Reassessing choice overload: How larger choice sets can induce higher-quality choices - Stefania Sitzia (UEA) - Economics Research Seminar

Wednesday 23 October 2024, 1:30pm to 2:30pm

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CHC - Charles Carter A15 - View Map

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We show, contrary to some hypotheses about choice overload, that expansions of an individual’s choice set may improve the quality of their decisions even if the additional options are not choice worthy. We describe a family of heuristics for choosing from sets of multi-attribute options. These heuristics look for dominance relations between options and favour (disfavour) options which dominate (are dominated by) others. We show theoretically how larger choice choice sets can induce higher quality decisions by providing more information for such heuristics. We report supporting evidence from an experiment in which subjects faced sets of complex but intuitively described options.

Contact Details

Name Jiwei Zheng
Email

j.zheng18@lancaster.ac.uk

Directions to CHC - Charles Carter A15

Charles Carter building, room A15