<p>Several studies have demonstrated the phenomenon of “relative thinking” in decision-making: when people evaluate the total price of goods, they consider not only the absolute difference but also the relative difference in prices, which is irrelevant from the perspective of economic rationality. This study theoretically and experimentally analyzes contexts in which both exogenous reference prices and goods’ prices affect utility. The theoretical analysis shows the phenomenon of a relative thinking paradox induced by exogenous reference prices when consumers are relative thinkers. To test relative thinking and this paradox, we conducted an experiment in which participants compared multiple prices, both with and without exogenous references, under financial incentives and with short display times to encourage intuitive decision-making. In this experimental context, we did not observe relative thinking or its paradox. Our findings suggest that relative thinking may be attenuated in contexts that promote intuitive processing, while individuals over the age of fifty may be more sensitive to relative thinking.</p>