Reading List: The Paradox of Choice – Why More is Less by Barry Schwartz

Last month I attended a great conference in Wentworth-by-the-Sea, New Hampshire hosted by investment bankers Bigelow and Company. We were all assigned to read, The Paradox of Choice: Why More is Less.

The book presents a lot of good observations about how consumers are simply overwhelmed by choices.  Supermarkets offer hundreds of brands of crackers, 401-K decisions are endless and health care options are numerous. Schwartz analyzes how the overwhelmed consumer will often choose to make no decision when faced with this avalanche of choices.

From the book I learned that I am not a “maximizer”, one who has to look at all the options available and then making sure they select the very best. For maximizers, this process often leads to second-guessing and uncertainty because the decision may not in fact identify the very best. As it turns out, I am a “satsificer”.  That is, I set a goal or objective and when I find a selection of a service or product that meets my standard I make my decision. This feels like it makes life simpler in these complicated times.

If you are looking for a good book with interesting insights, I recommend you check this one out.