In order to make effective decisions based on probability, one must be able to distinguish between the objective-factual aspects of the decision and the subjective aspects. This study examines the hypothesis that academic studies contribute to the development of the ability to make such distinctions in day-to-day decision-making. Some 940 subjects, including some holding Bachelor's degrees and others with Master's degrees in the Exact Sciences, the Social Sciences, and the Humanities, responded to a questionnaire on decision-making situations which examined the degree of their awareness of the objective and subjective elements of decisions. It was found that the respondents made the distinction in the situations with which they were presented. A rise in academic level from the Bachelor's degree to the Master's Degree led to increased awareness of the objective aspect of decisions among scholars in the Exact Sciences and the Humanities. Holders of Master's degrees in all of the fields of specialty showed a greater awareness of the subjective aspect than did holders of Bachelor's degrees. The application of these insights in the field of education is discussed.