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The psychological phenomenon of overchoice can most often be seen in economic applications. There are limitless products currently on the market. Having more choices, such as a vast amount of goods and services available, appears to be appealing initially, but too many choices can make decisions more difficult.
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". [1] This quote from his book summarises Schwartz's point of view with regards to having too many choices.
However, each additional choice demands additional time and consideration to evaluate, potentially outweighing the benefits of greater choice. Behavioral economists have shown that in some instances presenting consumers with many choices can lead to reduced motivation to make a choice and decreased satisfaction with choices once they are made. [7]
Choosing unhealthy food choices (31%), not exercising (26%) and not prioritising self-care (28%) topped the list. And over 40% also admitted to being guilty of making impulsive decisions.
Decision fatigue may also lead to consumers making poor choices with their purchases. There is a paradox in that "people who lack choices seem to want them and often will fight for them", yet at the same time, "people find that making many choices can be [psychologically] aversive."
A big telltale sign is that you begin making mistakes — not because you don’t know something but because you’re moving too fast. There are also often physical components to look for.
Of course, you must also balance your spending so you don’t run out of money too fast. Hypothetical Scenario Let’s assume for a minute that your lump sum pension payment begins at 65 and is an ...
In an article titled "Understanding Unconscious Intelligence and Intuition: Blink and Beyond", Lois Isenman agrees with Gladwell that the unconscious mind has a surprising knack for 'thinking without thinking' but argues that its ability to integrate many pieces of information simultaneously provides a much more inclusive explanation than thin ...