Editing Anchoring effect (section)

==== Decoy ====
[[Decoy effect]] is defined as a situation where people tend to have a change in preference between two choices when they are showed with a third choice. The third choice is called a decoy which is designed to induce consumers to change their preferences. The decoy is usually considered as inferior. For example, it might be more expensive than option A while having lower quality than option B. In this case, the anchor is the decoy.<ref>{{cite book |last1=Stettinger |first1=Martin |last2=Felfering |first2=Alexander |last3=Leitner |first3=Gerhard |last4=Reiterer |first4=Stefan |date=2015 |chapter=Counteracting anchoring effects in group decision making |chapter-url=https://link.springer.com/chapter/10.1007/978-3-319-20267-9_10 |title=User Modeling, Adaptation and Personalization: 23rd International Conference |series=Lecture Notes in Computer Science |volume=23 |pages=118–130 |doi=10.1007/978-3-319-20267-9_10 |isbn=978-3-319-20266-2}}</ref>

One decoy effect example is the bundle sales. For example, many restaurants often sell set meals to their consumers, while simultaneously having the meals’ components sold separately. The prices of the meals’ components are the decoy pricing and act as an anchor which enables to make the set meal more valuable to consumers. With the decoy effect it generates, the anchor increases consumers’ willingness to pay for the set meals, or the mixed bundles.<ref>{{cite journal |last1=Schwartz |first1=Zvi |last2=Cohen |first2=Eli |date=1999 |title=The Perceived Value of Value Meals: An Experimental Investigation into Product Bundling and Decoy Pricing in Restaurant Menus |url=https://www.tandfonline.com/doi/abs/10.1300/J061v03n03_03 |journal=Journal of Restaurant & Foodservice Marketing |volume=3 |issue=3–4 |pages=19–37 |doi=10.1300/J061v03n03_03 |access-date=22 April 2023|url-access=subscription }}</ref>