More Choices, More Value: How Options Boost Ownership

The research paper "Choice, Psychological Ownership, and Option Valuation" explores how the number of choices consumers have impacts their feelings about what they pick. While past studies often focus on "choice overload," where too many options can make decision-making harder and reduce satisfaction, this study looks at another side of the story: how more choices influence the value people place on their selection.

Across four experiments, the researchers found that when consumers choose from a larger pool of options, they tend to value their choice more highly compared to choosing from a smaller pool. This effect is explained by psychological ownership—the feeling that something is "yours." Having more options makes people feel more control over their decision, which in turn strengthens their sense of ownership over the chosen item.

For example, if you're picking a new phone and have many models to choose from, you might end up valuing the one you select more than if you had only a few models to consider. This research sheds light on the benefits of offering more choice, suggesting that it can enhance the perceived worth of the chosen option.

For businesses, this means offering a wide variety of options might not just make consumers happier but also increase their attachment to the products they choose, leading to more positive outcomes. It shows that more choice can sometimes be a good thing—helping consumers feel more connected to their decisions and the items they purchase.Chan, E.Y. (2024). Choice, Psychological Ownership, and Option Valuation (external link) . Psychology & Marketing.