Get Four
Free Issues

Register
Subscribe to BW
Customer Service


Full Table of Contents
Cover Story
Asian Cover Story
European Cover Story
Up Front
The Great Innovators
Readers Report
Corrections & Clarifications
Books
Technology & You
Economic Viewpoint



Economic Trends
Business Outlook
News: Analysis & Commentary
In Biz This Week
Washington Outlook
Asian Business
European Business
International Outlook
Developments to Watch
Science & Technology
Education
Finance
The Corporation
Legal Affairs
Personal Business
Footnotes
The Barker Portfolio
Inside Wall Street
Figures of the Week
Editorials
International - Washington Outlook


INTERNATIONAL EDITIONS
International -- Readers Report
International -- Finance
International -- Int'l Figures of the Week




APRIL 26, 2004
BOOKS

Clobbered By The Cornucopia

THE PARADOX OF CHOICE
Why More Is Less

By Barry Schwartz
Ecco -- 265pp -- $23.95

Barry Schwartz's The Paradox of Choice: Why More Is Less is like an intellectual house of mirrors. Those exposed to this social-psychological vision of American life may experience a dawning shock of recognition, first exclaiming, "That's not me" and then admitting, "Oh, yes it is." That's because Schwartz, a professor of social theory at Swarthmore College, describes case after case of people who say they like to have options but who, in almost every sphere of life, are overwhelmed by the necessity of choosing from a vast and growing number of alternatives. This, he says, accounts in large part for why so many people tell pollsters they are unhappy despite living in a world of abundant possibility.


Here are some examples from the oppressive cornucopia of consumer choices. Supermarkets confront customers with an avalanche of selections: Chunky Monkey, Heath Bar Crunch, or chocolate chocolate chip frozen yogurt? And that's just the beginning, as is clear to anyone who has had to pick from among an employer's health-care alternatives, thought about switching from AT&T (T ) to Sprint (FON ), considered a course of college study, mused about buying a computer, flipped past the dozens of cable-TV offerings, or puzzled over 401(k) investments. Even love has become a burden, Schwartz asserts, with "ever greater tolerance of romantic diversity" resulting in "another set of choices to occupy our attention and fuel our anxieties." As for religion -- well, the sky's the limit.

The Paradox of Choice may be seen as a rival to Gregg Easterbrook's The Progress Paradox (2003), an upbeat account that argues that Americans have never had it so good. This means that time-pressed folks face yet another conundrum -- which of these books to read?

It's a dilemma ripe for Schwartzian analysis, and here's how it tends to play out. You could begin by examining BusinessWeek's reviews to see which volume appeals more. Having decided, some time later you go to the bookstore, where you meet a friend who tells you: "Oh, no -- the other book is much more insightful." So you change your mind. This, says, Schwartz, would be an example of how the most recent recommendation, particularly if offered in a vivid, anecdotal manner, tends to trump earlier counsel, even if that's more informed. It's what social scientists call the "availability heuristic."

O.K., ready to go to the checkout counter? Not so fast -- what about price? Suppose, in comparison to some novels you walk past, both books strike you as a bit expensive. Can you get a discount? Or maybe return a book if you don't like it? Hmmm -- for this same 20-odd bucks, you could take your mate to see Dawn of the Dead. And what if you get home and regret your pick? You'll put it on the shelf unread. Maybe it's best to get nothing at all for now.

All of these responses have been studied, and many of them labeled, by a range of economists, psychologists, market researchers, and others, as Schwartz describes. In these specialists' terms, you have allowed irrelevant comparisons with other books to "frame" your impression of the books' prices. Worry that you might later experience "buyer's remorse" has prompted a "regret aversion" response: Buy something you don't like and the "sunk costs effect" will take over, leading you to store it rather than give it away. Finally, fear of regret has blocked the purchase of anything at all. So much angst -- over one relatively minor decision.

Choosing is worse torment for some than for others, says Schwartz. "Maximizers" will accept only the best, and often get stuck ruminating, while "satisficers" settle for whatever is good enough. However, says Schwartz, the proliferation of options tends to make satisficers indecisive, too, turning many into maximizers.

With its clever analysis, buttressed by sage New Yorker cartoons, The Paradox of Choice is persuasive. But the author exaggerates at times. In a chapter on rising levels of depression, he notes: "If the experience of disappointment is relentless, if virtually every choice you make fails to live up to expectations...then the trivial looms larger and larger, and the conclusion that you can't do anything right becomes devastating." That's a heavy load to place, even in part, on middle-class consumerism. What about those whose choices are limited by low income? Anyone can get depressed.

Although Schwartz believes the problem is societal, he offers a number of maxims for individuals: Accept what's good enough, limit worry over rejected options, lower your expectations, and practice an "attitude of gratitude," among other things. One might wish for more sweeping remedies, but it's better, I suppose, that we become "satisficers" than ask Big Brother to limit our choices. I, for one, am giving up buyer's remorse: Those pricey-but-too-tight shoes gathering dust in the back of my closet are headed for Goodwill.



By Hardy Green

 BW MALL   SPONSORED LINKS
Buy a link now!

Get BusinessWeek directly on your desktop with our RSS feeds.XML

Add BusinessWeek news to your Web site with our headline feed.

Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video.

To subscribe online to BusinessWeek magazine, please click here.

Learn more, go to the BusinessWeekOnline home page

Back to Top



TODAY'S MOST POPULAR STORIES

  1. Closing the Door to Microsoft Vista
  2. E*Trade: The Merger Buzz Grows
  3. Oil's Murky Math
  4. The Reason for High Oil Prices
  5. Circuit City Gives Up the Fight

Get Free RSS Feed >>
  MARKET INFO
DJIA 12898.38 +66.20
S&P 500 1408.66 +5.62
Nasdaq 2496.7 +1.58

Portfolio Service Update

Stock Lookup

Enter name or ticker



Media Kit | Special Sections | MarketPlace | Knowledge Centers
McGraw-Hill Cos.