- Author
- Michele Garagnani and Ferdinand Vieider (UGent)
- Organization
- Project
- Abstract
- Resource constraints in neural information processing imply that numerical discriminability optimally adapts to the frequency of numerical magnitudes in a decision maker's environment. Here, we tested the economic consequences of efficient numerical range adaptation in representative samples of the United Kingdom and Japan (N = 2,309) and in a replication in Austria and Hungary (N = 607). We exploited natural variation in currency units and combined it with an orthogonal variation in experimental currency units to detect the effect of habitual versus nonhabitual numerical ranges on the incidence of errors in decisions under risk. The results highlight the direct economic importance of numerical adaptation, thus calling into question standard assumptions that choice quantities are perceived without noise.
- Keywords
- numerical adaptation, resource constraints, money illusion, consistency, errors, RISK-AVERSION, MONEY ILLUSION, DECISION, VALUATION, ATTITUDES
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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-01KEF43MMJ3NQTZAZBKNEGH6JA
- MLA
- Garagnani, Michele, and Ferdinand Vieider. “Economic Consequences of Numerical Adaptation.” PSYCHOLOGICAL SCIENCE, vol. 36, no. 6, 2025, pp. 407–20, doi:10.1177/09567976251339195.
- APA
- Garagnani, M., & Vieider, F. (2025). Economic consequences of numerical adaptation. PSYCHOLOGICAL SCIENCE, 36(6), 407–420. https://doi.org/10.1177/09567976251339195
- Chicago author-date
- Garagnani, Michele, and Ferdinand Vieider. 2025. “Economic Consequences of Numerical Adaptation.” PSYCHOLOGICAL SCIENCE 36 (6): 407–20. https://doi.org/10.1177/09567976251339195.
- Chicago author-date (all authors)
- Garagnani, Michele, and Ferdinand Vieider. 2025. “Economic Consequences of Numerical Adaptation.” PSYCHOLOGICAL SCIENCE 36 (6): 407–420. doi:10.1177/09567976251339195.
- Vancouver
- 1.Garagnani M, Vieider F. Economic consequences of numerical adaptation. PSYCHOLOGICAL SCIENCE. 2025;36(6):407–20.
- IEEE
- [1]M. Garagnani and F. Vieider, “Economic consequences of numerical adaptation,” PSYCHOLOGICAL SCIENCE, vol. 36, no. 6, pp. 407–420, 2025.
@article{01KEF43MMJ3NQTZAZBKNEGH6JA,
abstract = {{Resource constraints in neural information processing imply that numerical discriminability optimally adapts to the frequency of numerical magnitudes in a decision maker's environment. Here, we tested the economic consequences of efficient numerical range adaptation in representative samples of the United Kingdom and Japan (N = 2,309) and in a replication in Austria and Hungary (N = 607). We exploited natural variation in currency units and combined it with an orthogonal variation in experimental currency units to detect the effect of habitual versus nonhabitual numerical ranges on the incidence of errors in decisions under risk. The results highlight the direct economic importance of numerical adaptation, thus calling into question standard assumptions that choice quantities are perceived without noise.}},
author = {{Garagnani, Michele and Vieider, Ferdinand}},
issn = {{0956-7976}},
journal = {{PSYCHOLOGICAL SCIENCE}},
keywords = {{numerical adaptation,resource constraints,money illusion,consistency,errors,RISK-AVERSION,MONEY ILLUSION,DECISION,VALUATION,ATTITUDES}},
language = {{eng}},
number = {{6}},
pages = {{407--420}},
title = {{Economic consequences of numerical adaptation}},
url = {{http://doi.org/10.1177/09567976251339195}},
volume = {{36}},
year = {{2025}},
}
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