The High Cost of Delaying Decisions

Have you ever had a tough time making a decision? If so, were you tempted to delay making that choice? If so, did it make the situation better or worse?

Most of the time we think that delaying making a decision will give us more useful time to deliberate which should ultimately lead to a better decision. However, is that true?

In an article by Hollie Richardson called, Decision-Making: Research Shows What Happens When We Wait for “Something Better”, it becomes clear that there is a cost to delaying decisions. As she points out:

Christiane Baumann, a doctoral candidate in the Department of Psychology, explained the way people think as being like: “The price that I am prepared to pay increases every day by the same amount. That is, the further along I am in the process, the higher the price I will accept.”

This principle can be applied not only to purchases, but also situations such as choice of an employer or a romantic partner: “At the beginning perhaps my standards are high. But over time they may lower so that in the end I may settle for someone I would have rejected in the beginning.”

Basically, the longer we leave it to make a decision, the more we’re prepared to gamble, and our standards can drop.

With this in mind, what decision are you putting off making? What if you made that decision right now?

Read the rest of the article to learn more.

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