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

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

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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 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 ...

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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.

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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:

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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 un...

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SIMILAR ARTICLES & IDEAS:

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.

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Tradeoffs

Every decision we take, has a tradeoff, an opportunity cost. Instinctively we try the all-out approach, resulting in failure.
The real problem lies in our judgm...

Striving for Everything

A tradeoff is inevitable in almost every decision we take, as we usually forego some opportunity or benefit in our choices.

Many people strive for everything and believe there are no tradeoffs.

Focussing on less can get you something but focusing on everything may get you nothing.

Having "Everything"

We seem to think that the people around us have everything in life.

Tradeoffs in others take time to become apparent. Everyone lets go of something, making a sacrifice, to be able to focus, investing time and energy in what is important to them.

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Paradox of Choice

Paradox of Choice
It means that while increased choice allows us to achieve objectively better results, it also leads to greater anxiety, indecision, paralysis, and dissatisfaction.

Overthinking lowers your performance

Our working memory is what allows us to focus on the information we need to get things done at the moment we’re doing them. It is also in limited supply. You can think of it like our brain’s computer memory. Once it’s used up, nothing more can fit in.

When you overanalyze a situation, the repetitive thoughts, anxiety, and self-doubt decrease the amount of working memory you have available to complete challenging tasks, causing your productivity to plummet.

Overthinking kills your creativity

A recent Stanford study suggests that over-thinking not only impedes our ability to perform cognitive tasks but keeps us from reaching our creative potential as well.

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