"DECOY EFFECT" - The Magic Trick
"Decoy effect" is a cognitive bias where it influences any person around the globe. It was first discovered in 1980’s. This is how many marketing companies are affluent. This is a technique where consumers or the buyer’s mentality is swapped by two options when presented with the third option. Most of us fall for this trick when we go for a movie, rather than buying medium seized coke we buy extra-large coke just because it’s just some bucks extra, the medium coke is the decoy that nudges you to buy the large. Shopping malls, voting, buyers & sellers and now researchers are even finding out to if they could encourage people to make healthier life choices using decoy effect. These patterns of behavior can be observed in many goods/things like apartment, bike, gadget and many more stuffs with an unattractive third option changes the mindset of people. It also depends on the thinking style of every individual not everyone nudges by decoy effect. If the person thinks analytically or he decides by his own choices .Then he might not be a part of decoy effect. As said by many researchers intuitive people fall for decoy effect. People who are judgmental are prone to decoy effect. Group decisions or taking decisions from others may nudge decoy effect.
So, Let’s decide whether we are tricked!