(Procrastination)
This fallacy occurs when someone claims that since we will never know everything, we should always avoid making decisions because any decision we would make would be illegitimate. Related to the appeal to ignorance fallacy, the primary difference here is that, instead of claiming that we will never “know” something due to lack of information, this fallacy claims that we should never “decide.” This fallacy is most easily committed when dealing with circumstantial evidence as it’s easier to dismiss.
Sometimes, the paralysis of analysis occurs by accident as some decisions are overanalyzed and overcomplicated as the “perfect” solution is sought, often driven by a fear of failure. However, failure to act or decide can also be a failure. The contrast to this is “extinct by instinct,” which suggests that jumping in too hastily will always have negative consequences.
Interestingly enough, we often see this fallacy being used as an excuse for making a decision now as opposed to waiting for more information, especially in business ventures – and often presented with a bias toward the side of the one using the fallacy.
Examples:
“I know a lot of people who are making money on this program right now, and if you wait too long, you’ll be left out!”
“Come on…. if you don’t come with us now, you’ll miss out on all the fun!”