More Options, Bad Decision!

By Devaki

Wednesday, April 7, 2010, 16:25

If people are given a choice between the quick pay off and a longer term benefit, they will always go for the instant reward provided they were given the complete information, say the researchers.

There is lesser chance for the wise decisions, with more information about the options, say the experts. To fully appreciate the long term option, people have to choose it repeatedly and begin to feel the benefits.

In a real-life scenario, a student who stayed home to study and then learned he had missed a fun party would be less likely to study next time in a similar situation — even if that option provides more long-term benefits. Generally people have the tendency to stay away from thinking about the short-term pains and gains. They have the tendency to get sunk and end up worse off, explains the psychologists.

The research done by the psychologists from University of Texas at Austin, has been published online in the journal Judgment and Decision Making.