Like, people are less likely to invest in their retirement when they have more options in their 401K plans than when they have fewer.
Sheena IyengarSo it was constantly going back and forth between these two cultures that kept raising the question, well, how important is personal freedom? And I think that has always been of interest to me.
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 IyengarI mean we might even go to war as to whether we love Coke or Pepsi and our whole identity is wrapped up in that choice. You know, for the Russians they felt that these minor differences between these various sodas was just hyped up and irrelevant.
Sheena IyengarAbout 60% of the people stopped when we had 24 jams on display and then at the times when we had 6 different flavors of jam out on display only 40% of the people actually stopped, so more people were clearly attracted to the larger varieties of options, but then when it came down to buying, so the second thing we looked at is in what case were people more likely to buy a jar of jam. What we found was that of the people who stopped when there were 24 different flavors of jam out on display only 3% of them actually bought a jar of jam whereas of the people who stopped when there were 6 different flavors of jam 30% of them actually bought a jar of jam.
Sheena Iyengar