Psychologist Barry Schwartz and mathematician Coco Krumme discuss the drawbacks of always aiming for the best. They explore the negative consequences of optimization, the differences between universities, and the importance of finding a balance between success and happiness. The podcast also features innovation in business essentials at Staples and the challenges of managing multiple responsibilities.
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Quick takeaways
Constantly striving for the best can lead to dissatisfaction and anxiety, it's important to embrace the concept of 'good enough' and find success without sacrificing happiness.
Maximizers, who obsess over finding the best option, often feel worse about their decisions and experience higher levels of stress and depression, while satisficers, who aim for good enough, tend to be more content with their choices.
Deep dives
The Limitations of Maximizing and Optimizing
Barry Schwartz and Coco Crump, experts in psychology and mathematics respectively, challenge the cultural obsession with efficiency and optimization. They argue that constantly striving for the best can lead to dissatisfaction and anxiety. They advocate for embracing the concept of 'good enough' and finding success without sacrificing happiness. Research shows that maximizers, who obsess over finding the best option, often feel worse about their decisions and experience higher levels of stress and depression. Satisficers, on the other hand, who aim for good enough, tend to be more content with their choices.
Balancing Standards and Search
Schwartz highlights the distinction made by psychologist economist Herb Simon between maximizing (seeking the best) and satisficing (settling for good enough). He suggests that exhaustive search for the best can be exhausting and defeating, ultimately leading to dissatisfaction. Setting high standards for important decisions is reasonable, but wide search for constantly trying to find the absolute best option can be detrimental. It is important to strike a balance between having high standards and recognizing when good enough is sufficient.
The Consequences of Maximizing
Schwartz's research on maximizing and satisficing demonstrates that although maximizers may achieve objectively better outcomes, they often feel worse about their choices. Their constant pursuit of the best prevents them from experiencing pleasant surprises and lowers their overall satisfaction. In contrast, satisficers who choose good enough options tend to feel more content with their decisions. Schwartz cautions against exhaustive search, as it can be time-consuming, defeating, and prevent individuals from enjoying the benefits of good enough choices.
Alternative Strategies for Achieving Success and Happiness
Both Schwartz and Crump suggest alternative strategies to achieve success and happiness without excessive maximizing. They propose choosing when to choose, being selective about what decisions warrant extensive search. They also recommend embracing irreversible decisions, as second-guessing reversible choices can lead to dissatisfaction. Additionally, seeking advice from others and considering their perspectives can provide a broader picture and help individuals see beyond their own biases. They advocate for finding the right balance between optimizing and being content with good enough.
Many people are obsessed with optimizing their lives, but this might be a suboptimal way to live. Adam brings together psychologist Barry Schwartz (author of “The Paradox of Choice”) and applied mathematician Coco Krumme (author of “Optimal Illusions”) to discuss the dark side of maximizing everything. The three discuss the unintended consequences of always aiming for the best, debate different strategies for individuals and societies to make better choices, and explore how it’s possible to pursue success without sacrificing happiness.