Let's look at it this way:
You have a cake. You cut it in half.
This isn't what you wanted so you get another cake and cut into three parts.
One third is smaller than one half, and that becomes very clear through my example, right?
One third is one part out of three, one half is one part out of two.
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A sixth.
A 50% discount is half off, and a 33.33% discount is one third off.
one sixth
1/6
Neither is larger.