The Paradox of Choice
Is having more choices helping us make better decisions? Apparently not.
There’s a phenomenon known as the ‘Paradox of Choice’ that talks about how we might believe being presented with multiple options can make it easier for us to choose one, but instead, it leaves us feeling unsatisfied with our choices.
According to this phenomenon, having multiple choices would require more effort to decide. If the number of choices increases, so does the difficulty of knowing what is best.
History and Origin
Psychologist Barry Schwartz explored this concept in his book “The Paradox of Choice: Why More is Less.” He observed that despite the greater range of choices we have now, consumer satisfaction hasn’t increased as predicted. In fact, he found an inverse relationship: more choices led to less happiness and satisfaction with decisions.
Two terms came up with this study, a maximizer and satisficer. A maximizer is a person who seeks out the most optimal outcome when making decisions, while a satisficer is an individual who is more concerned with making a decision that’s just good enough.
Opportunity Cost
Have you ever thought about all the benefits you would have gotten if you made a certain decision? What you believe you lost is called an opportunity cost. Hypothesizing about missed opportunities and thinking about the “what ifs” could take a heavy toll on your mental health and ability to make decisions in future instances.
RR Author
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