The Effect of Expected Value on Attraction Effect Preference Reversals.

The attraction effect shows that adding a third alternative to a choice set can alter preference between the original two options. For over 30 years, this simple demonstration of context dependence has been taken as strong evidence against a class of parsimonious value-maximising models that evaluate alternatives independently from one another. Significantly, however, in previous demonstrations of the attraction effect alternatives are approximately equally valuable, so there was little consequence to the decision maker irrespective of which alternative was selected.