The Paradox Of Choice

2023-09-22

In his book "The Paradox of Choice," Barry Schwartz mentioned that having too many choices could lead to less satisfaction and greater regret. The paradox is related to the following characteristics:

  • Choice Overload: Studies have shown that once a certain threshold is reached, there is a decrease in interest. This is particularly evident in retail, where stores know how many different brands are enough to keep customers interested but not too many to overwhelm them.

  • Escalation of Expectations: The more choices you have, the more you tend to believe that there must be "the best one" among them.

  • Regret and Opportunity Costs: This is closely tied to the previous point; people tend to experience more regret when they have to choose between various options.

How to cope with the Paradox Of Choice? Schwartz divides decision-makers into "maximizers" - those who constantly seek the best possible option, and "satisficers" - those who are content with a good enough option. By proactively limiting the number of choices to those that have been proven to be "good enough," you can reduce decision anxiety for a significant portion of consumer-based choices.

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