Strategy + Business: Four common biases in boardroom culture

By In the News

Applying the principles of behavioral psychology in the workplace is a popular trend in the corporate world for good reason. Building on foundational work by Nobel laureate Daniel Kahneman, George Loewenstein, Richard Thaler, and others, behavioral psychology offers valuable insights into the biases that help the brain order information and make decisions, and that influence the ways people judge themselves and others. In business settings, such as a meeting of a corporate board, these biases can cause people to over- or undervalue others who sit around the table, or the ideas they express. They can also influence collegiality, whether people…

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Deseret News: Here’s how bad the social media ‘echo chamber’ has gotten in politics

By In the News

Social media is often criticized for creating echo chambers when it comes to our news consumption and politics, and a new study shows just how deep a partisan divide social media has created. A Pew Research Center analysis of Facebook posts on 25 popular pages found coverage of President Joe Biden’s early days in office depended largely on the partisan affiliation of the pages. “These differences in assessments follow the same pattern found in the broader news media study and are another reminder of the deeply polarized information environment in the country,” Pew wrote. And it explains why it can sometimes feel like we’re…

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The Daily Pennsylvanian: Penn sponsors ‘Philly Vax Sweepstakes’ to incentivize Phila. residents to get vaccinated

By In the News

Penn has partnered with the City of Philadelphia to sponsor a lottery of monetary prizes of up to $50,000 awarded to individuals for getting the COVID-19 vaccine, according to an announcement by Philadelphia Mayor Jim Kenney. “There’s been a real surge in interest in using financial incentives to encourage people to get vaccinated,” Director of CHIBE Kevin Volpp said. “Efforts like the Philly Vax Sweepstakes recognize that there are a number of people who are reluctant to get vaccinated. It’s a way to try to get people vaccinated because that’s our best path out of the pandemic.” During each entry period, half…

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Forbes: The Joy Of Being Wrong And The Danger Of Desirability Bias

By In the News

No one enjoys being wrong,” Daniel Kahneman told Adam Grant, who recounted their conversation during a recent interview, “but I do enjoy having been wrong, because it means I am now less wrong than I was before.” Grant describes Kahneman, the psychologist seen as the originator of and greatest contributor to the field of behavioral economics, as “a living legend,” a lofty label that Grant himself is sure to earn any day now. So when these two sages, known for having gotten so much right, talk about their enjoyment in having been wrong, it provides a special comfort to those of us who…

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Choiceology: Season 7 Episode 6

By In the News

In this episode of Choiceology with Katy Milkman, we look at how questioning our basic assumptions and thinking like a scientist can help us untangle the knottiest of problems and make choices with greater confidence. Adam Grant joined Katy to talk about the methods scientists use to avoid certain pitfalls, such as confirmation bias, in the search for objective information. Rather than treat our beliefs or opinions as truths, Adam encourages us to treat them instead as hunches. Hunches can be tested, as scientists test their hypotheses. Taking this scientific approach to difficult problems often yields better results in business, politics, and…

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Daily Press: Cash, cruises, Super Bowl tickets are among rewards being offered to get a COVID-19 vaccine

By In the News

Want tickets to the Super Bowl? An all-expenses-paid cruise through the Caribbean? A check for thousands of dollars? Get a COVID-19 vaccine, and you may win one of those — or a host of other rewards offered to induce people to get their shots. With about 41% of the U.S. population fully vaccinated, officials in public health and the private sector have begun turning in recent weeks to tangible prizes to incentivize remaining Americans to do so. Subtle messaging around incentives — and more generally about the vaccine — are hugely important in the rollout, said Gretchen Chapman, a professor…

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CNBC: The risky thinking that will define the post-Covid consumer: Wharton psychology guru

By In the News

Instead of jumping to a conclusion about the post-Covid consumer, revert to one that psychology studies educated us on long before the pandemic. Individuals don’t change habits easily, and what they may stand to lose by changing behavior weighs more heavily on the mind than any potential gain. “Breaking habits is hard. It is an uphill battle,” said Wharton professor of marketing and psychology Deborah Small at the recent CNBC Small Business Playbook Summit. The idea related to the way we perceive risk behind that is known in the academic field as loss aversion, and the pandemic did complicate it….

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GQ: How to Actually Change Your Behavior for the Better

By In the News

If you need to be convinced that humans aren’t so great at changing their behavior, look no further than the monumental effort it’s taken to get American to wear masks, socially distance, and get vaccinated. Which explains why Dr. Katy Milkman has had a very busy pandemic. As a behavioral scientist and professor at Wharton, she’s one of the people in the country most primed to understand why humans do (or don’t do) the things they do. Though there has always been outreach from companies and public policy makers from time to time, she says that during the pandemic “the…

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Find out how CHIBE faculty are responding to the COVID-19 pandemic