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THE PARADOX OF CHOICE

THE PARADOX OF CHOICE. Barry Schwartz Collaborators Andrew Ward Sonja Lyubomirsky Katherine White Darrin Lehman John Monterosso Jane Gillham Jamin Halberstadt Sheena Sethi-Iyengar. This Talk. Choice and satisfaction. This Talk. Choice and satisfaction

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THE PARADOX OF CHOICE

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  1. THE PARADOX OF CHOICE Barry Schwartz Collaborators Andrew Ward Sonja Lyubomirsky Katherine White Darrin Lehman John Monterosso Jane Gillham Jamin Halberstadt Sheena Sethi-Iyengar

  2. This Talk • Choice and satisfaction

  3. This Talk • Choice and satisfaction • Freedom, choice, wealth, and welfare

  4. This Talk • Choice and satisfaction • Freedom, choice, wealth, and welfare • What to do about food

  5. Is this good news or bad news? YES!

  6. 285 Brands of Cookies 110 Televisions 230 Soups 75 Iced Teas 6.5 Million Stereo Systems!! 175 Salad Dressings 40 Toothpastes 275 Cereals 30 VCRs and 50 DVD Players

  7. Phone service: Local, long distance, cellular

  8. Health Care: Direct marketing of drugs “Patient autonomy”

  9. Retirement plans

  10. Work: When to do it

  11. Physical appearance: Botox Cosmetic Surgery

  12. Marital and family arrangements

  13. Identity

  14. MAXIMIZING SATISFICING

  15. Thus a paradox: Freedom of choice becomes tyranny of choice

  16. Americans are richer than ever before

  17. Americans are richer than ever before Americans are sadder than ever before

  18. Americans are richer than ever before Americans are sadder than ever before Why?

  19. Americans are richer than ever before Americans are sadder than ever before Why? Too much choice is part of the answer

  20. What Too Much Choice Does • Jams in a gourmet food store

  21. What Too Much Choice Does • Jams in a gourmet food store • Chocolates in the laboratory

  22. What Too Much Choice Does • Jams in a gourmet food store • Chocolates in the laboratory • Snacks, soft drinks and beer in convenience stores

  23. What Too Much Choice Does • Jams in a gourmet food store • Chocolates in the laboratory • Snacks, soft drinks and beer in convenience stores • 401(k) participation in the workplace

  24. With so much choice, people may do better…

  25. With so much choice, people may do better… but they feel worse

  26. Why Choice Makes People Miserable: 1. Regret and anticipated regret

  27. Why Choice Makes People Miserable: 1. Regret and anticipated regret 2. Opportunity costs

  28. Offer participants $2 or a good pen:75% choose pen Offer participants $2, or 1 good pen, or 2 cheaper pens: 45% choose either pen

  29. Where to go on vacation? 1. Beaches of the Caribbean

  30. Where to go on vacation? 1. Beaches of the Caribbean 2. Golf at Hilton Head

  31. Where to go on vacation? 1. Beaches of the Caribbean 2. Golf at Hilton Head 3. Awesome power of the Rockies

  32. Where to go on vacation? 1. Beaches of the Caribbean 2. Golf at Hilton Head 3. Awesome power of the Rockies 4. Culture of New York

  33. Where to go on vacation? 1. Beaches of the Caribbean 2. Golf at Hilton Head 3. Awesome power of the Rockies 4. Culture of New York Choose your Number 1

  34. Where to go on vacation? 1. Beaches of the Caribbean 2. Golf at Hilton Head 3. Awesome power of the Rockies 4. Culture of New York Choose your Number 1 Go, have a good time, but…

  35. Why couldn’t I have found a place with beautiful beaches and great golf, and awesome power, and culture

  36. The lesson of opportunity costs:

  37. The lesson of opportunity costs: The more options you offer, the less attractive each of them will seem

  38. Why Choice Makes People Miserable: 1. Regret 2. Opportunity costs 3. Escalation of expectations

  39. The lesson of expectations: What matters to satisfaction is whether experience meets expectations or not

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