Maximizers or Satisficers?
How tough is decision-making for you?
We often encounter the dilemma of choosing one over another, let it be a thing, a person or any big opinions in life.
We are never satisfied with what we have or what we have been given, especially, when there are many other better options available.
According to research, the “fear of better options”, a phenomenon also called “maximization” is the relentless pursuit of all possible options for fear that you’ll miss out on the “best” one, leading to indecision, frustration, stress, regret, and unhappiness.
It's completely normal to strive for the better options but being obsessed with the feeling of missing out on everything is frustrating and will lead you to be in the state of indecision.
Behavioural economists argue that the assumption of “complete information” in decision-making is unrealistic (Kahneman & Tversky, 1979, 1984).
In some cases, maximizers incline to make better decisions but going forward, will they be satisfied with their decision?
As per the studies, maximizers are less satisfied with their decisions than the people who make quicker ones based on less research (those people are called satisficers).
The limitations in human cognition makes it absurd to examine each and every feasible option before making a decision.
The human mind is carved in such a way that it keeps on struggling to search for comfort or satisfaction.
And they normally do not want to compromise on any of the factors.
For instance, before buying a car, people optimise as there are so many factors to consider: safety, reliability, color, price, capacity, etc.
The process can be exhausting, and you can still end up with a choice you are not happy about.
Voltaire once observed, “Don’t let the perfect be the enemy of the good.”
Sometimes, it's better to not push yourself to achieve the impossible "perfect" and therefore getting nowhere, accept "good".
"Learning to choose is hard. Learning to choose well is harder. And learning to choose well in a world of unlimited possibilities is harder still, perhaps too hard.” ― Barry Schwartz
Be a Satisficer!
They select the option that seems to be addressing the most needs rather than the "optimal" solution.
A satisficer is less likely to experience regret even if a better option presents itself after a decision has already been made.
According to Schwartz:
“Most good decisions will involve these steps:
1. Figure out your goal or goals.
2. Evaluate the importance of each goal. Array the options.
3. Evaluate how likely each of the options is to meet your goals.
4. Pick the winning option.
5. Later use the consequences of your choice to modify your goals, the importance you assign them, and the way you evaluate future possibilities.”
So, what are you a maximizer or a satisficer?
Thank you for your reading and do share this post!