Traditional economic theory says that more choice should always be better than less. After all, if the cereal aisle has corn flakes, honey nut corn flakes, toasted coconut corn flakes, chocolate corn flakes, multi-grain flakes, and all the rest, you’ll surely be able to find the breakfast carbs that suit your taste buds perfectly. But it turns out that, in certain situations, more choices can be counterproductive.
In this episode of Choiceology with Katy Milkman, we look at how having too many options can sometimes produce anxiety, reduce satisfaction, and even lead us to abandon the decision we’d planned to make altogether.
You’ll hear from professional bridesmaid (yes, that’s a real thing) Jen Glantz about her experiences supporting brides through the many decisions they face in planning a wedding. Jen has seen it all: the fatigue, the indecision, the anxiety, and the emotional toll that can result from managing myriad choices while planning the big day.
Jen, herself, is now engaged to be married. But rather than subject herself to that giant list of wedding day choices, she has come up with a clever plan to offload the decision-making effort.
Jen Glantz runs Bridesmaid for Hire and is based in Brooklyn, New York.
Barry Schwartz is an academic authority on this phenomenon. His book The Paradox of Choice challenged traditional economic theory about the utility of ever-expanding options in prosperous societies.
Barry joins Katy to explain where choice overload occurs, and where it doesn’t, and to discuss the benefits of satisficing when it comes to choosing televisions or restaurants or blue jeans.
Barry Schwartz is the Dorwin P. Cartwright Professor Emeritus of Social Theory and Social Action at Swarthmore College.
Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.
If you enjoy the show, please leave a ⭐⭐⭐⭐⭐ rating or review on Apple Podcasts.
Important Disclosures:
All expressions of opinion are subject to change without notice in reaction to shifting market conditions.
The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.
Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.
All corporate names are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.
(0820-03K4)
Recipe for Success: With Guests Simon Rogan & Michele Gelfand
Take the Deal! With Guests Daniel Kahneman, Colin Camerer & Luis Green (Rebroadcast)
Top of Mind: With Guests John Farrell & Manasvini Singh
Repeat After Me: With Guests Jennifer LeMesurier & Tali Sharot
(BONUS) From What It's Like to Be … a Forensic Accountant
A Sticky Situation: With Guests Richard Thaler, Wendy Wood & Susan Budowski
Jumping to Conclusions: With Guests David Silbey & Ned Augenblick
No Mean Feat: With Guests Albert Chen & Elizabeth Tipton
A Cup of Knowledge: With Guests A.J. Jacobs & Steven Sloman
The Golden Misfits: With Guests Gary Lawless & Erika Kirgios
An Accidental Experiment: With Guests Steven Levitt, Solomon Ezra & Stephen Spector
The Superforecasters: With Guests Leon Panetta, Peter Bergen & Barbara Mellers
Survey Says: With Guests W. Joseph Campbell & Emily Oster
(BONUS) From Ripple Effect: Does Diversity Training Work? with Katy Milkman
Brave on the Waves: With Guests Bianca Valenti & Katherine Coffman
Fan Fictions: With Guests Hannah Sung, Crystal Tai & Anuj Shah
The Beanie Bandwagon: With Guests Robert Cialdini & Yemisi Brookes
The Power of Do-Overs: With Guests Jeff Ryan & Marissa Sharif
Mesmerized: With Guests Mara Rockliff & John List
The Bad with the Good: With Guests Uzma Khan & Gustav Källstrand
Create your
podcast in
minutes
It is Free
Financial Decoder
Schwab Market Update Audio
WashingtonWise
On Investing
Giving With Impact