Fear of Better Options (FOBO) is The Reason You Can't Make a Tough Decision - Deepstash

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Fear of Better Options (FOBO) is The Reason You Can't Make a Tough Decision

https://medium.com/swlh/fobo-fear-of-better-options-is-the-reason-you-cant-make-a-decision-294fb91c18f4

medium.com

Fear of Better Options (FOBO) is The Reason You Can't Make a Tough Decision
The freedom of choice enhances feelings of autonomy, freedom and promotes one's sense of personal control. But increased choice may actually be detrimental to decision-making. Studies conducted by Iyengar and Lepper (1999, 2000) found that those provided with fewer options in a decision-making task derived greater satisfaction from their decision outcomes.

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The Freedom of Choice

The Freedom 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.

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Fear of Better Options

Fear of Better Options

... or Maximization, is a behavioral trait that makes us look for all possible options before we decide so that we don't miss out on the best option and regret later, after making the decision.

We take into consideration all available options to minimize our frustration and stress.

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Maximizers vs Satisficers

Maximizers vs Satisficers
  • Maximizers feel less satisfied even if they make better decisions, since they had so much choice, and choosing the best comes down to some sort of compromise.
  • Satisficers: They are the people that make quick decisions with fewer options and that tend to be more satisfied.

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Too Much Choice

Too Much Choice

A decision-maker may never be able to examine every possible option before making a decision. The assumption that one now has complete information for decision making is in itself somewhat unrealistic.

Satisficers make their life easier and less complicated by accepting good enough and moving on.

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SIMILAR ARTICLES & IDEAS:

Good decisions

Good decisions

To make good decisions, we generally need to do the following:

  • Identify the decision: recognizing the need to make a decision, and identifying what that decision inv...

Why people struggle with decision making

  • The main reason why decision-making is hard is that every decision makes us go through a process that is most times difficult and complex, and having difficulties with any part of it can hinder the whole process.
  • The emotional difficulty that we face when we need to pick only one of multiple possible options means that we have to forego several alternatives that we may find appealing. This is associated with the concept of FOMO (the fear of missing out).
  • The decision-making process can be very demanding, from a cognitive and an emotional perspective. Also, the act of making a decision is tiring in itself, since it depletes the cognitive resources.
  • Being tired and sleep-deprived can make it more difficult for us to process information, and more likely for us to suffer from various cognitive biases that get in the way of making good decisions.

Barry Schwartz

Barry Schwartz

“The existence of multiple alternatives makes it easy for us to imagine alternatives that don’t exist—alternatives that combine the attractive features of the ones that do exist. And to the extent that we engage our imaginations in this way, we will be even less satisfied with the alternative we end up choosing. So… a greater variety of choices actually makes us feel worse.”

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The 37%

Mathematics dictates that you should take 37% of the time or options you have to simply look and after that, you should commit to the first option that is better than everything you’ve ...

The brain when we make decisions

The 2 systems of the brain that wok during decision making:

  • System 1 is automatic and quick (like "something feeling off").
  • System 2 is deliberate and slow (like an algorithm).

At times, these systems are at odds with each other, but research shows it's always best to trust an algorithm than your own gut.

Pros-and-cons lists are flawed

There are a few biases they don't address:

  • Narrow framing: the tendency to view an option as your only option.
  • Confirmation bias: our tendency to gather the information that supports our preferred option.
  • Short-term emotion: our tendency to have our judgment clouded when emotions run high.
  • Overconfidence: our tendency to make a decision with too much optimism about how things will play out.

Making decisions

Making decisions

Decision making is critical for entrepreneurs. Every day, you have to set out on a course of action, choose tactics, evaluate results, and otherwise choose from arrays of options.

4 common mistakes that can trip you up

  1. Monumentalizing the Trivial. Place a limit on how long you're willing to spend addressing the issue. When the time ends, make your choice and move on.
  2. Dredging Sunk Costs. Estimate how much the decision would take in total to follow through. If the cost is higher than the benefit, change your decision.
  3. Drowning in Data. Identify less than 10 pieces of relevant data that will have a strong impact on your decision's outcome. Then forget everything else.
  4. Do-or-Die Mentality. Realize that every decision is temporary. Use an overall decision-making strategy that stretches over time, not that imagines each moment to be the most critical one for the business.