The decoy effect: how you are influenced to choose without really knowing it - Deepstash

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The Decoy Effect

The Decoy Effect

The decoy effect is a cunning type of pricing strategy that marketers use to get you to switch your choice from one option to a more expensive or profitable one.

Consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated

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Asymmetric Dominance

  • Consumers change their preference between two options when presented with a third option (the "decoy") that is "asymmetrically dominated".
  • The decoy is priced to make one of the other options much more attractive.
  • It is "dominated" in terms of perceived value (quantity, quality, extra features).

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How Decoys Work

Through manipulating these key choice attributes, a decoy steers you in a particular direction while giving you the feeling you are making a rational, informed choice.

The decoy effect is a form of "nudging" - defined by Richard Thaler and Cass Sunstein as "any aspect of the choice architecture that alters people's behavior in a predictable way without forbidding any options".

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CURATED BY

elizabpere

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