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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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.
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 ...
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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