Barry Schwartz in Scientific American

In an article by Barry Schwartz in Scientific American (April, 2004), the author states that more choices may make some of us less happy rather than more. Currently in the US, there is more wealth, yet depression is at an all time high. The problem is that more choices make the decision more difficult… and leaves more options unexplored. There exist two groups of people when it comes to choices and the happiness encountered.

First, there is the “maximizer.” Maximizers want the best. An example of this is Larry Ellison. Even though he has more money than most of us will ever see, he still wants more. He will examine every option and choice before purchasing something. We will probably never see him compromise his taste or style to just exist like going to a discount store. He will evaluate his options, and figure out the opportunity costs. More than likely, he will get the best. But, even though he has the best, he still strives to beat out others and finds zero joy in the purchase. Instead, adaptation comes into effect. The joy of the purchase will wear off and he will regret the purchase. The old saying “it’s lonely at the top” comes into play here. Maximizers tend to be more depressed than others because they are always chasing something and once they make the decision, they regret it. They will question themselves as to whether they made the best choice, especially when newer models come out. Schwartz suggests that as the number of choices facing the maximizer increases, the happiness that comes from the decision decreases. The maximizer evaluates the opportunity costs to the extreme.

On the flip side of the coin is the “satisficers.” These are the people who are, as Schwartz puts it, happy with “good enough.” A prime example of the satisficers is the Amish.