Numeric ratings for products can be presented using a bigger-is-better format (1=bad, 5=good) or a smaller-is-better format with reversed rating poles (1=good, 5=bad). Seven experiments document how implicit memory for the bigger-is-better format — where larger numbers typically connote...

We examine two questions: Does the roundness or precision of prices bias magnitude judgments? If so, do these biased judgments affect buyer behavior? Results from five studies suggest that buyers underestimate the magnitudes of precise prices. We term this the precision effect. The first three...