Imagine you’re looking to buy a big screen TV. When you walk into the store, a salesman approached you and after talking to you about your needs, he gave you three choices:
- Toshiba – $2000
- Samsung – $2300
- Sony – $2500
Other than the brand, you couldn’t see any difference in them – and you didn’t care about the design of the TV. Which would you choose?
Most people would be stumped. Yet we face similar choices on a daily basis. Would you buy a $5, $6 or $7 pen? Which shampoo should you try this month? What about your toothpaste?
According to Dan Ariely, author of Predictably Irrational , when faced with a choice we can’t make, most people would go for the safe choice, which in this case, would be Samsung. Why? Because we are wary of the cheapest choice yet afraid of paying too much for something we are not sure about.