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@proceedings{1367753, author = {Ďuriník, Michal}, booktitle = {Young Economists' Meeting 2016}, keywords = {cognitive reflection; CRT; decoy effect; choice}, language = {eng}, title = {Decoy Effect and Cognitive Reflection}, url = {http://yem2016.econ.muni.cz/media/13757/yem-program-2016.pdf}, year = {2016} }
TY - CONF ID - 1367753 AU - Ďuriník, Michal PY - 2016 TI - Decoy Effect and Cognitive Reflection KW - cognitive reflection KW - CRT KW - decoy effect KW - choice UR - http://yem2016.econ.muni.cz/media/13757/yem-program-2016.pdf L2 - http://yem2016.econ.muni.cz/media/13757/yem-program-2016.pdf N2 - Violating the Independence from irrelevant alternatives axiom, decoy options in choice sets may induce preference shifts. As noted by Pettibone and Wedell (2000), although a person may be indifferent between X and Y in pairwise choice, he may strongly prefer X over Y in a trinary choice that includes decoy. Two types of decoys can be constructed: Dominated (D-decoys), that are inferior to X, and Nearly Dominated (ND-decoys), significantly worse in one and only slightly better than X in the other attribute. Here, I investigate the conjecture of Dhar and Gorlin (2013) that D and ND decoys operate within different System 1 / 2 processes. In this experiment Cognitive Reflection Test score is negatively related to Dominated Decoy performance and not related to Nearly Dominated Decoy performance. This suggests that D and ND decoys do, as hypothesized, operate within different cognitive processes. ER -
ĎURINÍK, Michal. Decoy Effect and Cognitive Reflection. In \textit{Young Economists' Meeting 2016}. 2016.
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