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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 pro...
Higher levels of testosterone, leading to impulsive behavior, leads to more susceptibility to the Decoy Effect.
Intuitive thinkers tend to fall more for it, along with people that join in gro...
The Decoy Effect can influence our dating choices, as the person who may not be attractive, can appear handsome to us in the presence of a slightly less attractive friend, as our mind will subconsc...
Whether you are choosing a pair of sneakers or deciding on an insurance plan, it is always better to keep a watchful eye on the options provided.
Learn to fine-tune your judgement to not be d...
SIMILAR ARTICLES & IDEAS:
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 only a couple of criteria (say price and quantity) to determine the best value for money.
A decoy steers you in a particular direction while giving you the impression that you are making a rational, informed choice.
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 than the small, and the large better still. The medium is designed to be the decoy, steering you to see the biggest drink as the best value for money.
If you buy the biggest, was it because you made a sensible choice, or have you been manipulated to opt for bigger than intended?
Breadcrumbing is a corporate practice in which the employee is provided the bare minimum or less than optimal information, feedback, rewards by the manager, keeping it a one-way communication....
... and boils down to what we give up to attain something. Our mindsets are inclined towards pleasure and resistive towards pain. We normally like to think in terms of gai...
Decisions are a cost-benefit analysis of risking something small for the opportunity to gain something big.
Trade-offs are not something as simple as flipping a coin. Our values guide us towards what we want in life, and it is not the same for all. Example: Buying a house has a trade-off of mortgage for the next ten or more years. This is subjective and depends on what we value in life.
Indecisive people suffer because they don’t know their inner values and what they care about.
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