Economics

The Starbuck's Paradox: The problem of too much choice

The Starbuck's Paradox: The problem of too much choice

While it is a common assumption that the variety of options is what attracts people in making a choice, the overabundance of options may sometimes result in negative consequences.

The effects of too many options can lead to a lack of motivation to choose, increase in stress and anxiety and the potential for regret. This behavioural phenomenon is referred to as “choice overload”.

In this blog we explore the consequences of choice overload and how it effects us, as a consumer.

Anchors aweigh: Brain short-cuts

Anchors aweigh: Brain short-cuts

Our brains have constructed many short-cuts to attempt to solve our problems that we face on a day to day basis. One short-cut that our brain loves to utilise repeatedly is known as Anchoring.

This blog explores the concept of Anchoring and why we should know how to use it efficiently.

Cheese and Crackers: The two thinking systems

Cheese and Crackers: The two thinking systems

Our brain operates using two different systems of thinking: System 1 and System 2.
System 1 is our automatic system; quick to process information and requiring very little mental effort.
System 2 on the other hand is more rational and conscious.
We explore how these systems interact with each other and how our brain uses them to understand our world.