MGMD02H3 Final: Session 7: Choice Satisfaction & Inter-temp..
MGMD02H3 Final: Session 7: Choice Satisfaction & Inter-temporal Choice

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University of Toronto Scarborough
Management (MGM)
Sam J Maglio

Lecture 7: Satisfaction with Choice Determinants of Choice Satisfaction Ease of decision Godiva Study: Satisfaction w. choice was higher when they were given less varieties Desirability of the chosen option (what happens when people have to choose between goodbad choices?) Custody Study > Personality Cognitive Dissonance: Two conicting facts are mentally painful (dissonance) The mind works nonconsciously to resolve to conict Results in, for example, the spreading of alternatives Voting Paradox: voters are more satised with their choice of candidate after voting than before even only seconds before In order to resolve the dissonance, convince the mind to think that > the inferior choice before is now better (and realizing tiny details that reinforces the choice) The more dissonance you have, the more resolve the dissonance, the more you will be satised with your choice Counterfactual Thinking (what would life be like if I have instead picked the other choice) How happy did the medalists seem? > Bronze > Silver George and Paul owns companies > George switched to company A > he would have been better off by staying at his company Dave and Jim > Dave opts to stay where he is and Jim decided to transfer > Jim regrets more on learning that it was a mistake but Dave regret his decision more in the longrun Why? Status Quo default Regrets in the shortterm concern action
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