The Decoy Effect: Huber, Payne and Puto’s 1982 Discovery That an Option Nobody Chooses Can Change the One You Do, and Why the Long-Term Equity Investor Should Distrust the Menu

Diagram of the decoy effect: an asymmetrically dominated option raises its neighbour's choice share by about nine points, violating regularity (Huber, Payne and Puto 1982)

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