Yes! Maximizers Maximize Almost Everything: The Decision-Making Style Is Consistent in Different Decision Domains

Moyano-Díaz, Emilio; Mendoza-Llanos, Rodolfo

doi:10.3389/fpsyg.2021.663064

Cited by 10 publications

(4 citation statements)

References 36 publications

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“…In this way, people can consider several available options based on relevant information and choose the option which outcome is predicted to meet the stated goals. Further implication regarding maximizing tendency, while having a high standard might lead to better outcomes (Soltwisch & Krahnke, 2017), maximizers tend to apply the highest standard in every situation (Moyano-Díaz & Mendoza-Llanos, 2021). In this case, the maximizer can learn to differentiate in which situations one needs to put more effort, rather than trying to be the best in each situation is needed by setting up priorities.…”

Section: Discussionmentioning

confidence: 99%

Decision-Making and Life Satisfaction: The Role of General Decision-Making Styles and Maximizing Tendency as Predictors

Sari

2022

Humaniora

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However, research that focused on testing the role of decision-making on life satisfaction was still limited, even though almost every aspect of human life involves decision-making, and the results could determine one's life situation. There were prior studies that attempted to explore the relationships between life satisfaction and decision-making; however, the results were not conclusive. Therefore, the research aimed to test the relationship between decision-making styles and life satisfaction. Convenience sampling was used in data collection, and 154 university students participated in the research. It used a cross-sectional survey design to test the research hypothesis. The survey consisted of research information, informed consent, demographic, and measuring instrument for research variables. Decision-making styles are measured using General Decision-Making Styles and Maximizing Scale. Life satisfaction was measured using the Satisfaction with Life Scale. The result of multiple linear regression analysis shows that rational decision-making style and tendency to satisfice significantly predict higher levels of life satisfaction, while spontaneous decision-making style and tendency to maximize predict lower levels of life satisfaction. On the other hand, intuitive, dependent, and avoidant decision-making styles do not significantly predict life satisfaction. The implication and direction for future research are discussed.

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Section: Discussionmentioning

confidence: 99%

Decision-Making and Life Satisfaction: The Role of General Decision-Making Styles and Maximizing Tendency as Predictors

Sari

2022

Humaniora

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“…In contrast, the term “satisficer” is used to refer to those who search for relatively small assortments and settle down for a good enough choice. Further research found that the decision-making styles remained stable among different contexts ( Kokkoris, 2019 ; Moyano-Díaz and Mendoza-Llanos, 2021 ). Regardless of the context or importance, whether it be seeking a job, selecting a course, shopping for dish soap, or choosing an ice-cream flavor, maximizers prefer a larger assortment than satisficers ( Iyengar et al, 2006 ; Chowdhury et al, 2009 ; Dar-Nimrod et al, 2009 ; Carrillat et al, 2011 ; Cheek and Schwartz, 2016 ; Luan and Li, 2017 ).…”

Section: Introductionmentioning

confidence: 94%

Taking Decisions Too Seriously: Why Maximizers Often Get Mired in Choices

Luan

Liu²,

Li³

2022

Front. Psychol.

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Maximizing is a topic that has received significant attention from researchers and corporate organizations alike. Although extensive previous research has explored how maximizers behave in a decision scenario, a fundamental question remains about why they prefer a larger assortment regardless of whether the decisions are important or not. This study attempts to explore the underlying mechanism of this phenomenon. Four surveys were conducted, and participants from Mturk or Credamo online platforms were recruited (N = 922). The maximizing tendency was measured by either maximization scale or maximizing tendency scale, and perceived importance and preference for a large assortment were measured in different decision scenarios. Across four studies, we find that maximizers perceive the same decision as more important than satisficers (Study 1), and perceived importance serves as the mechanism underlying the maximizers’ preference for a large assortment (Study 2). In other words, in maximizers’ perceptions and interpretations, even seemingly trivial decisions are important enough to spend great effort on a large assortment. We additionally identified a boundary condition for the effect – cost salience (Studies 3a and 3b). These findings illustrate a pioneering empirical exploration of the difference in the way maximizers and satisficers perceive their decision importance and the reason for maximizers’ preference for a large assortment.

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“…However, we expect that relationship to be mediated by financial self‐control. Maximizing is a relatively high‐level tendency, meaning that maximizers will tend to apply this decision‐making style across different domains of life (Kokkoris, 2019; Moyano‐Díaz & Mendoza‐Llanos, 2021). In contrast, financial well‐being is a domain‐specific outcome, which is affected by other domain‐specific constructs such as financial behavior or personal factors (Brüggen et al, 2017; Netemeyer et al, 2018).…”

Section: Conceptual Framework and Hypotheses Developmentmentioning

confidence: 99%

When “good enough” is not good enough: How maximizing benefits financial well‐being

Silber,

Hoffmann,

Belli

2023

Psychology and Marketing

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A maximizing decision‐making style is generally associated with lower individual well‐being. That is, even though maximizers invest more time and resources in finding the best option and achieve better outcomes than satisficers, they are still more dissatisfied with those outcomes. Contrary to this general consensus that maximizing is negatively associated with overall well‐being, across two studies we show that this decision‐making style is actually positively associated with individuals' financial well‐being. We find that measured dispositional maximizing is positively associated with financial well‐being, regardless of whether maximizing is operationalized as having high standards or the tendency to engage in alternative search (Study 1) and replicate this relationship with experimentally induced situational maximizing (Study 2). We identify financial self‐control (both measured as a trait and as the behavioral outcome of an experimental choice task) as a mediator of the aforementioned relationship. Our findings offer guidance to financial service providers and policymakers on how to improve consumers' financial well‐being, such as encouraging consumers to engage in a more meticulous search while evaluating financial products and services (e.g., home loans, retirement plans, investments) to identify the best possible option.

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Yes! Maximizers Maximize Almost Everything: The Decision-Making Style Is Consistent in Different Decision Domains

Cited by 10 publications

References 36 publications

Decision-Making and Life Satisfaction: The Role of General Decision-Making Styles and Maximizing Tendency as Predictors

Decision-Making and Life Satisfaction: The Role of General Decision-Making Styles and Maximizing Tendency as Predictors

Taking Decisions Too Seriously: Why Maximizers Often Get Mired in Choices

When “good enough” is not good enough: How maximizing benefits financial well‐being

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