Choiceology With Dan Heath

“For most things are differently valued by those who have them and by those who wish to get them; what belongs to us, and what we give away, always seems very precious to us.” –Aristotle In this episode of Choiceology with Katy Milkman, we look at the peculiar ways people tend to value the things they own. The episode begins with a tour of the Sports Immortals Museum. Owner and proprietor Joel Platt claims it’s the largest and most diverse assortment of sports mementos in the world. You’ll hear Joel tell some amazing stories behind a few of his most prized pieces—stories about Babe Ruth, Muhammad Ali, Honus Wagner, Jim Thorpe and Jack Dempsey. Joel spent decades collecting memorabilia, much of which he believes is priceless. But it turns out there’s a disconnect between Joel’s valuation and those of independent appraisers and potential buyers. Katy explores this disconnect with Nobel Prize–winning economist Richard Thaler, who describes his inspiration to identify and measure the bias that can cause people to