Consumers Prefer More Options in Choice Sets, Revealing True Market Preferences
The article explores how the number of choices in a set affects people's preferences when making decisions about vehicles. The researchers conducted an experiment where participants were shown different sets of vehicles and asked to pick their favorite. They found that most people prefer sets with more options. Surprisingly, many participants didn't like any of the vehicles in the sets they were shown. Additionally, the preferred vehicle was often not in the preferred set. This suggests that people's choices in these experiments may not reflect their true preferences in the real market.