Two weeks back I picked up Paradox of Choice by Barry Schwartz.
The book talks about enormous options Capitalism has bought us along how it has made decision process more confusing.
- People even incase offered rewards tends to escape from taking it when they have too many choices offered.
- Companies producing 20-100 types of Jeans expects you to buy one of those or become loyal to the brand.
- People who buy product from big range of catalog seems less satisfied because they feel left out with not buying other available options (opportunity cost).
- We have too many choices, too less time to pick what is really important.
Look around yourself and choices we are thrown with:
- Shopping Mall (Options to buy a pair of Jeans or Shoe)
- Coffee Shop (with kind of coffee beans or ways to make coffee)
- Medical, pension plans to select from.
- Various mobile service providers data/voice plans.
I have been follower of Minimalism, So when I see these wide range of options I particularly feel I am in process of suffering from decision paralysis.
The book especially talks about two different kind of humans personality a Maximizer and Satisficer.
- Someone who wants best out of any situation.
- When it comes to buying choices, he/she will spend hours or even visit 20-30 shops to just buy a Leather Jacket.
- Maximizers are more affected by external conditions in making decisions.
- Maximizers posses high IQ
- Surprisingly since Maximizers want everything so perfect, that they are the ones even making great choices are unhappy bunch.
- Someone who is happy with whatever situation is in hand.
- When it comes to buying choices Satisficers are happy with buying just what they want, after that there is no looking back.
- Satisficers are not much influenced with marking, offers or billboards.
- Satisficers posses average IQ.
- Satisficers are the happy bunch when it comes to looking back at life, decisions they made in general.
If you are one such person who is interested in knowing adventures of Capitalism fueled with SHIT loads of options , Behavioral economy and marketing, this is a must read book for you.
Last not the least, go through the TED talk where Barry Schwartz explains about same.