Changing Decisions: The Interaction between Framing and Decoy Effects

Adolfo Di Crosta · Anna Marín · Rocco Palumbo · Irene Ceccato · Pasquale La Malva · Matteo Gatti +4 more

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Decision-Making and Behavioral Economics Experimental Behavioral Economics Studies Psychology of Social Influence

Abstract

BACKGROUND: Cognitive biases are popular topics in psychology and marketing, as they refer to systematic cognitive tendencies in human thinking that deviate from logical and rational reasoning. The framing effect (FE) and the decoy effect (DE) are examples of cognitive biases that can influence decision making and consumer preferences. The FE involves how options are presented, while the DE involves the addition of a third option that influences the choice between the other two options. METHODS: = 471). The study had a two (positive vs. negative valence) × three (original, congruent decoy, incongruent decoy) within-subject design. RESULTS: The ID option reduces the FE in both positive- and negative-framed conditions compared to the controls, while adding the CD option increases the FE only in the positive-framed condition. Additionally, the inclusion of the CD option enhances the level of decision confidence, whereas no significant differences were found in the ID condition. CONCLUSIONS: Our findings gave new insights into the interplay between two of the most frequent cognitive biases.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1981The Framing of Decisions and the Psychology of Choice 1998All Frames Are Not Created Equal: A Typology and Critical Analysis of Framing Effects 1982Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis 2001The Implications of Framing Effects for Citizen Competence 1998The Influence of Framing on Risky Decisions: A Meta-analysis 1992The Impact of Accountability on Judgment and Choice: Toward A Social Contingency Model 2002A New Look at Framing Effects: Distribution of Effect Sizes, Individual Differences, and Independence of Types of Effects

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