People 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.

In reality, many choices are between things that are not that much different. The value of choice depends on our ability to perceive differences between the options.

Now if you expand their choice set. Say you give them 20 different speed dates, everything goes out the window. Everybody starts choosing in accordance with looks because that becomes the easiest criteria by which to weed out all the options and decide "So who am I going to say yes to?"

You know, whether it be humans or animals. So even humans - before we can speak or we can understand a baby's cognition - they're already showing us signs that they want choice.

You get to decide how you're going to look and what you're going to be when you grow up and when people learned that my parents actually had an arranged marriage people thought that was the most horrific thing on earth. I mean how could anybody allow their marriage of all things to be prescribed by somebody else?

Well certainly not having any choice - having your entire life dictated by others.

They [people] start asking themselves "Well which one is the best? Which one would be good for me?" And all those questions are much easier to ask if you're choosing from six than when you're choosing from 24 and if you look at the marketplace today most often we have a lot more than 24 of things to choose from.