Saturday, May 1, 2010

The Curse of Choice

"You are spoilt for choice." Once a term used to indicate that one is a in a good position, but recent studies indicate that the too many options can result in dissatisfaction of the outcome even if the final output of the outcome is greater than if one did not have as many options. In my opinion, this is a growing issue in the affluent, developed nations. Here are just some of the side effects of having too much choice:

1. Unrealistic expectations of the outcome which results in a sense of dissatisfaction after the decision is made.
2. Delaying in making the decision which at times can be costly
3. Greater anxiety in making the decision

This is important to understand in business simply because this phenomenon directly affects how people make decisions.

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