Katy Milkman on Reinterpreting Failure

Katy Milkman is a professor at The Wharton School of the University of Pennsylvania, and the former president of the international Society for Judgment and Decision Making. She’s also the author of the best selling book, How to Change: The Science of Getting From Where You Are to Where You Want to Be.

So, with all her expertise and years of study, one would think Katy is the ultimate decision maker. But, she says she struggles to make decisions just like the rest of us! And that’s why she loves researching how we make decisions in key areas of our life, like finances, health, and education. 

In this episode, we talked about common mistakes people make when trying to make choices or build habits. To me, the most interesting pluck up Katy described was escalation of commitment.  It means that once we make a decision, oftentimes we stick to it, even though sometimes it’s better to reassess and move on. Katy says we can reinterpret our failures and see them as successes because we learned something about ourselves.

I know I learned so much about decision making, as well as success and failure from Katy and I hope you do as well.

Learn more about Katy Milkman here.

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