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Decoy Effect

This is a classic behavioural economics concept, and it refers to the way in which people's choices can be influenced by the presence of an "irrelevant" option. For example, imagine you're at a restaurant looking at the menu. The prices are $8 for a small burger, $10 for a medium burger, and $12 for a large burger. You might think the medium burger is the best option. But then, the waiter says that for $14 you can get the large burger and a side of fries.

So now you might be tempted to go for the large burger with fries, even though it's more expensive than the medium burger and you didn't originally intend to order fries. This is the decoy effect in action - the presence of the "irrelevant" option (the large burger with fries) has influenced your choice. Even though the decoy option (large burger with fries) isn't something you originally considered, it still affects your decision-making process. This is just one example of how our choices can be affected by the way information is presented to us.

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