The Illusion of Number One
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.
If you enjoy the show, please leave a rating or review on Apple Podcasts.
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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Learn Learn Home Market Insights & News Explore by Topic Learn by Goal Browse by Media Search Learn The Illusion of Number One Ranked lists are everywhere—top hospitals, best colleges, must-visit cities. Yet behind these rankings are hidden assumptions, and they don't always reflect what matters most to you. April 20, 2026 : opens in a new window : opens in a new window : opens in a new window Choiceology with Katy Milkman | S17 EP3 The Illusion of Number One Current time: 0 seconds, 0:00 / Duration: 0 seconds 0:00 1 X Current time: 0 seconds, 0:00 / Duration: 0 seconds 0:00 Read Transcript After you listen: Listen to Katy speak with Linda Chang about a bias called quantification fixation in the Choiceology episode " A Numbers Game ." Discover more Schwab podcasts about the markets, financial decision-making, economic policy, and more. 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. If you enjoy the show, please leave a rating or review on Apple Podcasts . Check out more episodes. Listen now More from Charles Schwab Plan Beyond Your Next Tax Bill Podcast | Apr 27, 2026 Both Sides of Inheritance Podcast | Apr 13, 2026 When Sunk Costs Take Flight Podcast | Apr 6, 2026 Explore more topics Behavioral Finance 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. 0426-4ZN0