The fear of missing out — Part 3: Choices

Continued from previous article …

In this article we will talk about another consequence of Loss Aversion: Seeking more options and holding onto all options.

Keeping choices open

We all know of our neighbour who has involved his son in as many activities as possible: cricket, a classical instrument, IIT preparation and German speaking course. We see PreUniversity college students opting in for Biology though they do not want to become doctors. We are all ‘Engineers’ who neither became a good Computer Engineer nor become a good Electrical Engineer by opting in for Electronics and Communications in Bachelors, though we were sure to end up in a software job.

Because of aversion to loss, we feel compelled to preserve our choices. However in most of the cases, choice comes with a cost. Let us discuss two ways in which having many choices and preserving them all the way, can work to our disadvantage.

Overpaying and Spreading Too Thin

While from outside it may seem we are doing well keeping the options, in most cases however, we give something up for those options. Consider people buying computers. They usually worry about things like ‘CPU performance’ and end up buying higher configuration computers, though they know the kind of tasks they do using computers are not that ‘demanding’. They end up simply overpaying. People who buy an SUV, thinking they may drive off the highway for some trips, end up having tough time driving it in city conditions, which forms majority part of their yearly commute.

In terms of career aspirations we risk spreading skills too thin. That is why we see ‘jack of all trades, master of none’s everywhere. Kids, forced into many activities, hardly become good at anything.

Paradox of Choice:

Barry Schwartz in his book The Paradox of Choice explains this perfectly:

When people have no choice, life is almost unbearable. As the number of available choices increases, as it has in our consumer culture, the autonomy and liberation this variety brings are powerful and positive. But as the number of choices keeps growing, negative aspects of having a multitude of options begin to appear. As the number of choices grows further, the negatives escalate until we become overloaded. At this point, choice no longer liberates, but debilitates. It might even be said to tyrannize.

In many experiements it has been noted that too much choice leads to indecision and lesser satisfaction, the most famous being Jam Experiment attributed to Sheena S. Iyengar where it was found that

Consumers were more likely to buy when offered 6 jams (40%) instead of 24 jams (3%). Consumers also reported greater buying satisfaction.

Having less choice or particularly no choice, more than often makes us give our best attempt. Let me cite my own example here. Earlier I practiced Yoga in a centre where I could attend any of the eight batches spread over the day. One too many mornings, because of laziness, I would say to myself that I would attend evening batch(for yoga practice) and go back to sleep. And when it was evening, I would be telling myself another story. Now I have joined another centre where I can only attend at timings committed during registration. Practice must start at 5.30AM and I have not missed a single class yet!

So to be really satisfied with our decisions, we need to consciously start eliminating choices, as quickly as possible. Marketers should narrow down their customers’ choices (Imagine picking a Samsung handset vs picking a Motorola handset). And at least as far as achieving greatness is concerned:

Concluding the series …

It is natural that evolution designed us to avoid risk, fear loss and remember negative events more clearly than positive events because ‘learn to survive’ was the motto. However, this tendency does not serve us best all the time. Fear of loss and it’s cause attachment can cause unnecessary delusion and agony as described in Gita:

… sangat sanjayate kamah, kamat krodho ‘bhijayate[2.62]; krodhad bhavati sammohah, sammohat smrti-vibhramah; smrti-bhramsad buddhi-naso buddhi-nasat pranasyati[2.63]

(.. from such attachment lust develops, and from lust anger arises. From anger, delusion arises, and from delusion bewilderment of memory. When memory is bewildered, intelligence is lost, and when intelligence is lost, he perishes.)

Now you may reflect to think, do you really have anything to lose?

Comments and feedback are welcome.