We often believe that having more choices is better. However, beyond a certain point, having too many choices actually makes decision-making more difficult and leads to regret over the choices we make.
Reference: "When Choice is Demotivating": series of studies that provides evidence to the paradox of choice, including the famous 24 varieties of jam vs 6. Less varieties caused people to purchase more, suggesting that it was more difficult to make a decision when presented with more options.
Example: People are shopping more but enjoying it less.
Insight: Rationality tells us that more choice is always better, but empirically this isn't true.
Insight: Routine means we are on auto pilot which is a good thing: we don't have to face the burden of a choice with every action.
Insight: Satisficers face less burden when presented with many choices compared to maximisers who are at risk of second-guessing, regret and anxiety.
Principle: 1. "Choose When To Choose" - be clear about which decisions are important to make, develop rules of thumb so decisions are already made, or when another person may be the best decision maker.
Principle: 2. "Be a Chooser, Not a Picker" - where possible do not be in a position that forces decision-making, build habits, customs, and rules.
Principle: 3. "Satisfice More and Maximise Less" - avoid overanalysing options by choosing the first option that is good enough.
Principle: 4. "Think About the Opportunity Costs of Opportunity Costs" - limit the time thinking about alternatives.
Principle: 5. "Make Your Decisions Nonreversible" - own your decisions and focus.
Principle: 6. "Practice an Attitude of Gratitude" - keep a notepad and write daily what you are grateful for [this will help you feel better about decisions and face less regret].
Principle: 7. "Regret Less" - Satisfice; reduce options; practice gratitude for decisions made.
Principle: 8. "Anticipate Adaptation" - Be aware of the hedonic treadmill, and the satisfaction treadmill.
Principle: 9. "Control Expectations".
Principle: 10. "Curtail Social Comparison".
Principle: 11. "Learn to Love Constraints".
Example: Online dating.
Reference: Barry Schwartz: the jam test.
Insight: Selection, or choice, is a yardstick of progress. There is a limit to the benefit of abundance. Too much destroys the quality of life.
Insight: A large selection leads to inner paralysis, poorer decisions, and discontent at decisions made.
Insight: As choice increases, the harder it is to make decisions.
Insight: More choice often leads to less happiness.
Reference: Barry Schwartz book: "Freedom and autonomy are critical to our well-being, and choice is critical to freedom and autonomy. Nonetheless, though modern Americans have more choice than any group of people ever has had before, and thus, presumably, more freedom and autonomy, we don't seem to be benefiting from it psychologically."
Insight: There is a limit to the finding that increased choice leads to increased happiness - there are diminishing returns to choice.
Insight: There are tipping points where too much choice can undermine happiness.
Reference: Psychologist Barry Schwartz: we crave more choices but the more we have the more unhappy we become.
Insight: We largely live in a culture where more choice is regarded as good, but not having to make choices is liberating.
Insight: Not having to make choices can unleash energy and resources that would be used to making those choices.
Reference: Barry Schwartz: less choice can increase productivity, but also our freedom, and happiness.
Insight: Excess choice for consumers often leads to anxiety and reduction of purchase decisions.
Reference: Barry Schwartz: psychologist and author of the book The Paradox of Choice.
Reference: Jam Test: Sheena Iyengar and Mark Lepper - customers more likely to purchase with a choice of 6 jams vs 20+, and were much happier with the purchase.
Insight: Positive constraints can increase perceived free will and results.
Insight: Freeform leads to paralysis from paradox of choice.
Insight: Adding structures or regular routines to your calendar can act as a scaffolding with which to build around.
Definition: The more options we have, the less satisfied we are with the option we choose.
Insight: Variety is not freedom.
Reference: Barry Schwartz book.
Insight: The more options you consider, the less satisfied you will be with your choice.
Definition: The more options we are given, the less satisfied we are with whatever we choose.
Insight: More is not always better. We are often happier with less.
Insight: The more options we have the more likely we are to regret our choice.
Reference: Barry Scwartz book.
Principle: Go for good enough, not perfect; cultivate gratitude for what you have.
Key Insights & Principles
Decision Making & Happiness
More choice makes it harder to make decisions.
More choice makes us less satisfied with the choices we make.
Constraints can help us focus more energy on what is important.
