representativeness effect, which is known to induce 'alternation bias' on binary iid sequences such as those generated by coin tossing in … St. Petersburg gambles. Once alternation bias is controlled for, conventional parameterizations of CPT yield finite …

The ratio bias - according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to … researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the bias has been … replicated several times, some doubts remain about its economic significance. Our two experiments show that the bias disappears …