Description
The ratio bias refers to the phenomenon that decision makers tend to overestimate probabilities which are expressed as ratios of high numbers in comparison to probabilities expressed as ratios of low numbers. In the present paper, we extend previous research on the ratio bias by considering possible deviations both in favor of low- and high-number alternatives, as well as by allowing for indifference. Results indicate that a systematic deviation in favor of high-number alternatives does exist, and is influenced both by personal characteristics such as gender (the bias occurs more often among female subjects), and problem characteristics such as the level of probabilities involved (the ratio bias occurs more frequently for low probabilities). Furthermore, the ratio bias must be clearly distinguished from a general tendency to indicate indifference, that might work in favor of high-number as well as low-number alternatives. This tendency towards indifference is not as strongly related to the above mentioned external factors as the ratio bias.| Period | 18 Jul 2017 |
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| Event title | Conference of the International Federation of Operational Research Societies: OR/Analytics for a Better World |
| Event type | Conference |
| Conference number | 21 |
| Location | Quebec City, CanadaShow on map |