BIAS OF THE WEEK

Decoy Effect

In a study, participants were exposed to different beer offerings and had to choose which one they would buy : 

  • between a bargain ($1.80) and premium ($2.50), 20% chose premium,
  • between a bargain ($1.80), a premium ($2.50) and a deluxe ($3.40), 80% chose premium.

We switch our preference between two options when an asymetrically dominant option is presented. 

See the full study here :

Poundstone, Priceless. (2011), https://cxl.com/blog/pricing-experiments-you-might-not-know-but-can-learn-from/

 
 

Want to know more about biases?

Lag Effect

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Restraint Bias

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Hot-Cold Empathy Gap

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Availability Heuristic

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