Irrational decisions : attending to numbers rather than ratios

  title={Irrational decisions : attending to numbers rather than ratios},
  author={Diego Alonso and Pablo Fern{\'a}ndez-Berrocal},
When judging the probability of a low probability event, many people judge it as less likely when it is expressed as a ratio of small numbers (e.g. 1:10) than of large numbers (e.g. 10:100). This is known as the ratio-bias (RB) phenomenon. Besides confirming the phenomenon, in this experiment participants made irrational decisions selecting probabilities of 10% in preference to 20 and 30%, in spite of the great discrepancy of probabilities between options (greater than in previous studies… CONTINUE READING

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