The 'decoy effect' shows that adding a worse option makes pe... - Thaler, Richard

This quote is attributed to Thaler, Richard.

"The 'decoy effect' shows that adding a worse option makes people more likely to choose the premium option."

Thaler, Richard Knowledge

Behavioral Economist American Born 1945 (age 81)

More from Thaler, Richard

"People are not always rational. We make systematic mistakes."

"The most important thing to understand about Behavioral Economics is that people are not rational."

"We are all vulnerable to cognitive biases."

"Humans are not the perfectly rational agents that standard economic theory assumes."

"We're not just after treasure. We're preserving history."

"The mind is humanity's greatest tool."

"A tidy room reflects a tidy mind."

"You can learn a lot about a person by how they keep their space."