The Paradox of Choice: Why More Is Less Barry Schwartz Ohio Board of Regents November, 2012.

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Presentation transcript:

The Paradox of Choice: Why More Is Less Barry Schwartz Ohio Board of Regents November, 2012

The “Official Syllogism” More freedom means more well being More choice means more freedom More choice means more well being

285 Varieties of cookies 75 Iced teas 40 Toothpastes 230 Soups 175 Salad dressings 275 Cereals

Phone Service and Gear

College Courses

Is this good news or bad news? YES!

What Too Much Choice Does: Paralysis (Iyengar) Buying jam 401(k) investing Extra-credit essays

What Too Much Choice Does: Decision and Performance Quality 401 (k) Medicare Part D Extra-credit essays Drawing by four-year-olds

Choice and Self-Control

What Too Much Choice Does: Satisfaction

1. Regret and anticipated regret What Too Much Choice Does: Satisfaction

1. Regret and anticipated regret 2. Missed opportunities

Missed Opportunities and College Students

“Everything Suffers from Comparison” (Brenner, Rottenstreich, & Sood, Psych Science, 1999)

What Too Much Choice Does: Satisfaction 1. Regret and anticipated regret 2. Missed opportunities 3. Escalation of expectations

How Can Choice Be Good and Bad?

Finding the “Sweet Spot” (Shah & Wolford)

“Libertarian Paternalism” (Sunstein & Thaler, U. of Chicago Law Review, 2003; Thaler & Sunstein, Nudge, 2009) Organ donation

The Power of Defaults (Johnson & Goldstein, Science, 2003)

What Can Be Done Limited options Pay attention to defaults and “choice architecture” Careful monitoring and feedback Lots of guidance when there is choice Careful advising

Choice, Happiness, and Academic Performance

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