Speed dating concept
In short, we use all kinds of heuristics on a daily basis and apparently we do so for a good reason.To illustrate, consider a popular heuristic that people often employ, the so-called “recognition heuristic.” The recognition heuristic states that “if one of two objects is recognized and the other is not then we should infer that the recognized object has the higher value.” Such a decision rule may sound overly simplistic but various studies have supported its use and effectiveness.In fact, when both conditions were present, participants were more likely to make no decision at all.Similarly, research on online dating performed by Alison Lenton and Barbara Fasolo indicated that participants presented with more potential partners did not experience any greater emotional satisfaction than participants presented with fewer options.In essence, heuristics are decision-making tools that save effort by ignoring some information; and thus, their essential function is to reduce and simplify the processing of cues and information from our environment. In particular, prior research by Lenton and Francesconi suggests that when the number of potential speed-dating partners goes up, people tend to increasingly rely on heuristics in their decision making strategies.
Well, several experiments have shown that when shoppers are presented with either an extensive or limited amount of potential consumer choices (e.g.chocolates, jam flavors) more people actually end up making purchases, and are happier, when the choice environment only offers a limited set of options.It is not that surprising that our decision making system breaks down when the human brain is confronted with too many options.So, starting this summer, they'll launch the 7 day tour where homes will only go on the market for one week.Realtor Robb Murry said this new concept should help sellers too by allowing them to test the water without having to commit to putting their house on the market for months or years."This gives people an opportunity to put their house on the market for just 7 days and see what the market really is now because it is dramatically different than it was a year ago," Murry explained.