The Illusion of Number One
4/20/202633 min
Ranked lists are everywhere—top hospitals, best colleges, must-visit cities. A single number can influence what we notice, what we value, and the decisions we make. Yet behind these rankings are hidden assumptions, and they don't always reflect what matters most to you.
In this episode of Choiceology with Katy Milkman, we explore how rankings shape attention, guide choices, and subtly steer behavior.
Shriya Boppana shares how rankings shaped one of the biggest decisions of her life—and, years later, what she gained and what she missed by chasing prestige.
Next, Katy speaks with Rick Larrick, the Hanes Corporation Foundation Professor of Management and Organizations at Duke University's Fuqua School of Business. His research reveals how rank labels simplify complex choices and influence everything from restaurant reservations to career moves—often without us even noticing.
Choiceology is an original podcast from Charles Schwab. For more on the show, visit schwab.com/choiceology.
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Important Disclosures
This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.
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.
All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Any investments reflected are for illustrative purposes only and are no guarantee of future performance or success.
Investing involves risk, including loss of principal.
The book How to Change: The Science of Getting from Where You Are to Where You Want to Be is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the books and makes no representations about its content.
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Clips
Transcript preview
First 90 secondsKaty Milkman· Host0:00
[gentle music] Tim Ferriss is a global icon. He's built a career championing the idea of lifestyle design, that you should own your time rather than letting your job own it. But in 2007, almost 20 years ago, Ferriss wasn't a brand name yet. He was a first-time author with a stack of rejection letters. 26 publishers told him no before one finally said yes, but with a warning, "Don't expect this book to become a mainstream success." Ferriss decided that to make it big, he would have to become his own marketing engine. So he spent months interviewing best-selling writers and asking them what actually worked, what was worth investing in. And what he learned surprised him. A traditional book tour? Skip it. Hitting number one on a major bestseller list? An absolute must. But reaching number one on a list isn't about your total number of readers over time. It's about velocity. It's about getting everyone to buy your book at the exact same moment. So instead of a tour, Ferriss spent months building genuine relationships with niche tech bloggers and online communities.
Shriya Boppana· Guest1:21
It impacted my life. Okay. Would love to do that.
Katy Milkman· Host1:23
Eventually, he coordinated them all to post pieces that referenced his book in a massive 48-hour surge.