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Paradox of Choice

Paradox of Choice. Paradox of choice - outline. Choice is a good thing Choice is a bad thing Identify a set of unexpected steps for living with the paradox Explore some exercises for everyday life. Choice as a good thing. Accounts for our individuality we can have what we need or want

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Paradox of Choice

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  1. Paradox of Choice

  2. Paradox of choice - outline • Choice is a good thing • Choice is a bad thing • Identify a set of unexpected steps for living with the paradox • Explore some exercises for everyday life

  3. Choice as a good thing • Accounts for our individuality • we can have what we need or want • Gives a sense of control in a given situation • Equates with Freedom? • A critical instrument of the market • Hence, Choice => Happiness

  4. Can there be too much choice? • Supermarkets • TV channels • Electrical goods • Mattresses! • Jobs

  5. How do you assess the amount of time you spend on choosing between items in the supermarket/shopping? • Far too much • Too much • About right • Too little • Far too little • I don't use the supermarket

  6. Maximising vs. Satisficing • Rational Choice Theory (1944) • Later research (1955) suggests people satisfice when choosing • Most recently (2000) - we can be split into two groups • Satisficers • Maximisers • Maximisers • less satisfied with life • less happy • less optimistic • more depressed

  7. Potential for regret • We're not particularly good at choosing • Based on past experience? • peak-end rule • Poor self-knowledge • Bad at predicting what we'll want • Availability • We get misled by 'nearest' data • Counterfactual thinking • Increased choice, increased likelihood of choosing poorly

  8. Opportunity costs • "The cost of choosing one item is the cost of not having the benefit of the next best item" • We usually don't view it this way • we add up the benefits of all the choices we didn't take

  9. Increased Expectations • Known as adaptation • Hedonic treadmill • Comparisons • Harder and harder to make the 'best' choice

  10. Other issues • Self-blame • Time

  11. Paradoxical actions • Embrace voluntary constraints on freedom of choice • Seek for "good enough", not best • Lower expectations about the results of decisions • Make decisions non-reversible • Pay less attention to others around us

  12. Exercise: Satisfice more, exercise less • Think about occasions in life when you settle comfortably for "good enough" (2 mins) • Scrutinise how you choose in those areas (2 mins) • Now talk in groups of 4 about this (5 mins) • Plenary for 5 – bring out some of the ideas – let them be heard (5m) • Think about current areas in your life where you suspect you are maximising (3 mins) • Could you apply your satisficing strategy here? (3 mins) • Discuss plenary what folk are finding (5 mins) • And so an exercise for the week

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