Escaping the maximization trap in choice

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F15%3A00084380" target="_blank" >RIV/00216224:14560/15:00084380 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Escaping the maximization trap in choice
Original language description
Some people do not settle for good enough choices ? they want to make sure what they select is the best. These people are called Maximizers. To discover the best options possible, they exert large amounts of time and effort, sometimes getting stuck in anobsessive search for more alternatives to compare. In our experiment, subjects have the option to engage in such a search ? just like in real life, excessive searching in the experiment also comes with opportunity costs. We investigate information availability and ability to exit while waiting as ways to help maximizers escape the excessive search and reduce the opportunity costs. The total duration of two experimental tasks (the decisionmaking task (DMT) and real effort task (RET)) is limited to a certain time. In DMT, subjects are presented with choice set of payouts. They can either select one (presumably the highest available) payout and proceed to RET, or they can repeatedly choose to expand the choice set by one item.
Czech name
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Czech description
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Publication year
2015
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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