Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias
Higher numeracy is associated with better comprehension and use of numeric information as well as reduced susceptibility to some decision biases. We extended this line of work by showing that increased numeracy predicted probability maximizing (versus matching) as well as a better appreciation of la...
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| Format: | Article |
| Language: | English |
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PsychOpen GOLD/ Leibniz Insitute for Psychology
2024-11-01
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| Series: | Journal of Numerical Cognition |
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| Online Access: | https://doi.org/10.5964/jnc.12473 |
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| author | Ryan Corser Raymond P. Voss John D. Jasper |
| author_facet | Ryan Corser Raymond P. Voss John D. Jasper |
| author_sort | Ryan Corser |
| collection | DOAJ |
| description | Higher numeracy is associated with better comprehension and use of numeric information as well as reduced susceptibility to some decision biases. We extended this line of work by showing that increased numeracy predicted probability maximizing (versus matching) as well as a better appreciation of large sample sizes. At the same time, we replicated the findings that the more numerate were less susceptible to the ratio bias and base rate neglect phenomena. Decision time predicted accuracy for the ratio bias, probability matching, and sample size scenarios, but not the base rate scenarios. Interestingly, this relationship between decision time and accuracy was positive for the ratio bias problems, but negative for the probability matching and sample size scenarios. Implications for research on cognitive ability and decision biases are discussed. |
| format | Article |
| id | doaj-art-34c94f9b6f15459081f41bd90d1ccdac |
| institution | Kabale University |
| issn | 2363-8761 |
| language | English |
| publishDate | 2024-11-01 |
| publisher | PsychOpen GOLD/ Leibniz Insitute for Psychology |
| record_format | Article |
| series | Journal of Numerical Cognition |
| spelling | doaj-art-34c94f9b6f15459081f41bd90d1ccdac2024-12-09T10:42:45ZengPsychOpen GOLD/ Leibniz Insitute for PsychologyJournal of Numerical Cognition2363-87612024-11-011010.5964/jnc.12473jnc.12473Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio BiasRyan Corser0Raymond P. Voss1https://orcid.org/0000-0002-3416-0550John D. Jasper2Owen Graduate School of Management, Vanderbilt University, Nashville, TN, USADepartment of Psychology, Purdue University – Fort Wayne, Fort Wayne, IN, USADepartment of Psychology, University of Toledo, Toledo, OH, USAHigher numeracy is associated with better comprehension and use of numeric information as well as reduced susceptibility to some decision biases. We extended this line of work by showing that increased numeracy predicted probability maximizing (versus matching) as well as a better appreciation of large sample sizes. At the same time, we replicated the findings that the more numerate were less susceptible to the ratio bias and base rate neglect phenomena. Decision time predicted accuracy for the ratio bias, probability matching, and sample size scenarios, but not the base rate scenarios. Interestingly, this relationship between decision time and accuracy was positive for the ratio bias problems, but negative for the probability matching and sample size scenarios. Implications for research on cognitive ability and decision biases are discussed.https://doi.org/10.5964/jnc.12473numeracydecision biasprobability matchingratio biasbase ratessample size neglect |
| spellingShingle | Ryan Corser Raymond P. Voss John D. Jasper Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias Journal of Numerical Cognition numeracy decision bias probability matching ratio bias base rates sample size neglect |
| title | Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias |
| title_full | Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias |
| title_fullStr | Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias |
| title_full_unstemmed | Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias |
| title_short | Do Errors on Classic Decision Biases Happen Fast or Slow? Numeracy and Decision Time Predict Probability Matching, Sample Size Neglect, and Ratio Bias |
| title_sort | do errors on classic decision biases happen fast or slow numeracy and decision time predict probability matching sample size neglect and ratio bias |
| topic | numeracy decision bias probability matching ratio bias base rates sample size neglect |
| url | https://doi.org/10.5964/jnc.12473 |
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