CHOICES ARE RUINING YOUR LIFE 🚨⚠️😱 - The Paradox of Choice - FutureIQ

Imagine you go to Subway, and instead of picking your own sandwich fillings and toppings, they just pick them for you. That's what Subway is doing in a big ad with a famous chess player, Vishwanathan Anand. They think you’ll be happy with having fewer choices. But does that make sense? Some studies show that when people have too many choices, they can feel overwhelmed and unsure. For example, in a supermarket, when there were 24 different jams, more people looked at them, but when there were only 6 jams, more people bought one! It turns out, too many choices can make it harder for people to make a decision. This idea is also seen in things like retirement savings plans. In the US, when people could pick any investment they wanted, many didn’t choose anything at all because there were too many options. To fix this, experts suggested giving people a simple default option. In our world, sometimes, having too many choices can give us stress. This is called "choice overload." It's like when you have too many toys to choose from, and you can't pick which one to play with. It happens when there’s no perfect option, or you don’t know enough to make a good choice. Even in dating apps like Tinder, with so many people to choose from, it can feel confusing. But, sometimes, it might be easier to let someone else make a choice for you, like a parent or a friend. So, when do we reduce choices? When it’s really important, or when it’s a big decision, like buying a house or choosing a career. But for small decisions, it’s okay to have fewer choices. More Videos For You: Why Surge Pricing Feels Wrong: https://youtu.be/IsHPxh-C0Sw You're A Part of A Cult: https://youtu.be/eEfmHpstjSg Maximizing vs Satisficing: https://youtu.be/wUG-ya3CIs0 Hope you enjoyed FutureIQ by Navin Kabra and Shrikant Joshi. Do hit us up on Twitter: @ngkabra http://twitter.com/ngkabra @shrikant https://twitter.com/shrikant Listen it on the podcast provider of your choice: https://tapthe.link/FutureIQRSS Sources: Tim Harford: Given the Choice, How Much Choice Would You Like? https://timharford.com/2009/11/given-the-choice-how-much-choice-would-you-like/ Decision Lab's Guide to the Paradox of Choice: https://thedecisionlab.com/reference-guide/economics/the-paradox-of-choice Subway reduces choices: https://econforeverybody.com/2023/07/13/move-over-401k-and-richard-thaler/ Analysis, YouTube ad: https://www.youtube.com/watch?v=Jobqk7z6CHc 00:00 More choice is good? 01:14 Marketing Experiment 03:44 Subway Ad Campaign 04:34 Android Vs iPhone 05:55 Paradox Of Choice 07:55 Is it always true? 09:25 Unclear on choices 11:00 Regretting your decisions/ Bias Remorse 13:27 Making decisions for others 14:00 More Vs Less Choice 15:15 Steve Jobs Example 15:30 Shortcut on making choices #futureiq #choices