Browse & Filter Biases

Showing 187 biases.

Need To Act Fast

To avoid mistakes, we aim to preserve autonomy and group status, and avoid irreversible decisions

Decoy effect

Description

The phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.

Decoy effect in business decision

A software company offers three subscription tiers: Basic ($10), Pro ($20), and Pro+ ($22, with only slightly more features than Pro). The Pro+ acts as a decoy, making the Pro version appear as better value.

Decoy effect in personal life decision

You choose the medium popcorn at the cinema because the small is small and the large seems overpriced.