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Conducting effective interviews
Identifying the right candidates for the job
Creating a positive candidate experience
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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MORE IDEAS ON THIS
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 a...
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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, quali...
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Related collections
Other curated ideas on this topic:
How decoys work
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.
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