Barry Schwartz 2008-09-11

From OBTnotes

The Paradox of Choice

• from Swarthmore
• Speaker's site

Abstract

Logic seems to demand that the more choice people have, the better off they are. But in recent years research has indicated that what is logically true may not be psychologically true. Too much choice can induce paralysis, bad decisions, and reduced satisfaction with even good decisions. These problems are especially acute for people who are out to get the "best" (maximizers) instead of just "good enough." It seems, therefore, that the relation between choice and well being is non-monotonic. In addition to describing research that supports the above assertions, the talk will suggest a deeper point: experience in the context of choice may "leak" into experience of the results of that choice. The existence of such leakage poses challenges to any normative account of what makes decision making "rational."

Notes

three respects in which too much choice is bad

• paralysis - experiments in jam, dating, and 401(k)s, more choices led to fewer decisions
• decision quality decreases - people simplify decision rules when the choice set is large
• satisfaction
  • regret and anticipated regret
    • nobody has manipulated the size of a real choice set and measured regret
  • opportunity costs
  • escalation of expectations

maximizing vs satisficing

• being high on maximization is correlated with unhappiness, etc
• college seniors looking for jobs
  • maximizers consider more options, get 20% ($7k) higher salaries
  • maximizers are more worried, tired, regretful, disapointed; less optimistic, happy
• maximizers have lower decision making competence (Bruine de Bruin, Fischhoff)