Dale, Donald; Rudski, Jeffrey; Schwartz, Adam; Smith, Eric - In: Judgment and Decision Making 2 (2007) August, pp. 243-250
The Ratio-Bias phenomenon, observed by psychologist Seymour Epstein and colleagues, is a systematic manifestation of irrationality. When offered a choice between two lotteries, individuals consistently choose the lottery with the greater number of potential successes, even when it offers a...