The Cholesterol Problem: Seeking Alternatives to Given Options
An acceptable option may still have a better alternative. Before settling, consider whether the choices offered leave out a way to obtain the same benefit with fewer drawbacks.
THE IDEA
YOU HAVE IN FRONT OF YOU
Decisions sometimes require you to reject the options you were given, and to look for others. Max Bazerman, a colleague of Richard’s and professor at the Harvard Business School, says that many Zeckhauser lectures have influenced him, but that he was particularly struck when Richard presented the “Cholesterol Problem”: Your doctor has discovered that you have a high cholesterol level, namely 220. She prescribes one of many available statin drugs. She says this will generally drop your cholesterol about 10 percent. There may be side effects. Two months later you return to your doctor. Your cholesterol level is now at 195. Your only negative side effect is sweaty palms, which you experience once or twice a week for one or two hours. Your doctor asks whether you can live with this side effect. You say yes. She tells you to continue on the medicine. What do you say?
“I have had problematic lipids in the past, have studied cholesterol, and am not shy. So, as Richard was looking for someone to respond to his query, I went with staying on the statin – publicly. Richard responded, ‘Why don’t you try one of the other statins instead?’ I immediately saw that he was making a great deal of sense, as there may well be equally effective statins that don’t cause sweaty palms or any other side effects. I implemented his insight in many other contexts and documented this idea in my book The Power of Noticing.”
Tony Gomez-Ibañez, another colleague, is fond of recalling that a famous saying among policy analysts is “let me pick your options, and I will make the decision for you,” which illustrates the importance of keeping an eye out for a better option. That is even true in the cholesterol example, where Max had a satisfactory outcome with his present option. He had a chance of finding a more-than-satisfactory option.
When to use it
When a treatment helps but has drawbacks, ask the clinician what alternatives could offer a better tradeoff.
In business negotiations, consider other deals or terms before deciding whether an acceptable offer is the best available choice.
When evaluating job offers, don't stop after receiving one acceptable offer; continue searching for a better fit.
In policy-making, question the initial set of proposed solutions and look for creative alternatives that better meet all objectives.
FROM THEORY TO EVERYDAY LIFE
In practice
Cholesterol Problem
In the thought experiment, a statin lowers cholesterol from 220 to 195 but causes sweaty palms. The additional option is to ask the doctor whether another statin could offer similar benefit with fewer side effects.
Policy Analysts' Saying
"Let me pick your options, and I will make the decision for you" – highlighting the importance of scrutinizing and expanding the set of alternatives before deciding.
A MOMENT TO REFLECT
Put it to work.
In what current decision have you accepted a seemingly satisfactory option without considering whether better alternatives exist?
How can you systematically generate and evaluate additional options before committing to a choice?
Think of a time you settled for an option that worked but had drawbacks. What might have happened if you actively sought a different alternative?
Often confused with
References
- The Power of Noticing — Max Bazerman (2014)
CONTINUE THE CONVERSATION
Source texts
- Maxims for Thinking Analytically The wisdom of legendary Harvard Professor Richard Zeckhauser (Dan Levy)