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.

We 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?

I do think that there are cultural differences in the extent to which we value having more and more choice.

Are you going to be able to shave your legs? Are you going to be able to get married? So it was constantly thinking about both choice in terms of possibilities - I mean because choice is the thing that is supposed to enable you to be whatever it is you want to be - and yet, at the same time you have to think about choice in terms of its limitations.

A clear right answer and the opportunity to change the options? This is the chooser’s dream.

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?

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.