The decoy effect is a psychological trick that can influence your decisions, often used in pricing strategies and offer placements.
The decoy effect, or the asymmetric dominance effect, is a cognitive bias where people change their preference between two options when presented with a third 'decoy' option. The decoy is priced to make one of the other options much more attractive. For instance, a company can place a product at $10, another superior one at $20, and a third option with slightly less features than the second but priced at $19. Consumers are more likely to purchase the $20 product, perceiving it as the best value for money.
I knew that if I failed I wouldn't regret that, but I knew the one thing I might regret is not trying. - Jeff Bezos
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