Thanks David! Here's a more recent follow-up: doi.org/10.1073/pnas...
Everybody overestimates small percentages (and underestimates large ones). It's a rational response to uncertainty.
doi.org
PNAS
Proceedings of the National Academy of Sciences (PNAS), a peer reviewed journal of the National Academy of Sciences (NAS) - an authoritative source of high-impact, original research that broadly spans...