Episode 11- The Best Possible Option: Choice and Consumer Well-Being

Think: Business Futures

Is making better choices making you unhappy?

Homo Economicus, or ‘economic man,’ is someone who always makes the most rational financial decisions based on self interest. This idea forms the basis of many theories about how we consume.

If we always make the most rational decision, then having more options to choose from will allow us to maximise our decision in order to achieve the best outcome. But what if we don’t behave like homo economicus and prefer to choose the option that is ‘good enough?’

On this episode, we speak with early career researcher, Alex Belli, about choice and consumer well being.

Further Reading:

1. You can read more about Alex’s research here.
2. Barry Swartz is a professor of psychology and economics at Swarthmore College and the author of The Paradox of Choice.
3. You can read Iyengar and Leppar’s famous ‘jam study’ here.
4. Alain De Botton’s Status Anxiety examines the psychological impacts of consumption.
5. You can read Jennifer Aaker’s article How Happiness Affects Choice in the Journal of Consumer Research

Music:

Johannes Bornlof- Aqueous

Martin Gauffin- Southern Flavors

Aiolos Rue- Unscrambler

Rubik’s Cube- From Now On

Magnus Ringblom- 1970’s Cinema Era 2