2021
DOI: 10.1002/bdm.2263
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Is there more than one ratio bias? If so, why?

Abstract: The ratio bias refers to decision makers' propensity to overestimate probabilities that are specified as ratios of large numbers in comparison to a ratio of smaller numbers (e.g., 9:100 vs. 1:10). To reconcile conflicting findings about this bias, we study such deviations in a more general setting allowing for deviations in both directions, irrational indifference, and inability to decide. We find that the predominant direction of deviations depends on the probabilities involved and that there is no uniform bi… Show more

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Cited by 3 publications
(1 citation statement)
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“…In one real-world example, consumers believed they were getting less value for their money for A&W's third-pound burger than McDonald's Quarter Pounder because 3 is smaller than 4 (Conradt, 2016). This phenomenon, in which people attend only to one of two quantities in a ratio (a:b), or only to the numerator or denominator in a fraction in isolation, is known by different terms: ratio bias (Bourdin et al, 2021), 1-in-x phenomenon, or denominator neglect in the health cognition LEVERAGING MATH COGNITION literature and natural number bias or whole number bias in the domain of math cognition (see glossary below).…”
Section: Leveraging Math Cognition To Combat Health Innumeracymentioning
confidence: 99%
“…In one real-world example, consumers believed they were getting less value for their money for A&W's third-pound burger than McDonald's Quarter Pounder because 3 is smaller than 4 (Conradt, 2016). This phenomenon, in which people attend only to one of two quantities in a ratio (a:b), or only to the numerator or denominator in a fraction in isolation, is known by different terms: ratio bias (Bourdin et al, 2021), 1-in-x phenomenon, or denominator neglect in the health cognition LEVERAGING MATH COGNITION literature and natural number bias or whole number bias in the domain of math cognition (see glossary below).…”
Section: Leveraging Math Cognition To Combat Health Innumeracymentioning
confidence: 99%