In his book The Paradox of Choice, author Barry Schwartz says that contrary to conventional wisdom, giving people many choices is often bad for them:
- When presented with many choices, many people experience "choice paralysis" and do nothing, even when doing nothing is the worst possible choice. For example, give people 20 choices of mutual funds in their 401k, and many more will just let their money sit in a low-yield money market fund than if they only had a few choices.
- When people do select from a large field of alternatives, whether for consumer products or life partners, they usually experience greater "buyer's remorse" than those who selected from a small number of alternatives.
A very true observation. §