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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