It is well documented that individuals distort out- come values and probabilities when making choices from de- scriptions, and there is evidence of systematic individual dif- ferences in distortion. In the present study, we investigated the relationship between individual differences in such distortions and two measures of numerical competence, numeracy and approximate number system (ANS) acuity. Participants indi- cated certainty equivalents for a series of simple monetary gambles, and data were used to estimate individual-level value and probability distortion, using a cumulative prospect theory framework. We found moderately strong negative correlations between numeracy and value and probability distortion, but only weak and non-statistically reliable correlations between ANS acuity and distortions. We conclude that low numeracy contributes to number distortion in decision making, but that approximate number system acuity might not underlie this relationship.
Available at: http://works.bepress.com/andrea_patalano/28/