G The problem of opportunity costs will be worse for a maximizer than for a satisficer. The latter's "good enough" philosophy can survive thoughts about opportunity costs. In addition, the "good enough" standard leads to much less searching and inspection of alternatives than the maximizer's "best" standard. With fewer choices under consideration, a person will have fewer opportunity costs to subtract.
H Just as people feel sorrow about the opportunities they have forgone, they may also suffer regret about the option they settle on. My colleagues and I devised a scale to measure proneness to feeling regret, and we found that people with high sensitivity to regret are less happy, less satisfied with life, less optimistic and more depressed than those with low sensitivity. Not surprisingly, we also found that people with high regret sensitivity tend to be maximizers. Indeed, we think that worry over future regret is a major reason that individuals become maximizers. The only way to be sure you will not regret a decision is by making the best possible one. Unfortunately, the more options you have and the more opportunity costs you incur, the more likely you are to experience regret.
I In a classic demonstration of the power of sunk costs, people were offered season subscriptions to a local theater company. Some were offered the tickets at full price and others at a discount. Then the researchers simply kept track of how often the ticket purchasers actually attended the plays over the course of the season. Full-price payers were more likely to show up at performances than discount payers. The reason for this, the investigators argued, was that the full-price payers would experience more regret if they did not use the tickets because not using the more costly tickets would constitute a bigger loss.
J LESSONS
Choose when to choose.
We can decide to restrict our options when the decision is not crucial. For example, make a rule to visit no more than two stores when shopping for clothing.
Learn to accept "good enough."
Settle for a choice that meets your core requirements rather than searching for the elusive "best." Then stop thinking about it.
Don't worry about what you're missing.
Consciously limit how much you ponder the seemingly attractive features of options you reject. Teach yourself to focus on the positive parts of the selection you make.
Control expectations.
"Don't expect too much, and you won't be disappointed" is a clich. But that advice is sensible if you want to be more satisfied with life.