### Instructions for Cash Equivalent Values of Mixed Gambles

In this task you are to evaluate gambles that have chances to win or lose money. The gambles provide chances to WIN as much as \$100 or to LOSE as much as \$100. You are to judge the amount of cash that you would be EQUALLY happy to have as the gamble.

When you would prefer NOT to play a gamble, you will type a NEGATIVE number in the box provided. A negative number means that you would be equally unhappy to LOSE that amount of money for certain or to play the gamble that risks losing money. For example, if you enter 20 in the box, you are saying that you would be equally happy to play the gamble (and win one of its prizes) as to receive \$20 for sure. If you enter -20 in the box, you are saying that you would be equally happy to give up \$20 as to play the gamble. Here are some other examples:

-75 means that you would be indifferent (equally unhappy) between losing \$75 for sure or playing the gamble.
-50 means that you would be indifferent (equally unhappy) between losing \$50 for sure or playing the gamble.
-25 means that you would be indifferent (equally unhappy) between losing \$25 for sure or playing the gamble.
0 means that you are indifferent between \$0 and playing the gamble. That is, you don't care if you play the gamble or not.
25 means that you would be equally happy to receive \$25 for sure or to play the gamble.
50 means that you would be equally happy to receive \$50 for sure or to play the gamble.
75 means that you would be equally happy to receive \$75 for sure or to play the gamble.

The most you can WIN in these gambles is \$100 and the most you can LOSE is \$100, so you should use numbers between -99 and 99 to express how much you would like to play the gamble. You should use numbers in between these examples or more extreme, in order to express how much you value the opportunity to play each gamble. But remember, the value you enter in the box should be a CASH EQUIVALENT value. That is, it represents the amount of cash to either WIN or LOSE that is equal to the gamble.

For example, consider a gamble with a 50-50 chance to WIN either \$50 or \$100. You would rather have any amount of cash greater than \$100 to this gamble because the MOST you could win is \$100. And you would rather have the gamble than any amount of cash less than \$50 because the gamble always pays AT LEAST \$50. For some amount of money between \$50 and \$100, you would be equally happy to take that amount of money as play the gamble.

W1.

50 tickets to WIN \$50
50 tickets to WIN \$100

Would you prefer the amount of CASH in the box above or would you rather play the gamble?

I prefer the cash.
I would be equally happy to accept that amount of cash or to play the gamble.
I would prefer to play the gamble.

Now consider a 50-50 gamble to LOSE \$50 or LOSE \$80. You would rather LOSE \$25 for sure than play that gamble, because the gamble ALWAYS makes you lose \$50 and sometimes you would LOSE \$80. There is some amount of money between -\$50 and -\$80 for which you would be equally unhappy to either LOSE that amount for sure or risk the gamble. Notice that in this case, you must enter a minus sign. You should not enter the dollar sign, but just type in the minus sign and the amount to LOSE so that you would be equally happy or equally unhappy to lose that amount of cash or risk playing the gamble.

W2.

50 tickets to LOSE \$50
50 tickets to LOSE \$80

Would you prefer the amount of CASH in the box above or would you rather play the gamble?

I prefer the sure loss.
I would be equally unhappy to accept that loss of cash or to play the gamble.
I would prefer to play the gamble.

Some gambles have a chance to WIN and a chance to LOSE. For example, consider a 50-50 gamble to either WIN \$50 or LOSE \$50. Some people would like to play this gamble because it gives you a 50% chance to WIN \$80. If you would like to play this gamble, type a (positive) number in the box provided. Other people would NOT like to play this gamble because there is a 50% chance to LOSE \$50. These people would be equally unhappy to pay a certain amount of cash rather than have to risk LOSING the \$100. If you would NOT like to play this gamble, you would enter a MINUS sign and then ENTER THE AMOUNT of money you would be equally happy to GIVE UP as to play the gamble.

W3.

50 tickets to WIN \$80
50 tickets to LOSE \$50

Would you prefer the amount of CASH you typed in the box above or would you rather play this gamble?

I prefer the cash.
I would be equally happy to accept (or give up) that amount of cash or to play the gamble.
I would prefer to play the gamble.

#### Please complete the following trials:

W4.

50 tickets to LOSE \$60
50 tickets to LOSE \$100

W5.

20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to WIN \$100

W6.

50 tickets to LOSE \$60
50 tickets to WIN \$100

W7.

20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to LOSE \$100

#### Remember: If you do NOT want to play the gamble, there will be a MINUS SIGN and the AMOUNT you would equally dislike to give up as play the gamble. If you want to play the gamble, there is no minus sign.

1.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to WIN \$25

2.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to LOSE \$100

3.
50 tickets to WIN \$20
50 tickets to LOSE \$75

4.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to BREAK EVEN

5.
50 tickets to LOSE \$60
50 tickets to LOSE \$50

6.
50 tickets to LOSE \$5
50 tickets to LOSE \$75

7.
50 tickets to LOSE \$20
50 tickets to LOSE \$25

8.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to WIN \$75

9.
50 tickets to BREAK EVEN
50 tickets to LOSE \$25

10.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to LOSE \$75

11.
50 tickets to WIN \$20
50 tickets to LOSE \$100

12.
50 tickets to LOSE \$20
50 tickets to LOSE \$100

13.
50 tickets to LOSE \$60
50 tickets to BREAK EVEN

14.
50 tickets to LOSE \$20
50 tickets to LOSE \$50

15.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to WIN \$100

16.
50 tickets to BREAK EVEN
50 tickets to LOSE \$100

17.
50 tickets to LOSE \$60
50 tickets to WIN \$50

18.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to WIN \$50

19.
50 tickets to LOSE \$20
50 tickets to BREAK EVEN

20.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to LOSE \$25

21.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to LOSE \$25

22.
50 tickets to LOSE \$5
50 tickets to WIN \$50

23.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to WIN \$100

24.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to WIN \$100

25.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to WIN \$75

26.
50 tickets to LOSE \$20
50 tickets to WIN \$75

27.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to LOSE \$75

28.
50 tickets to WIN \$20
50 tickets to LOSE \$25

29.
50 tickets to LOSE \$20
50 tickets to LOSE \$75

30.
50 tickets to LOSE \$60
50 tickets to WIN \$100

31.
50 tickets to LOSE \$5
50 tickets to LOSE \$25

32.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to WIN \$25

33.
50 tickets to LOSE \$60
50 tickets to WIN \$25

34.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to LOSE \$50

35.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to WIN \$25

36.
50 tickets to BREAK EVEN
50 tickets to WIN \$25

37.
50 tickets to WIN \$20
50 tickets to LOSE \$50

38.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to WIN \$100

39.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to LOSE \$100

40.
50 tickets to WIN \$20
50 tickets to BREAK EVEN

41.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to WIN \$50

42.
50 tickets to BREAK EVEN
50 tickets to WIN \$75

43.
50 tickets to BREAK EVEN
50 tickets to WIN \$100

44.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to LOSE \$25

45.
50 tickets to LOSE \$5
50 tickets to WIN \$75

46.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to LOSE \$75

47.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to BREAK EVEN

48.
50 tickets to BREAK EVEN
50 tickets to LOSE \$50

49.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to BREAK EVEN

50.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to LOSE \$100

51.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to WIN \$75

52.
50 tickets to LOSE \$20
50 tickets to WIN \$50

53.
50 tickets to LOSE \$60
50 tickets to WIN \$75

54.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to LOSE \$50

55.
50 tickets to LOSE \$20
50 tickets to WIN \$100

56.
50 tickets to LOSE \$5
50 tickets to WIN \$100

57.
50 tickets to LOSE \$20
50 tickets to WIN \$25

58.
50 tickets to LOSE \$5
50 tickets to BREAK EVEN

59.
50 tickets to LOSE \$5
50 tickets to LOSE \$100

60.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to LOSE \$75

61.
50 tickets to WIN \$20
50 tickets to WIN \$75

62.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to BREAK EVEN

63.
50 tickets to WIN \$20
50 tickets to WIN \$25

64.
50 tickets to BREAK EVEN
50 tickets to BREAK EVEN

65.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to WIN \$50

66.
50 tickets to BREAK EVEN
50 tickets to LOSE \$75

67.
50 tickets to LOSE \$5
50 tickets to WIN \$25

68.
50 tickets to BREAK EVEN
50 tickets to WIN \$50

69.
50 tickets to WIN \$20
50 tickets to WIN \$100

70.
20 tickets to LOSE \$19
20 tickets to LOSE \$18
10 tickets to LOSE \$17
50 tickets to LOSE \$100

71.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to WIN \$75

72.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to LOSE \$50

73.
20 tickets to WIN \$19
20 tickets to WIN \$18
10 tickets to WIN \$17
50 tickets to WIN \$25

74.
50 tickets to WIN \$20
50 tickets to WIN \$50

75.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to LOSE \$50

76.
50 tickets to LOSE \$60
50 tickets to LOSE \$75

77.
50 tickets to LOSE \$5
50 tickets to LOSE \$50

78.
50 tickets to LOSE \$60
50 tickets to LOSE \$25

79.
25 tickets to WIN \$40
25 tickets to LOSE \$40
50 tickets to LOSE \$25

80.
25 tickets to WIN \$20
25 tickets to LOSE \$20
50 tickets to WIN \$50

81.
50 tickets to LOSE \$60
50 tickets to LOSE \$100