The nature of anchor-biased estimates and its application to the wisdom of crowds.

We propose a method to achieve better wisdom of crowds by utilizing anchoring effects. In this method, people are first asked to make a comparative judgment such as "Is the number of new COVID-19 infections one month later more or less than 10 (or 200,000)?" As in this example, two sufficiently different anchors (e.g., "10" or "200,000") are set in the comparative judgment. After this comparative judgment, people are asked to make their own estimates. These estimates are then aggregated. We hypothesized that the aggregated estimates using this method would be more accurate than those without anchor presentation. To examine the effectiveness of the proposed method, we conducted three studies: a computer simulation and two behavioral experiments (numerical estimation of perceptual stimuli and estimation of new COVID-19 infections by physicians). Through computer simulations, we could identify situations in which the proposed method is effective. Although the proposed method is not always effective (e.g., when a group can make fairly accurate estimations), on average, the proposed method is more likely to achieve better wisdom of crowds. In particular, when a group cannot make accurate estimations (i.e., shows biases such as overestimation or underestimation), the proposed method can achieve better wisdom of crowds. The results of the behavioral experiments were consistent with the computer simulation findings. The proposed method achieved better wisdom of crowds. We discuss new insights into anchoring effects and methods for inducing diverse opinions from group members.

Can individual subjective confidence in training questions predict group performance in test questions?

When people have to solve many tasks, they can aggregate diverse individuals' judgments using the majority rule, which often improves the accuracy of judgments (wisdom of crowds). When aggregating judgments, individuals' subjective confidence is a useful cue for deciding which judgments to accept. However, can confidence in one task set predict performance not only in the same task set, but also in another? We examined this issue through computer simulations using behavioral data obtained from binary-choice experimental tasks. In our simulations, we developed a "training-test" approach: We split the questions used in the behavioral experiments into "training questions" (as questions to identify individuals' confidence levels) and "test questions" (as questions to be solved), similar to the cross-validation method in machine learning. We found that (i) through analyses of behavioral data, confidence in a certain question could predict accuracy in the same question, but not always well in another question. (ii) Through a computer simulation for the accordance of two individuals' judgments, individuals with high confidence in one training question tended to make less diverse judgments in other test questions. (iii) Through a computer simulation of group judgments, the groups constructed from individuals with high confidence in the training question(s) generally performed well; however, their performance sometimes largely decreased in the test questions especially when only one training question was available. These results suggest that when situations are highly uncertain, an effective strategy is to aggregate various individuals regardless of confidence levels in the training questions to avoid decreasing the group accuracy in test questions. We believe that our simulations, which follow a "training-test" approach, provide practical implications in terms of retaining groups' ability to solve many tasks.

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

When 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.

Familiarity-Matching: An Ecologically Rational Heuristic for the Relationships-Comparison Task.

Previous studies have shown that people often use heuristics in making inferences and that subjective memory experiences, such as recognition or familiarity of objects, can be valid cues for inferences. So far, many researchers have used the binary choice task in which two objects are presented as alternatives (e.g., "Which city has the larger population, city A or city B?"). However, objects can be presented not only as alternatives but also in a question (e.g., "Which country is city X in, country A or country B?"). In such a situation, people can make inferences based on the relationship between the object in the question and each object given as an alternative. In the present study, we call this type of task a "relationships-comparison task." We modeled the three inference strategies that people could apply to solve it (familiarity-matching [FM; a new heuristic we propose in this study], familiarity heuristic [FH], and knowledge-based inference [KI]) to examine people's inference processes. Through Studies 1, 2, and 3, we found that (a) people tended to rely on heuristics, and that FM (inferences based on similarity in familiarity between objects) well explained participants' inference patterns; (b) FM could work as an ecologically rational strategy for the relationships-comparison task since it could effectively reflect environmental structures, and that the use of FM could be highly replicable and robust; and (c) people could sometimes use a decision strategy like FM, even in their daily lives (consumer behaviors). The nature of the relationships-comparison task and human cognitive processes is discussed.

Do People Explicitly Make a Frame Choice Based on the Reference Point?

Previous studies have shown that when choosing one of two logically equivalent frames (e.g., "half full" or "half empty"), people tend to choose based on a reference point. For example, when the amount of water in a glass with 500 ml capacity was originally 0 ml (or 500 ml), and then increased (or decreased) to 250 ml, people tend to express the amount of water in the glass as "half full" (or "half empty"). In the present study, we examined whether participants explicitly made a frame choice based on the reference point. We conducted four behavioral experiments relating to frame choice tasks. Specifically, participants were presented with a story-based or prime-based reference point and then made a frame choice. Furthermore, participants provided their reasons for the choice. Our findings on frame choices and their reasons can be summarized as follows. First, when participants were presented with a story-based reference point, some of them reported that they made frame choices based on the reference point. Second, when a reference point was presented as a prime, participants' frame choices were affected by this reference point. However, almost no participants reported that they made frame choices based on the reference point. These results indicate that the effect of reference points on frame choices is robust and that people do not always explicitly make frame choices based on the reference point.