choices are based upon expected utility. And once you have had experience with particular restaurants, CDs, or movies, future choices will be based upon what you remember about these past experiences, in other words, on their remembered utility.
In "The Paradox of Choice: Why More Is Less," Barry Schwartz discusses how our decision-making process revolves around the idea of expected utility. When faced with options, individuals tend to evaluate them based on the anticipated benefits, leading to choices that they believe will yield the most satisfaction. This principle of expected utility significantly influences the choices we make about everyday options like dining, entertainment, and shopping.
Moreover, Schwartz highlights that past experiences play a crucial role in shaping future decisions. Once we have sampled various restaurants, music albums, or films, our subsequent choices are often guided by our memories of these past encounters. This reliance on remembered utility means that our recollections can either enhance or diminish our enjoyment of potential options, ultimately affecting how we navigate our choices in various aspects of life.
