On the round number bias and wisdom of crowds in different response formats for numerical estimation

Abstract

AbstractWhen asked for numerical estimations, people can respond by stating their estimates (e.g., writing down a number) or indicating a number on a scale. Although these methods are logically the same, such differences may affect the responses to the numerical estimations. In this study, we examined how differences in response format affected responses to numerical estimations using two behavioral experiments. We found that participants showed a round number bias (i.e., people answered estimates with round numbers) when simply stating a number and the distribution of responses tended to be less diverse. In contrast, this tendency was not observed when the participants responded using a scale. Participants provided more diverse estimates when they answered using a scale. Furthermore, we analyzed how this difference in response distribution was related to the wisdom of crowds (the aggregated judgment is as accurate as, or sometimes better than, the best individual judgment in the group) using computer simulations. The results indicated that round number bias affected the achievement of the wisdom of crowds. Particularly, when the group size was small, biased responses resulted in less effective achievement. Our findings suggest that using an appropriate scale is a low-cost method for eliminating round number bias and efficiently achieving the wisdom of crowds.