the use of virtual reality and technology in consumer research.
• Understand the importance of balancing technology with deep human connections.
• Gain insights into navigating regulatory changes and their impact on marketing strategies.

Show Notes:

00:00:00 - Introduction, Melina introduces the episode and guest, Beatrix Daros, highlighting their collaborative work on leveraging behavioral science for project scoping.

00:06:07 - Beatrix Daros' Background Beatrix shares her career journey at Mars and her role in consumer intelligence, focusing on the KIND brand.

00:10:40 - Global Snacking Habits Beatrix discusses the differences in snacking habits and health perceptions across various countries, emphasizing the importance of ethnographic studies.

00:15:34 - Regulatory Challenges Beatrix explains the impact of regulatory changes, such as the HFSS regulation in the UK, on product placement and marketing strategies.

00:20:21 - Behavioral Science and Questionstorming Melina and Beatrix discuss the importance of using behavioral science and questionstorming to scope projects effectively and align team members.

00:24:15 - Ethnographic Studies Beatrix elaborates on the role of ethnographic studies in understanding consumer behavior and preferences.

00:28:57 - Virtual Reality in Consumer Research Beatrix shares how Mars leveraged virtual reality for consumer testing during the pandemic, highlighting its efficiency and effectiveness.

00:31:48 - Technology and Human Connection Discussion on balancing the use of technology with maintaining deep human connections in consumer research.

00:35:51 - Deep Human Connection Beatrix elaborates on KIND's focus on deep human connections and how it influences their approach to consumer engagement and product development.

00:39:22 - Future of Insights Beatrix discusses the future of consumer insights, emphasizing the balance between technology and human connection.

00:47:30 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Beatrix:

• Beatrix on LinkedIn

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• A More Beautiful Question, by Warren Berger
• Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer
• What Your Customer Wants and Can’t Tell You (ep 147)
• Alchemy, by Rory Sutherland
• Both/And Thinking, by Wendy Smith and Marianne Lewis

Top Recommended Next Episode: Warren Berger Interview (ep 340)

Already Heard That One? Try These: 

• Greta Harper Interview (ep 207)
• Sarah Wilson Interview (ep 206)
• Framing (ep 296)
• Questions or Answers? (ep 4)
• The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126)

Other Important Links: 

• Brainy Bites - Melina’s LinkedIn Newsletter
• KIND Website

In this episode of The Brainy Business podcast, Melina Palmer welcomes Alex Edmans, author of May Contain Lies, to discuss the fascinating intersection of finance, behavioral economics, and misinformation. Alex, a professor of finance at London Business School with a Ph.D. from MIT, delves into the impact of emotions on the stock market, using intriguing examples from his research, including the emotional effects of international sports results on stock market behavior. 

Throughout the conversation, Alex and Melina explore the broader implications of emotional influences on decision-making in both personal finance and business contexts. They discuss the dangers of confirmation bias and black-and-white thinking, and Alex offers practical steps to overcome these biases. He also introduces his concept of the "ladder of misinference," illustrating how statements, facts, data, and evidence can be misinterpreted or misrepresented, leading to misleading conclusions.

In this episode:

• Understanding the emotional impact of sports results on the stock market.
• The broader implications of emotional influences on decision-making.
• The dangers of confirmation bias and black-and-white thinking.
• Practical steps to overcome biases and make informed decisions.
• The "ladder of misinference" and avoiding missteps in interpreting data.

Show Notes:

00:00:00 - Introduction Melina introduces Alex Edmans, author of May Contain Lies, and outlines the episode's focus on emotions, decision-making, and misinformation.

00:01:45 - Alex's Background Alex shares his background in finance and behavioral economics, emphasizing his passion for conveying academic insights to a general audience.

00:06:10 - Dissertation Research Alex discusses his dissertation on the impact of emotions, particularly sports results, on the stock market, highlighting the significant emotional effects on trading behavior.

00:12:55 - Broader Implications Melina and Alex explore the broader implications of emotional influences on decision-making in personal finance and business, emphasizing the importance of acknowledging and managing emotions.

00:19:15 - Confirmation Bias Alex explains confirmation bias and its impact on how people respond to evidence and data, using examples from sustainable investing and other fields.

00:26:30 - Black-and-White Thinking Alex introduces black-and-white thinking as a twin bias to confirmation bias, illustrating how extreme viewpoints can overshadow nuanced understanding.

00:34:45 - Ladder of Misinference Alex outlines the "ladder of misinference," explaining how statements, facts, data, and evidence can be misinterpreted, leading to misleading conclusions.

00:43:10 - Practical Tips for Individuals Alex offers practical tips for individuals to overcome biases, including imagining the opposite result to challenge confirmation bias.

00:46:00 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Alex:

• Alex on X 
• Alex on LinkedIn  
• Alex’s Website

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Foolproof, by Sander van der Linden
• May Contain Lies, by Alex Edmans
• How Minds Change, by David McRaney
• Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer
• What Your Employees Need and Can't Tell You, by Melina Palmer

Top Recommended Next Episode: Confirmation Bias (ep 260)

Already Heard That One? Try These: 

• Sander van der Linden Interview (ep 337)
• Focusing Illusion (ep 330)
• Survivorship Bias (ep 400)
• Christian Madsbjerg Interview (ep 325)
• David McRaney Interview (ep 210)

Other Important Links: 

• Brainy Bites - Melina’s LinkedIn Newsletter
• TED: What to Trust in a “Post Truth” World
• TEDx: The Pie Growing Mindset

In this episode of The Brainy Business podcast, Melina Palmer explores the fascinating world of lazy brain biases. This episode is part of an eight-part series exploring various biases, focusing on how our brains prefer to take the path of least resistance. This rapid-fire episode provides a brief overview of each bias, helping you understand their roles, interactions, and impacts on decision-making.

Melina refreshes this episode in anticipation of her upcoming interview with Alex Edmonds about his book May Contain Lies, which discusses misinformation and the importance of understanding information responsibly. Lazy brain biases play a significant role in how we process and accept information, making this episode a perfect primer for the conversation with Alex.

In this episode:

• Discover how the default effect influences our choices.
• Learn about the decoy effect and its impact on decision-making.
• Understand the automation bias and its implications in a tech-driven world.
• Explore the law of the instrument and functional fixedness.
• Gain insights into framing, anchoring, and the contrast effect.
• Examine biases and their influence on decision-making.
• Identify how surrogation and Parkinson's Law of Triviality affect business decisions.
• Learn strategies to push your brain’s limits and overcome lazy tendencies.

Show Notes:

00:00:00 - Introduction Melina introduces the episode and its focus on lazy brain biases, part of an eight-part series on biases.

00:02:30 - Default Effect Melina discusses the default effect, where people tend to choose the default option presented to them.

00:04:00 - Decoy Effect The decoy effect is explained with examples from espresso machines and The Economist subscription options.

00:06:00 - Automation Bias Melina talks about our excessive dependence on automated systems and the importance of checking their effectiveness.

00:07:30 - Law of the Instrument and Functional Fixedness These biases are discussed with examples like the Apollo 13 mission.

00:09:00 - Framing and Anchoring Melina explains how framing and anchoring influence our decisions, with links to related episodes.

00:10:30 - Contrast Effect The impact of priming and previously presented information on decision-making is discussed.

00:12:00 - Biases Melina explains how our senses influence our external decisions, using judges' sentencing patterns as an example.

00:13:30 - Ambiguity Effect and Action Bias These biases are explored with examples from medical decisions and soccer goalies.

00:15:00 - Stereotyping and Illicit Transference Melina discusses how our brains make assumptions about groups and individuals.

00:16:30 - Surrogation The concept of surrogation is explained with an example of customer satisfaction surveys.

00:18:00 - Parkinson's Law of Triviality Also known as bikeshedding, this bias is discussed with examples from pricing strategies.

00:19:30 - Lag Effect and Levels of Processing Melina talks about effective learning strategies and how to trick your lazy brain into focusing.

00:21:00 - List Length Effect The impact of list length on memory is discussed, encouraging listeners to push their brain's limits.

00:22:30 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• May Contain Lies, by Alex Edmans
• Thinking Fast and Slow, by Daniel Kahneman
• Nudge, by Richard Thaler & Cass Sunstein
• What Your Customer Wants and Can't Tell You, by Melina Palmer
• Evolutionary Ideas, by Sam Tatam

Top Recommended Next Episode: Functional Fixedness (ep 194)

Already Heard That One? Try These: 

• Anchoring & Adjustment (ep 394)
• Bikeshedding (ep 99)
• Priming (ep 252)
• Color Theory (ep 61)
• 5 Things Your Business Must Learn From NASA (ep 57)

Other Important Links: 

• Brainy Bites - Melina’s LinkedIn Newsletter
• The Greatest Space Hack Ever
• This Is the Actual Hack That Saved the Astronauts of the Apollo XIII
• Apollo Expeditions to the Moon – A Square Peg in a Round Hole
• Action Bias Among Elite Soccer Goalkeepers: the Case of Penalty Kicks
• Action Bias and Environmental Decisions
• The Inaction Effect in the Psychology of Regret

In this episode of The Brainy Business podcast, Melina Palmer is joined by Beatriz Vallejo, CEO of Ethos BT, to discuss the impactful work of reducing misinformation and polarization in Colombia using behavioral science. Beatriz, a behavioral scientist and economist, shares her journey from studying economics in Colombia to completing a master's in behavioral change at UCL, focusing on the factors that lead to the belief and spread of fake news. The conversation visits her extensive research on misinformation, the psychological factors influencing it, and the innovative Detox Information Project aimed at mitigating these issues.

Beatriz highlights the importance of understanding psychological factors like dehumanization, distrust, discrimination, and low tolerance to ambiguity, which contribute to the spread of misinformation. The episode also explores the success of various interventions, including personality tests and social experiment videos, which have proven to reduce misinformation vulnerability by 30%. This episode is a treasure trove of insights for anyone interested in behavioral science, misinformation, and societal improvement, showcasing the significant impact of behavioral interventions in real-world settings.

In this episode:

• Discover the psychological factors contributing to misinformation and polarization in Colombia.
• Learn about the Detox Information Project and its innovative approach to reducing fake news.
• Understand the importance of research and data in designing effective behavioral interventions.
• Gain insights into the challenges and successes of applying behavioral science in diverse contexts.
• Get inspired by Beatriz Vallejo's journey and her impactful work in behavioral science.

Show Notes:

00:00:00 - Introduction Melina introduces Beatriz Vallejo, CEO of Ethos BT, and highlights her work in behavioral science and misinformation.

00:05:20 - Beatriz's Background Beatriz shares her academic journey from studying economics in Colombia to completing a master's in behavioral change at UCL.

00:10:45 - Initial Research on Fake News Beatriz discusses her master's thesis on the psychological factors related to believing and sharing fake news in Colombia.

00:15:30 - The Detox Information Project Beatriz introduces the Detox Information Project, aimed at reducing misinformation through behavioral science interventions.

00:20:15 - Key Psychological Factors Beatriz explains the four psychological factors—dehumanization, distrust, discrimination, and low tolerance to ambiguity—that contribute to misinformation vulnerability.

00:25:50 - Effective Interventions Beatriz discusses the success of personality tests and social experiment videos in reducing misinformation vulnerability by 30%.

00:30:35 - Challenges in Behavioral Science Beatriz shares the challenges of convincing stakeholders to invest in research and the importance of understanding the problem before designing solutions.

00:35:50 - Tips for Aspiring Behavioral Scientists Beatriz offers advice for those looking to make an impact in behavioral science, emphasizing the importance of networking and continuous learning.

00:40:25 - Conclusion What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media -- you'll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show. 

I hope you love everything recommended via The Brainy Business! Everything was independently reviewed and selected by me, Melina Palmer. So you know, as an Amazon Associate I earn from qualifying purchases. That means if you decide to shop from the links on this page (via Amazon or others), The Brainy Business may collect a share of sales or other compensation.

Let’s connect:

• [email protected]
• The Brainy Business® on Facebook
• The Brainy Business on Twitter
• The Brainy Business on Instagram
• The Brainy Business on LinkedIn
• Melina on LinkedIn
• The Brainy Business on Youtube

Connect with Beatriz:

• Beatriz on LinkedIn
• Detox Information Project
• Beatriz on X 

Learn and Support The Brainy Business:

Check out and get your copies of Melina’s Books. 

Get the Books Mentioned on (or related to) this Episode:

• Foolproof, by Sander van der Linden
• May Contain Lies, by Alex Edmans
• The Voltage Effect, by John List
• Decisions Over Decimals, by Christopher Frank, Paul Magnone and Oded Netzer
• What Your Employees Need and Can't Tell You, by Melina Palmer

Top Recommended Next Episode: Carlos Hoyos Interview (ep 285)

Already Heard That One? Try These: 

• Sander van der Linden Interview (ep 337)
• BE OEFA Interview (ep 195)
• Ambiguity / Uncertainty Aversion (ep 243)
• Confirmation Bias (ep 260)
• The Most Important Step In Applying Behavioral Economics: Understanding the Problem (ep 126)

Other Important Links: 

Brainy Bites - Melina’s LinkedIn Newsletter