The Importance of Choice:

The freedom of choice is generally perceived to be good, but studies show that too much choice can be a hindrance and can impede the decision.

On the contrary, having fewer choices has shown to provide more satisfaction to the decision-maker.

While prompted to make a decision with a given set of options, a person has the freedom to refuse to actively make a choice.

The decision-making process of the person is affected by the default choice that will be automatically selected in case the person refuses to choose.

• James M. Buchanan's work within Public Choice earned him the Nobel Prize in Economic Science in 1986.
• This theory shows that contrary to the conventional wisdom that public-sector actors act in the public's best interests, politicians and bureaucrats tend to act in self-int...