Too much of a good thing is….
The risks of missing out on the joys of life in the name of doing the right thing
Simplistic logic would say that it is better to choose “good” things and avoid bad “ones.” However, too much of a good thing is always good? And…nothing of a ‘bad’ thing is always the best?
When observing human behavior, it is easy to use a too linear approach. What are the risks of missing out on the joys of life under the name of doing the right thing?
We’ll borrow from behavioral economics’ studies the concepts of Myopia and Hyperopic consumers> Myopia is a term referring to being shortsighted in overvaluing the short term. At the same time, Hyperopic comes from an excessive focus on the future and always doing “the right, long-term thing.”
Myopia of Self-control
Myopia of self-control applies to consumers with a constant judgment that indulging in short-term temptations will lead to regret. In retrospect, consumers wish they had behaved more responsibly. They spend without hesitation and feel guilty about that afterward.
Research continuing over 4 decades in psychology and economics, and more recently in marketing, has examined myopia and its antidotes. The tendency to fall to impulse, seek immediate pleasure, and avoid discomfort at the expense of long-term interests is often attached to having preferences with inconsistent timing. Consumers overweigh the present relative to the future. That bias towards “the present” blocks consumers’ self-regulation, with detrimental consequences for the persona and the society.
For example, lack of self-control could create an outburst to someone in other people’s presence, or that too-upset-email to a colleague with too many people in cc, expressing too many negative comments. Those behaviors could lead to a series of negatives outcomes, as discussions and up to losing the presidential primaries.
Hyperopic
Hyperopic consumers deprive themselves of indulgence, focusing, to the extreme, on acquiring and consuming only utilitarian necessities, acting responsibly, and doing “the right thing.”
Kivetz and Simonson's research showed that consumers who perceive themselves as suffering from hyperopia employ pre-commitments to indulgence. For example, consumers choose hedonic luxury rewards over cash of greater value. Subconsciously this choice is explained as to guarantee that the award is not spent on necessities.
It is much easier for pragmatic and moral reasons to explain to myself and others’ choices of practical necessities and virtue instead of indulgence and vice. Indulging is often interpreted as wasteful, irresponsible, and even immoral, evoking guilt. That guilt could drive consumers to under consume precisely those products and experiences that they enjoy the most.
These graphs show the results of a study that asked participants about their regrets on choices that have taken in past. It measures Regret on choosing to work and Regret on choosing to enjoy. Also, Guilt and Missing out were measure (image below).
Participants rated the extent to which they currently regretted their past choice on a seven-point scale ranging from “No regret at all” (1) to “A lot of regrets” (7).
Regret
Throughout time, regret on choosing to work INcrease while regret on choosing to enjoy DEcrease.
Guilt & Missing out
Throughout time, guilt on choosing to enjoy Decrease while regret on choosing to work INcreased.
Bottom line. From this study, we see that guilt from indulgence reduces to minimum levels over time while choosing to do the right could bring increasing regret for missing out as time passes by.
Distal time is a key factor.
Willpower, and how to use it right:
From some of the many ways we could define Willpower, let’s take: “The process by which people advance abstract, distal over concrete, proximal motives.”
In simple words, it is choosing the most beneficial factor that usually requires cost now and benefits later OVER the more appealing alternative that proposes benefit now and the costs later.
For example, should I study now, get an A at the end of the year, have a great GPA by the end of my studies to help me get a better job, OR should I watch a new series on Netflix, Now?
This is what Willpower could do for you: Allow to decide going for a long-term and foggy outcome over a short term and clear reward.
Self-Control Myopia or Hyperopic are no good….How to go about when the choice is not Clear?
The dilemma we are talking about here is when the option representing indulgence or the vice is valuable to me and is not dominated or outweighed by the more virtuous option.
Self-control dilemmas: everyday situations in which the optimal choice is not transparent.
How to make good use of Willpower?
The classic wisdom focuses on myopia, consumers regretting because of falling to hedonic temptations. However, later in time, doing always the right thing brings increasing feelings of missing out and the guilt of indulgence seems to vanish. What to do then?
Reconciling these two approaches (myopia and hyperopia) and constructing a unified model of self-control are Precious. That is: “Knowing how we may think and how we may feel about our decision now and how in the future could balance our decision” Also reduce the feeling of guilt or missing out regrets thought time.