Had seen this TED video last weekend. Was something that convinced me to not have too many choices. We are exposed to just too many choices and which probably makes us unhappy too. The video gave some striking examples. The basic fundamental behind the theory is that eliminating consumer choices can greatly reduce anxiety for shoppers.
Schwartz describes that a consumer’s strategy for most good decisions will involve these steps:
- Figure out your goal or goals
- Evaluate the importance of each goal
- Array the options
- Evaluate how likely each of the options is to meet your goals
- Pick the winning option
- Modify goals
Schwartz finds that when people are faced with having to choose one option out of many desirable choices, they will begin to consider hypothetical trade-offs. Their options are evaluated in terms of missed opportunities instead of the opportunity’s potential. Schwartz maintains that one of the downsides of making trade-offs is it alters how we feel about the decisions we face; afterwards, it affects the level of satisfaction we experience from our decision.
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