Elucidating Decoy Effect in Conjunction with Response Time and Trait Anxiety
摘要
The decoy effect has been proven to be a powerful tool for influencing consumer preferences. This study analyzed the decoy effect based on choice experiments with the same participants from the viewpoints of response time and trait anxiety. Regarding the tradeoff between disaster risk and rent, we found that approximately 50% of the participants changed their preferences when presented with the decoy in two-stage choices. The response times of them who chose the decoy were short. Two types of people changed their answers by decoys. Some people changed their choices in a short amount of time (System 1), whereas others took longer (System 2). People with high trait anxiety tended to spend more time answering 2-choice selections, but they took less time answering 3-choice selections, not changing their preferences. The decoy effect might be difficult for individuals with high trait anxiety.