Auswirkungen des Decoy-Effekts auf die Algorithm Aversion

Abstract

Limitations in the human decision-making process restrict the technological potential of algorithms, which is also referred to as "algorithm aversion". This study uses a laboratory experiment with participants to investigate whether a phenomenon known since 1982 as the "decoy effect" is suitable for reducing algorithm aversion. For numerous analogue products, such as cars, drinks or newspaper subscriptions, the Decoy Effect is known to have a strong influence on human decision-making behaviour. Surprisingly, the decisions between forecasts by humans and Robo Advisors (algorithms) investigated in this study are not influenced by the Decoy Effect at all. This is true both a priori and after observing forecast errors.

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