The ideology of choice makes us forget that not all things should be bought and sold. Moreover, more choice does not increase our happiness, security, and contentment. It does leave us overwhelmed and anxious so that we often turn to denial and willful blindness.
At least we are thinking about choice and do not merely follow the whims of the market.
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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 ...
... 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.
We adopt an adventurous mindset that stands in contrast to the more cautious mindset that rears when people make their own choices.
We see the best solution with clarity and a decisiveness that is often absent when we face our own dilemmas.
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.
It happens when consumers change their preference between two options when presented with a third option, or decoy.
The decoy is priced to make one of the other options much more attra...
When consumers are faced with many alternatives, they often experience choice overload that increases anxiety and hinders decision-making.
Consumers try to reduce this anxiety by selecting only a couple of criteria (say price and quantity) to determine the best value for money.
A decoy steers you in a particular direction while giving you the impression that you are making a rational, informed choice.
Consider the price of drinks at a well-known juice bar: a small (350 ml) size costs $6.10; the medium (450 ml) $7.10; and the large (610 ml) $7.50. The medium is a slightly better value than the small, and the large better still. The medium is designed to be the decoy, steering you to see the biggest drink as the best value for money.
If you buy the biggest, was it because you made a sensible choice, or have you been manipulated to opt for bigger than intended?
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