Having Too Many Choices Leads To Bad Decisions

Too Many Choice

Enjoy this guest post, then have a read of our ultimate guide to the weighted decision matrix.

Lots of choice is good, isn’t it? Well a new study suggests that may not be the case at all. The University of Warwick and the University of Lugano teamed up to research decision making whilst partaking in a gambling experiment. 64 people taking part where asked to choose a box on a screen in front of them. Each box had a monetary value and non-disclosed odds on paying out the cash inside (sounds like the popular TV program Deal or No Deal so far). The boxes had to be turned over a number of times in order for the participants to guess the odds or the liklihood of a payout. Open the box 10 times and get paid out once would lead to a deduction of odds of 1:10. The boxes could be opened as many times as the participants liked but in the end they had to make a final choice as to which box to open.

One group got five turns, where the number of boxes to choose from went up each turn. There were two boxes to decide between at first, then four, eight, 16, and 32. Another group did this in reverse with the number of boxes decreasing from the maximum of 32 down to 2 again over 5 turns. Interestingly, the group with more boxes did more sampling or testing of the odds but not in proportion. For example they 14 samples for two boxes, but 55 samples for 32 boxes.

The group with the largest number of boxes were looking for the boxes with the biggest payouts but didn’t test enough to get a feel for the odds. More choice led to less research and less chance of winning. Poor decision making.

The people with the smaller amount of boxes got more information by testing the odds more and stayed true to this technique as the number of boxes increased.

The universities have dubbed this “search-amplified risk” or in other words, the more choices put in front of an individual, the more they overestimate their chance of a massive payout. The moral of the story from our point of view – don’t gamble!

How to make a decision on buying a Classic Car

A weighted decision matrix is the perfect tool to help decide which classic car to buy. Get your template from our downloads page.

As it is the case for any investment, purchasing a Classic car can be troubled with pitfalls. Making the right decision while planning on owning a car can be a tremendous experience which can as well reap a profit when it gets to selling time. If you make a wrong decision during the process, the Classic car can turn into a money pit which returns little delight and no yield. Below are some guidelines to assist you in making a decision on buying a Classic car.

what classic car should I buy

Consider whether you actually need a Classic-car;
According to the experts, persons that have never driven an older car get disappointed often. You should think through the idea of you owning a Classic car. These cars usually have a different feel of steering; brake differently; and in most cases they have got squeaks and rattles even after they have been restored perfectly. As a buyer, you should get a clear understanding of what you are getting into. If you can, get a person that has a car which is similar to the one you are considering to buy and sit in it or even drive it If possible.

Only buy the one which you are greatly passionate about;
Although there is likelihood that your Classic car will depreciate in value as time goes on, decide on buying as if it will not. Possess a car which will bring you joy and happiness regardless of what occurs to its value. In case you decide to buy the 1965 Rambler Marlin just because you hope to flip it for some quick profit, there are chances of you getting stuck with the car that you do not treasure and thus becoming a sore-point. You must ensure that you obtain a car which you certainly want because you are likely to possess it for some good time.

DVLA contact: Do some research
In the same way as you would do with a mutual or stock fund, do some research on the type of car that you want to acquire. Be acquainted with the number of cars of each model that were produced, and also what the original factory colors and options were. Acquire some knowledge of how to decode the vehicle identification Number of a car. This will help to tell you so much about how equipped the car was at the time when it left the factory. For the majority of Classic cars, there exist books which provide exacting details on VIN codes, options, and production numbers. Local car clubs and the internet are the other great resources.

Watch out for counterfeit cars
The truth about the Classic car business is that it is far-off easier to forge a Classic car than it is to print a fake £20 note. The VIN tags can be altered, the numbers on the engine blocks and the fenders can also be changed. This is because the parts which are required to create counterfeit Classic cars are readily available.

Broad research can help safeguard you against getting a forged car; however, the best choice is to get cars which have got good background. It is also necessary that you get a DVLA contact address so that you can ask for some guidelines on the driver and vehicle registration process and necessities.

The nightmare of choosing wedding reception venues in your local town

wedding reception venues

What could be a better solution to the problem of deciding on a wedding reception venue than a weighted decision matrix.

We think you will find it useful to use a decision matrix template to help choose which venue to have your wedding reception at. It can be a difficult decision that starts out as exciting, even romantic but then the downward spiral can begin. The perfect venue is too expensive, the nicest is too far away, the cheapest would mean slashing the guest list and so on and so on. When you finally get down to a shortlist you can now be so involved and emotionally tied up in the whole thing that you can’t see the wood for the trees and making a decision is just so hard. And that’s even before your future mother in law has given her opinion!

Take a deep breath, write down the factors that are most important to you (yes, you not mother in law) and use the decision matrix here to help you decide between the wedding venues on your shortlist. We had a go at thinking through the most important factors and here are the ones we think you’ll be thinking about the most…

Cost of the reception: This has to come top because however perfect a wedding venue is, if you can’t afford it, you can’t afford it. You could try haggling but most venues get booked up so far in advance this is unlikely to get you very far. If you’ve been saving since you were a small child or you have very rich parents then, lucky you but you may want to decrease the weighting we gave this factor.

Distance from registry office/church to reception: Of course this only applies if you’re having a ceremony somewhere other than where the reception venue is. If you are then make it within 20 minutes’ drive maximum otherwise it’s a pain for your guests and you might even lose some!

Is the wedding venue recommended? Ask around and find out which places have got a good reputation, ask your friends, the vicar, but don’t believe everything in the brochure!

Which wedding reception venue should we choose

Facilities: Is there enough room to comfortably seat all your guests? Will everyone be able to see and hear the best man’s speech? Can you fit a band or disco into the dance area? Is there a quiet space for Great Aunt Fanny to have a rest? Are the bedrooms cheap enough/good enough for those staying? Lots to think about huh?

Food: What’s the choice and quality like? You could dine anonymously before making your final decision as there’s nothing worse than poor food at a wedding reception.

If you have any other tips or a nightmare story to tell then please leave them below in the comments before downloading a decision matrix from here.

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