How Bidding is Like Picking Jam

How Bidding is Like Picking Jam

There is this famous jam study. In it participants in a grocery store were presented with a selection of jams to sample, and then were given a $1 off coupon. Here’s the catch, there were two stands: one was very large with 24 samples of gourmet jam; the other was small and had only 6 samples of more generic jams. Yet, the shoppers who went to the stand with only 6 kinds of jam were 10 times more likely to purchase a jar of jam than those who tried the 24 kinds.

Choice is paralyzing…and I’m feeling that pretty acutely now as I prepare to submit my first bid list. Continue reading