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It happens when consumers change their preference between two options when presented with a third option, or decoy.
The decoy is priced to make one of the other options much more attra...
When consumers are faced with many alternatives, they often experience choice overload that increases anxiety and hinders decision-making.
Consumers try to reduce this anxiety by selecting o...
Consider the price of drinks at a well-known juice bar: a small (350 ml) size costs $6.10; the medium (450 ml) $7.10; and the large (610 ml) $7.50. The medium is a slightly better value ...
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It is a marketing tactic used to nudge you into purchasing a higher-priced variant of a product or service.
The Decoy effect can be applied in recruitment, polls, elections, or anywhere else ...
A well-designed decoy can shift our decision making between two options as much as 40%.
For example, we are more likely to buy the large glass of juice at the counter when we have been provided with a choice in which the smaller glass is priced only slightly less. We tend to opt for the bigger glass (even if we don't need more juice) as it looks like a bargain.
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Nudging involves gently coaxing someone into a decision or behavior. The successful nudge is one that results in the desired choice or behavior without the person realizing any external influenc...
The mind seems to involve various simple systems throughout the body that are not always in agreement. Some systems are shortsighted, some care about relationships, and some prioritize the future of humanity.
We are not always aware of each mechanism. Sometimes we make decisions carefully and other times intuitively.
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We surround ourselves with it: We tend to like people who think like us; if we agree with someone's beliefs, we're more likely to be friends with them.
This makes sense, but it means ...
It's a thinking mistake and it occurs when we confuse selection factors with results.
Professional swimmers don't have perfect bodies because they train extensively. Rather, they are good swimmers because of their physiques.
It plays on this tendency of ours to emphasize loss over gain.
The term sunk cost refers to any cost that has been paid already and cannot be recovered. The reason we can't ignore the cost, even though it's already been paid, is that we're wired to feel loss far more strongly than gain.
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