Human Nature and Choices vs. Options
- When making decisions, we spend too much time choosing between options with roughly equal utility.
- Researchers found that people spent longer choosing between options that were roughly equal in value than between options in which there was a large value disparity.
- When shown a disfavored food alongside a favored food, people chose fast. When shown a favored food alongside another favored food, people took a while. But this is irrational (at least in the economic sense). When making decisions, we spend too much time choosing between options with roughly equal utility.
- Some people spend way too long at restaurants deciding what to order. Pick a couple of items that sound good and then ask the server which is better.