`behavioraleconomics` Related Article Results

Decoy effect; a cognitive bias in which individuals shift their preference between two options when a third, asymmetrically inferior option (the decoy) is introduced. This effect is also known in the literature on behavioral economics and consumer decision making as the asymmetric dominance effect or the attraction effect. Conceptual Framework The decoy effect arises when an asymmetrically dominated alternative is added to a choice set. This structure consists of three key elements: Target optio