Brain Cognitive Biases Series: The Decoy Effect

Imagine yourself at a car dealership, torn between two cars. One is $30,000 without leather seats, and the other is $40,000 with leather seats. Feeling undecided?

Then, the salesman introduces a third option: a $50,000 car, also without leather seats. Suddenly, the $40,000 car seems more appealing, despite its initial price.

Understanding the Decoy Effect

The presentation of a less desirable third option can influence decision-making, making the other options appear more attractive. This cognitive bias is known as the Decoy Effect.

How It Works

By introducing a clearly inferior option, the salesman aims to steer you towards the $40,000 car, which may now seem like the best choice compared to the $50,000 "decoy."

Implications

This tactic can lead consumers to choose slightly more expensive options, perceiving them as better deals. It's a cognitive bias that impacts decision-making.

Conclusion

The Decoy Effect is a powerful psychological phenomenon that influences choices. Stay informed about cognitive biases to make more informed decisions.


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