Schwartz explains how opportunity costs, the value of what we forgo when making a choice, can make decisions more complex and less satisfying. With more options, the potential for lost opportunities increases.
“Opportunity costs subtract from the satisfaction we get out of what we choose, even when what we choose is terrific.”
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The Paradox of Choice explores how too many options can lead to anxiety, indecision, and dissatisfaction.
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Similar ideas to Opportunity Costs
When we're overloaded with opportunities and options, we suffer from what psychologists refer to as the paradox of choice.
The more options we're given, the less satisfied we become with whatever we choose because we're aware of all the other options we're potentially forfeiting
Consumer culture is very good at making us want more & more. Underneath all the hype & marketing is the implication that more is always better. I bought into this idea for years. Make more money, visit more countries, and have more experiences.
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When mulling over multiple choices, the quality of any option cannot be assessed in isolation from its alternatives. The price you pay (or the sacrifice you make, or the benefits you give up) for doing what you’ve chosen to do instead of doing something else is the opportunity cost.
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