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Maximizers versus satisficers: Decision-making styles, competence, and outcomes

  • Andrew M. Parker
  • W�ndi Bruine de Bruin
  • Baruch Fischhoff
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    Our previous research suggests that people reporting a stronger desire to maximize obtain worse life outcomes (Bruine de Bruin et al., 2007). Here, we examine whether this finding may be explained by the decision-making styles of self-reported maximizers. Expanding on Schwartz et al.\ (2002), we find that self-reported maximizers are more likely to show problematic decision-making styles, as evidenced by self-reports of less behavioral coping, greater dependence on others when making decisions, more avoidance of decision making, and greater tendency to experience regret. Contrary to predictions, self-reported maximizers were more likely to report spontaneous decision making. However, the relationship between self-reported maximizing and worse life outcomes is largely unaffected by controls for measures of other decision-making styles, decision-making competence, and demographic variables.

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    Article provided by Society for Judgment and Decision Making in its journal Judgment and Decision Making.

    Volume (Year): 2 (2007)
    Issue (Month): (December)
    Pages: 342-350

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    Handle: RePEc:jdm:journl:v:2:y:2007:i::p:342-350
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    1. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    2. Dhar, Ravi, 1997. " Consumer Preference for a No-Choice Option," Journal of Consumer Research, University of Chicago Press, vol. 24(2), pages 215-31, September.
    3. Crossley, Craig D. & Highhouse, Scott, 2005. "Relation of job search and choice process with subsequent satisfaction," Journal of Economic Psychology, Elsevier, vol. 26(2), pages 255-268, April.
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