FOBO: Fear of Better Options - Deepstash

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Do you take hours to make a simple decision? You may have Fobo

FOBO: Fear of Better Options

Whether it is deciding what to watch on TV, or which job offer to accept, Fobo (Fear of better options) can affect anyone.

A Fobo-afflicted person may not make a decision due to wanting complete information or simply be overwhelmed with the daunting options.

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Do you take hours to make a simple decision? You may have Fobo

Do you take hours to make a simple decision? You may have Fobo

https://www.theguardian.com/global/2019/nov/24/fear-of-missing-out-fomo-making-decision-biology-fobo-christmas-turkey

theguardian.com

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Key Ideas

Technology accelerates FOBO

Sophisticated apps and social media only accelerate FOBO, giving us unlimited options. We are unable to decide due to a constant flow of new plans, events, invitations or commitments.

Decision-making people: Maximisers

Maximisers compare everything before making a decision, setting very high standards and expectations for themselves.

They often feel disappointed with their final decision after making it.

Decision-making people: Satisficers

Satisficers are the ones that make "good enough" decisions, have modest expectations and are generally happier and more satisfied after making their decision.

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SIMILAR ARTICLES & IDEAS:

Fear of Better Options (F.O.B.O.)
Fear of Better Options (F.O.B.O.)

F.O.B.O is our inability to decide between different options all of which are decent. It can lead us to paralysis when we’re in the process of making a decision.

F.O.B.O. m...

What Causes F.O.B.O.

For F.O.B.O. to happen, you have to have multiple options. It is mostly a consequence of our world in which everything seems possible.

Mostly Fine Decision

To beat FOBO, find the Mostly Fine Decision. This is the outcome you’d be ok with, even if it’s not the absolute best possible one.

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Anchoring Bias

A common occurrence of heuristics in which we use an initial starting point as an anchor that is then adjusted to yield a final estimate or value.

Example: estimating the value of an o...

Being Too Optimistic

People who are told that the risk of something bad happening is lower than they expected, tend to adjust their predictions to match the new information. But they ignore the new information when the risk is higher.

Part of this overly optimistic outlook stems from our natural tendency to believe that bad things happen to other people, but not to us. 

You Often Make Poor Comparisons

Sometimes we make poor comparisons or the compared items are not representative or equal.

We often decide based on rapid comparisons without really thinking about our options. In order to avoid bad decisions, relying on logic and thoughtful examination of the options can sometimes be more important than relying on your immediate "gut reaction."

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Panic Buying
Panic Buying

The world is seeing panic buying in supermarkets, with items like toilet paper, milk, soda, hand sanitizers, etc. flying off the shelves, especially in places with confirmed cases of the virus.

...
Downsides of Panic Buying
  • Panic buying makes people feel in charge of the situation, while seemingly mundane measures like hand-washing, which are actually impactful, seem ordinary.
  • The problem comes when people overbuy in their over-panicked state of mind (irrational stockpiling), making the shortages worse than they really are.
  • Speculators also take advantage of panic buying and raise prices of essential items like face masks, forcing companies to take appropriate measures.
Loss Aversion

..is a principle which makes people do things so that they don't feel regretful later. 

People are panic-buying for the same reason too, with social media and news media amplifying the sense of scarcity.

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