I've done a number of studies with speed dating and Match.com and what's interesting is that you know we still walk into a speed dating event, you know, thinking about what it is we're looking for in a mate and so you ask people, like women will say "I'm looking for somebody who is really kind and sincere and smart and funny."
Sheena IyengarMy child's first word was "more," but and it's all about, "I want." "I'm going to tell you what I want and what I don't want." It's about my desire to express my preferences. And that is really innate.
Sheena IyengarLike, people are less likely to invest in their retirement when they have more options in their 401K plans than when they have fewer.
Sheena IyengarConsumers presented with six choices on an item were twice as likely to buy as consumers overwhelmed with 24 varieties of the same item.
Sheena IyengarPeople will make worse financial decisions for them if they're choosing from a lot of options than if they're choosing from a few options. If they have more options they're more likely to avoid stocks and put all their money in money market accounts, which doesn't even grow at the rate of inflation.
Sheena IyengarThis is at a time when you know most of us drank tap water, so I used to go to this store and examine all the varieties and we used to marvel at all the choices out there, but I found that I rarely bought anything and I kind of thought that was kind of curious. I mean, they had things that the other grocery stores didn't have and yet I never bought anything.
Sheena IyengarWe do the same thing in our own lives, embracing information that supports what we already prefer or vindicates choices we previously made.After all, it feels better to justify our opinions rather than challenge them, to contemplate only the pros and relegate the cons to the back of our minds. However, if we want to make the most of choice, we have to be willing to make ourselves uncomfortable. The question is, if we are willing, how exactly do we go about fortifying ourselves against these biases?
Sheena Iyengar