Decoy alternatives in policy choices: Asymmetric domination and compromise effects

A decoy is an option which causes preference reversals between two other options in a choice set. Introducing a decoy increases the popularity of a target option and decreases the popularity of a competitor. This phenomenon contradicts standard economic models of individual choice which assume preferences to be independent of irrelevant alternatives. Decoy effects include a set of phenomena in which particular types of decoys have been observed...