How U.S. Health Care Broke The Bank
Play episode · 24 min

In 2020, Americans will spend almost $4 trillion on health care. Yet for all that spending, Americans overall tend to be less healthy and die younger than citizens of other wealthy nations. The cost of health care has become so burdensome that people all across the United States are forced to make difficult choices every day: forgo urgently needed medicines or treatment for serious injuries out of fear the cost, even with insurance, could bankrupt them. How did the U.S. health-care system get this way? And what are some people trying to do to change it? This season’s Prognosis explores these questions. 

Choiceology with Katy Milkman
Choiceology with Katy Milkman
Charles Schwab
If Only …: With Guests Stirling Hart & Colin Camerer
In a past episode titled “Spoiled for Choice,” we looked at how decision-making can be hampered by our desire to avoid the painful emotion of regret. In fact, regret aversion can cause people to abandon certain decisions entirely. In this episode of _Choiceology with __Katy Milkman_, we look more closely at regret itself. Stirling Hart is a professional lumberjack. He’s also a world-class lumberjack sports athlete. He has travelled the world competing against the best of the best in events such as the underhand chop, the spring board, the single buck, and the standing block chop. These grueling and dangerous tasks require explosive strength, accuracy, and nerves of steel. In 2016, Stirling Hart represented Canada at the Stihl Timbersports® World Championship in Stuttgart, Germany. He was dominating the events until he came to the hot saw (an event involving a chainsaw built from a modified motorcycle engine). That’s when one split-second decision changed the course of the competition. You’ll hear how that one moment affected Stirling for months afterward. Stirling Hart lives and works in Squamish, British Columbia, Canada. Next, Katy speaks with Colin Camerer about the neuroscience of regret. Colin explains how regret arises and how it can affect our behavior, for better and for worse. You’ll hear about a fascinating study by Tom Gilovich identifying regret in Olympic medalists, and you’ll learn about the ways that regret can influence investment decisions. You’ll also gain valuable insight on how to minimize some of the negative effects of regret. Colin Camerer is a Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology, where he teaches cognitive psychology and economics. You can read more about regret in his paper “Neural Evidence of Regret and Its Implications for Investor Behavior.” 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. Investing involves risk, including loss of principal. (1020-081T)
31 min
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