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© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

Abstract

The decoy effect is a well-known, intriguing decision-making bias that is often exploited by marketing practitioners to steer consumers towards a desired purchase outcome. It demonstrates that an inclusion of an alternative in the choice set can alter one’s preference among the other choices. Although this decoy effect has been universally observed in the real world and also studied by many economists and psychologists, little is known about how to mitigate the decoy effect and help consumers make informed decisions. In this study, we conducted two experiments: a quantitative experiment with crowdsourcing and a qualitative interview study—first, the crowdsourcing experiment to see if visual interfaces can help alleviate this cognitive bias. Four types of visualizations, one-sided bar chart, two-sided bar charts, scatterplots, and parallel-coordinate plots, were evaluated with four different types of scenarios. The results demonstrated that the two types of bar charts were effective in decreasing the decoy effect. Second, we conducted a semi-structured interview to gain a deeper understanding of the decision-making strategies while making a choice. We believe that the results have an implication on showing how visualizations can have an impact on the decision-making process in our everyday life.

Details

Title
Impacts of Visualizations on Decoy Effects
Author
Jeong, Yuin 1 ; Oh, Sangheon 2 ; Kang, Younah 3 ; Sung-Hee, Kim 4 

 Management of Technology, Yonsei University, 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, Korea; [email protected] 
 Department of IT Convergence, Dong-eui University, 176 Eomgwang-ro, Busanjin-gu, Busan 47340, Korea; [email protected] 
 Underwood International College, Yonsei University, 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, Korea; [email protected] 
 Department of Industrial ICT Engineering, Dong-eui University, 176 Eomgwang-ro, Busanjin-gu, Busan 47340, Korea 
First page
12674
Publication year
2021
Publication date
2021
Publisher
MDPI AG
ISSN
1661-7827
e-ISSN
1660-4601
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
2608091626
Copyright
© 2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.