With too many options, people increasingly rely on recommendation engines to help them cope with choice.
We pay more for the same stuff. To watch the good things on TV now involves paying monthly subscriptions to many services, where once you only had to pay a TV license.
Privatization of companies leads to many companies offering the same service - but we still feel that we are possibly paying too much.
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.
... 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.
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.
Warren Buffet, a man often renowned as the greatest investor of our era was once asked for his thoughts on the best way to prepare for an investing career. His answer. Read. He indicated to a stack of papers and trade reports he had brought with him and said, "Read 500 pages like this every day.
Read 500 pages like this every day. That's how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it."
Executive Summary Whether it's about someone deciding to pursue a new job, or ask for a raise, or someone simply mulling over which ice cream flavor to choose, we seem to see the best solution with a clarity and decisiveness that is often absent when we face our own quandaries.
We should work to distance ourselves from our own problems by adopting a fly-on-the-wall perspective and act as our own advisors.
Another distancing technique is to pretend that our decision is someone else's and visualize it from his or her perspective. By imagining how someone else would tackle your problem, people may unwittingly help themselves.
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