Much of the research on decision-making focuses on the "choice paralysis" commonly thought to result from having too many options. But new research suggests that instead of being a debilitating factor, having many options actually sharpens our focus on quality.
Sheena Iyengar, from the London Business School and author of the book "The Art of Choosing," led a team that conducted multiple experiments to examine what happens when consumers are faced with multiple varieties of chocolate and wine. Participants faced with more than 20 types of chocolate or wine, instead of a mere handful (seven or fewer), not only consistently chose the "premium" varieties, but also willingly paid much more. Researchers also analyzed 63 wine auctions conducted by London-based auctioneers between 2006 and 2009 and found the same effect: At auction events with a denser assortment of wine, people willingly paid more for wines with high appraisals and offered far less for wines with lower appraisals.
"The Discriminating Consumer: Product Proliferation and Willingness to Pay for Quality," Sheena Iyengar, et al., Journal of Marketing Research (in press)
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