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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: 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
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 en...
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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 to provide more satisfaction to the decision-maker.
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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.
We take into consideration all available options to minimize our frustration and stress.
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Maximization
Also known as Fear of Better Options (F.O.B.O.), is the relentless researching of all possible options for fear that you’ll miss out on the “best” one.
Though maximizers tend to make better decisions, they are less satisfied with those decisions than are people who make quicker ones ...
Satisficers: It's good enough
Satisficers are people who prefer to make decisions quickly by weighing fewer choices and then go with their gut. They opt for what's acceptable, not for the 'best' option.
A drawback is that they may not get the 'best' outcome that will give them the maximum return.
Endless choice leads to inertia
Very few of us feel competent enough to choose between an overwhelming amount of options. When you are offered 156 different kinds of retirement plans, for instance, it can make you miserable to make a competent choice. For that reason, it might be easier not to make a choice.
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