Maximizing and Satisficing
Some decisions have huge long term impact. Slog in 11 th and 12 th standard and you are far more likely to end up comfortably off for the rest of your life, for example. But of course, we want multiple things – happiness, money, health, to name just a few. And different choices can lead to more of one and less (even none) of the other. Even worse, at the time you make a choice, you can’t be sure how things will play out. Mark Koslow points out that: “With this frame of mind, decisions can become paralyzing.” Then again: “Certain people can float while others fall into analysis paralysis.” He quotes Barry Schwartz on the two types of decision makers: “ Maximizers , when faced with a decision, need to know they are choosing the best option. Satisficers don’t need to know they’re choosing the best option. Instead, they’re comfortable making a decision when they see an option that is good enough and meets their standards.” Of...