Unwrapping Value: How More Choices Increase Perceived Worth -Even for Holiday Gifts!
Description
Source: Chan, E.Y. (2024), Choice, Psychological Ownership, and Option Valuation. Psychology & Marketing. https://doi.org/10.1002/mar.22150
Full Show Notes: https://www.marketingsciencelab.org/p/more-choices-increase-perceived-worth
This episode explores fascinating research published in Psychology & Marketing (Wiley, 2024) by Eugene Y. Chan, exploring how offering a greater number of choices impacts a consumer's valuation of their selection. Challenging the conventional wisdom of "choice overload," this paper reveals that more options can actually boost the perceived worth of the chosen item by fostering a sense of psychological ownership. Just in time for the holiday season, we unpack how this applies to gift-giving and marketing strategies.
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