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The Dark Side of Choice: When Choice Impairs Social Welfare

Finance, Policy, Psychology, choice, decision making

Abstract

The provision of choice in terms of how people use goods and services has been proposed as a vehicle of improvement of social welfare. This article highlights some of the costs and benefits of creating choice, and it discusses how much choice policy makers and other agents (e.g., employers, retailers) should ideally grant and in what form they should grant it.

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