Studying the perception of numbers: Do numerical data and quantitative values significantly impact economic decision-making?

Standard economic theory treats numbers as trivial, acquired, and devoid of critical edges. However, a growing body of cognitive and neuroscientific studies has suggested this treatment to be invalid and unproductive. In this regard, studies on the perception of numbers and quantities are in full swing, while there is no shortage of contrasts and second thoughts. This work introduces the perception of numbers as a possible further input to economic research. To this end, we will briefly introduce some of the key elements raised by Leibovich [BBS 40(e164):1-62, 2017]. Subsequently, we will review two experiments conducted by Schley and Peters [Psychol. Sci. 25(3):753-761, 2014], examining numbers’ perceptual and economic aspects. These experiments permit the investigation of how the distorting effects of number perception can influence decisions, even when the evaluations are based on numbers represented symbolically. Finally, we introduce an economic model formulated by Khaw et al. [Rev Econ Stud 88(4):19792013, 2021]. This model maintains some analytical tractability by presenting consistent experimental confirmations and opening up broad research perspectives.