Three experiments explored cognitive models of inferior, compromise, and ph
antom decoy effects in both judgment and choice, Participants made judgment
s of attractiveness, justifiability, and evaluation anxiety associated with
each alternative in the set, along with judgments of the attractiveness of
each alternative's dimensional values. In another session, they also chose
the alternative they most preferred. Results were analyzed in terms of the
degree to which decoy effects reflected shifts in dimensional values or re
flected emergent values based on relationships with other alternatives in t
he set. Both emergent-value and value-shift models of inferior decoy effect
s were supported, but only the emergent-value model of compromise decoy eff
ects was supported. Results for the phantom decoy indicated that this effec
t was choice-based and did not occur in judgment. Thus, although decoy effe
cts were largely similar in choice and judgment, they also differed in impo
rtant ways. (C) 2000 Academic Press.