The Paradox of Choice – quasi book summary and discussion

Barry Schwartz is an American psychologist, Professor of Social Theory and Social Action at Swarthmore College, and since 2016 has been visiting professor at the University of California, Berkeley. His work focuses on the intersection of psychology and economics… He is also the author of the book “The Paradox of Choice” and he talks about the concepts from the book in this TED talk. In this post I wanted to outline some of the key points he makes, and connect them to a watch collector’s decision-making processes.

Costs vs benefits

What is the cost of an item? The price tag is a matter of fact, but how often do people really think about the true cost of an item when weighing it against the benefits of ownership?

Thinking in a Foreign Language Makes Decisions More Rational

‘Would you make the same decisions in a foreign language?’ To judge a risk more clearly, it may help to consider it in a foreign language. A series of experiments on more than 300 people from the U.S. and Korea found that thinking in a second language reduced deep-seated, misleading biases that unduly influence how…