Tuesday, March 24, 2015

5 Star Book Review: Paradox of Choice

Four and Half Stars- Must Read for anyone interested in “decision making”

A fantastic book on why more is less (or less is more). It is a fantastic essay on how the culture of abundance robs us of satisfaction in life, and more importantly bring in depression. It shares enough case studies and examples of why more is less, and how to increase satisfaction life.

Key Idea: Giving people too many choices tends to lessen their satisfaction.
“Maximizers” are people who, given a choice, will exhaustively search all the options, seeking all possible information, in order to make the best possible choice. This behavior generally consumes a lot of time, and often leads to nagging doubts, perhaps where no one clear winner emerged.
“Satisficers” are those who settle for a choice that is “good enough” for them These people are generally happier with their choice, and spend less time choosing, leaving them free to enjoy other things.

Counterintuitive wisdom

  1. We are better of if we embraced voluntary constrains of choice on our freedom of choice, instead of rebelling against in thme
  2. We are better off when we choose good enough instead of seeking the best
  3. Lower your expectations about the results of your decisions
  4. We are better off if our decisions are irreverseable
  5. We are better off if we paid less attention to what others do around us

Summary of the book by Chapter:
Lets go shopping: Every area of our life from the super market to the education market offers way too much choice.

New Choice: Filtering our extraneous information is the key function of consciousnesses.

Deciding and Choosing: Figure your goals out, rank them, evaluate options and their likelyhood to meet goals, pick winning option .
Growth of options and opportunities means decisions require more effort, mistakes are more likely and psychological ocnsequence of mistakes is more severe.

When Only The Best Will Do: When you seek and only the best will do you are a MAXIMIZER. When you seek the good enough and not worry about consequences you are a SATISFIER.
Maximizers tend to: make more product comparisons, take longer to decide, compare their decisions to others, experience more regret that others, feel less positive about their decisions.

Choice & happiness: Every choice we make is a testament to our autonomy. The choice of when to be a chooser may be the most important choice we have to make. The more control people have, the less helpless they feel, the less depressed they will be.
Time spent with dealing with choice is time spent away from being in life.
Some constrain can afford liberty, while freedom will bring enslavement, it is wise to choose the the constrains.

Missed opportunities: Examine opportunity costs – more the choices, we diminish our subjective experience of benefits, thus we are worse off.
When people have too many options and trade offs, they avoid making decisions options we consider usually suffer from companions with other options
One reason why maximizers are less happy, less satisfied with their lives, and more depressed than satisfiers is precisely because the taint of tradeoffs and opportunity costs washes out much that hshould be satisfying about the decisions they make.

The Problem of Regret: Two factors affect regret a) personal responsibility for the result b) how easily we can imagine the counter factual better alternative.
Regret looms more for the maximizer than the satisfier.

Everything suffers from Comparisons: Curse fof high expectations, curse of social comparisons due to race for status,
Maximizers are more concerned with social comparisons than satisfiers. Increasing available options seems to usually reduce satisfaction.

Whose Fault is it?:Helplessness induced by failure or lack of control causes depression. Depression more common when only the best will do.

What to do about Choice?:
1)Choose when to choose.- think of cost associated with decisions.
2) Be a chooser not a picker –
3)Satisfy more, maximize less
4)Think about opportunity costs of opportunity costs – dont be swayed by new and improved
5) Make decisions non reversible
6) Practice an attitude of gratitude
7)Regret less
8) Anticipate adaptation – focus on how things are as opposed to as they were
9) Control expectations
10) Avoid social comparisons
11)Learn to love constrains

is worth the read, to hammer home the point of embracing a satisfaction based life, and how to learn to love constrains. BUY THIS BOOK, which was voted as a TOP 10 book for the year by Business Week to understand why” less is more, and how to increase the satisfaction in your life.”

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