Consumed by consumerism?

[scheherazade]

This thread is a spin-off from another, the Cognitive Bias thread.

I would suggest that cognitive bias serves a purpose in that it enables us to make sense of the vast amount of information that is coming at us at all times. As we work our way through these various 'filters', we determine which ones are best for ourselves and the situations we encounter most often.

For myself, I like to gather a lot of information relevant to some items that I am contemplating the purchase of. There is so much choice available and I tend to analyze large purchases from the perspective of function and reliability, then cost etc. Cost itself I tend to view in terms of the hours of work required to earn the amount needed. I have learned to make purchases in the off season for many things and put my name on 'watch lists' for things I am contemplating for future need.

While employing these several bias in conjunction, I have sometimes deferred purchases for considerable time or found an alternate source or means of coping. In that regard, examination of our bias may actually lead toward more inductive and deductive reasoning.

So go my thoughts prior to coffee this morning, lol. Time to remedy that and toss the horses some hay.

[Secular Sanity]

It’s an interesting topic.  I’m going to order a few books written by Gerd Gigerenzzer.

Do you prefer analytical reasoning over emotional hunches, Scheherazade?

Buying decision process

I used to prefer careful deliberation but I’m not too sure anymore.  Some of those choices have come back to bite me in the arse.  Even when I’ve done a lengthy cost-benefit analysis, I’ve regretted some of my purchases.  I’m going to try something today.  I’m driving a girlfriend to her doctor’s appointment in the city.  Afterwards, we’re going shopping.  I’m going to, for the first, buy something on an emotional whim.  I’ll let you know how it turns out.  

How about giving someone the benefit of the doubt?  Has that proven to be beneficial or are there times when you wished you would have listened to your gut?

gerd gigerenzer - when are heuristics superior

gerd gigerenzer - what is rationality?

[scheherazade]

Do you prefer analytical reasoning over emotional hunches, Scheherazade?

I would assess that I am more analytical than emotional though I do pay attention to certain sensory input, often with good result. I will sometimes get a hunch that I should stop in at a location with no particular objective in mind and end up finding a good deal on something that I had been researching not long ago.

I used to prefer careful deliberation but I’m not too sure anymore.  Some of those choices have come back to bite me in the arse.  Even when I’ve done a lengthy cost-benefit analysis, I’ve regretted some of my purchases.  I’m going to try something today.  I’m driving a girlfriend to her doctor’s appointment in the city.  Afterwards, we’re going shopping.  I’m going to, for the first, buy something on an emotional whim.  I’ll let you know how it turns out.  

Yes, please do share the outcome of your experiment.

I do considerable research on items that I may be contemplating both for present and future purchase. My preference is to buy locally when availability and cost is not significantly different. Working in retail gives me a bit of insight into actual cost of an item and transportation factors. In recent years, I have been completely satisfied with all of the big ticket items I have purchased. They have met or exceeded expectations and I have also saved money in the process. I consider that experience is probably one factor that has contributed to these satisfactory outcomes.

How about giving someone the benefit of the doubt?  Has that proven to be beneficial or are there times when you wished you would have listened to your gut?

I completely trust my own first impressions of people and if I am wary, I remain so and have yet to be proven wrong over time. The opinion of others is of less concern to me as I have had successful business relations with many where others have failed simply by imposing parameters that do not permit failure, i.e. I will pay immediately after the promised good or service is satisfactorily delivered, not before.

Here is another short but interesting discussion of take-the-best heuristics. https://www.youtube.com/watch?v=s8hGSPRpCDY

[Secular Sanity]

Yes, please do share the outcome of your experiment.

I do considerable research on items that I may be contemplating both for present and future purchase. My preference is to buy locally when availability and cost is not significantly different. Working in retail gives me a bit of insight into actual cost of an item and transportation factors. In recent years, I have been completely satisfied with all of the big ticket items I have purchased. They have met or exceeded expectations and I have also saved money in the process. I consider that experience is probably one factor that has contributed to these satisfactory outcomes.

I couldn’t do it.  When it comes to shopping, I’m neither impulsive nor compulsive.  I’m number 8.  I want to avoid remorse and consider shopping a chore.  

I like the work of Antonio Damasio.  I don’t think our everyday decisions are based on pure logic.  

"We tend to believe that our decisions are based on a rational or analytical processing of our options. We like to believe that we’re in control, that our assessments lead us to making the right or best decision and that we aren’t swayed by branding or advertisements.
However, even if they sneak in ever so subtly, emotions are the main drivers in the entire decision-making process. Decisions are simply emotional, not logical."

Decisions Are Emotional. The 8 Emotional States That Influence Purchase Decisions

[scheherazade]

An interesting article which would lead me to conclude that I have several emotional inputs in my shopping processes.

If the need is immediate, as in requiring a replacement pump for a broken domestic water system, I am under considerable stress and will cut to the chase
in narrowing my options, there being only a few available anyways.

For future purchases, I like to stay abreast of technology, developments, prices and sourcing so that when the time comes, I have only to
check on the current price and availability of what I may want. People do pay attention to what I am utilizing and not infrequently ask my opinion.
Anything I offer for resale usually commands a fair price and is quickly sold, if that has any bearing on my decision making outcomes. I purchase for durability
and resale value as well as above average performance.

I take pleasure when shopping for non-essentials and enjoy the hunt, satisfied even when I elect not to make a purchase most of the time. Not being able to source something I think I need can be a disappointment though.

[Leigha]

I used to be a very impulsive (emotional?) shopper until I read an article a few years back that offered a helpful suggestion that stuck with me. If you are tempted to buy something unnecessary (''nice to have'', but don't ''need to have'') try to hold off without purchasing it for 21 days, and if after 21 days, you find that you still want that same item, then purchase it. It has helped me so much because it compartmentalizes needs over wants, and how easy it is to misconstrue wants as needs.