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... 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.
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.
SIMILAR ARTICLES & IDEAS:
To make good decisions, we generally need to do the following:
“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.”
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 2 systems of the brain that wok during decision making:
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.
There are a few biases they don't address:
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.