Wednesday, June 19, 2013

The Decoy Effect: "Relativity helps us make decisions in life." [Excerpt]

Read this in a newsletter today, and it piqued my interest:
According to psychologist Daniel Ariely, someone is given a choice between two vacations -- a week in either Paris and Rome at the same price with free breakfast each day -- where they are equally likely to choose either one. Then further suppose that a third choice is added -- Rome at the same price without free breakfast -- then that same person will become much more likely to select the option of Rome with the free breakfast.