The application of decoy effects in dynamic games

This paper studies whether the asymmetrically and symmetrically decoy options can be applied to motivate the people to improve decision makings in dynamic games. To investigate how individuals make the decision under the conditions with and without decoy options in real life as well as the dynamic game, I created the survey in three sets of experiments and 105 students from Shenzhen University were allocated to different groups to do the questionnaires. Also, the monetary incentive was considered to make the results more realistic and every participant can get the rewards based on what they chose. After that, the conclusion showed that decoy effects do not have significant effects on the individuals’ decision makings in dynamic games.