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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
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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