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When I was in university, I remember studying some kind of topic in adv microeconomics where someone gives you three options, where one is obviously worse and is put there just to deceive you so that you don't pick the one with greater utility. Could you please help me remember the name of this fallacy/dilemma/theorem and what is the best strategy to solve this problem?

Thanks a lot

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  • $\begingroup$ something like the axiom of irrelevant alternatives? $\endgroup$
    – EB3112
    Dec 1, 2020 at 20:28

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I think you're referring to the decoy effect. A popular example of this is the Economist subscription puzzle, popularized in Dan Ariely's TED Talk (starting at 12:22).

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