10/13/2023 0 Comments Mark schwartz od![]() ![]() Instead of leading to more thoughtful choosing, however, more options led people to act like the jam buyers: When given two choices, 75 percent participated, but when given 59 choices, only 60 percent did. #Mark schwartz od free#"So, essentially, if you choose not to participate, you're throwing away free money." "With 401(k)s, people are given enormous incentives to participate through tax shelters and employer matches," Iyengar comments. In a study under review at JPSP, she and Wei Jiang, PhD, a finance professor at Columbia Business School, analyzed retirement-fund choices-ranging from packages of two to 59 choices-among some 800,000 employees at 647 companies. ![]() Next, Iyengar sought to examine consumer choices with higher stakes to see if a greater investment in the outcome meant people would make different or better choices. But when it comes time to pick just one, they're 10 times more likely to make a purchase if they choose among six rather than among 24 flavors of jam. 6), the team showed that when shoppers are given the option of choosing among smaller and larger assortments of jam, they show more interest in the larger assortment. ![]() In a 2000 paper in the Journal of Personality and Social Psychology ( JPSP, Vol. Social psychologists Sheena Iyengar, PhD, a management professor at Columbia University Business School, and Mark Lepper, PhD, a psychology professor at Stanford University, were the first to empirically demonstrate the downside of excessive choice. That said, psychologists also are studying ways to help people choose more wisely, so their visit to the commodity jungle becomes an informed journey that maximizes self-determination rather than undermines it. In fact, some researchers find that too much choice can actually lead people to take less positive risks in making selections and to use simplifying strategies in lieu of more considered choices. "But there's a point where all of this choice starts to be not only unproductive, but counterproductive-a source of pain, regret, worry about missed opportunities and unrealistically high expectations." "The presumption is, self-determination is a good thing and choice is essential to self-determination," says Barry Schwartz, PhD, a Swarthmore College psychologist and author of "The Paradox of Choice: Why More is Less" (Ecco, 2004). Although an explosion of consumer choices may mean we sometimes get exactly what we want, too many choices can also overwhelm us to the point where we choose nothing at all, and in the worst-case scenarios, may even erode our well-being, finds a fresh line of research by psychologists critically examining today's marketing climate. ![]() Or maybe the thought of having to select any of those options is keeping you out of the grocery store entirely-you'd rather scrape by on what's still in the house. How about your toothpaste? Is it the herbal variety with added fluoride, the cavity-busting option with baking soda or the original formula with flavor crystals? Do you like your orange juice organic or regular, with or without calcium, or with minimal or maximal pulp? ![]()
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