Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions -- both big and small -- have become increasingly complex due to the overwhelming abundance of choice with which we are presented.
As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression.
In The Paradox of Choice, Barry Schwartz explains at what point choice -- the hallmark of individual freedom and self-determination that we so cherish -- becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice -- from the mundane to the profound challenges of balancing career, family, and individual needs -- has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse.
By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make....Continua
Prospect theory explains our loss aversion. Also bear in mind the cumulative burden of opportunity cost reduces satisfaction. Example: shoppers who saw larger display are less likely to buy. Somehow we could be more satisfied with less regret, seek for "good enough", show our gratitude and make ing non-reversible decision.
Although I have read similar findings in other books, it is a nice read and I learn something new....Continua
Now I know why trying to consider 'all options' will drive you to insanity.
One idea, which is quite good, last too long without really giving any twist to it
What to do about choice?
Prioritize, prioritize, prioritize! Ask what is truly important to you and your life.
1. Choose when to choose
2. Be a chooser, not a picker
3. Satisfice more and maximize less
4. Think about the opportunity costs of opportunity costs
- don’t be tempted by “new and improved”
5. Make your decisions non-reversible
6. Practice an “attitude of gratitude”
7. Regret less
- reduce the number of options we consider before making a decision
8. Anticipate adaptation
9. Control expectations
10. Curtail social comparisons
11. Learn to love constraints