Instructions for Choices between Mixed Gambles


In this study, you are asked to choose between two gambles that each have three equally likely outcomes. You can imagine that there are two containers, one for each gamble that have exactly 99 tickets in them. There are 33 tickets for each outcome, meaning that each of the three outcomes is equally likely. Because there are three equally likely outcomes in each gamble, the probability to receive the first, second, or third outcome is 1/3, 1/3, and 1/3.

For example, consider the first choice below:

W1.

First GambleSecond Gamble
LOSE $100LOSE $100
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


In this case the First Gamble (on the left) has equal chances of losing $100, winning $10, or winning $98. The second gamble (on the right) has equal chances of losing $100, winning $36, or winning $40. Some people will prefer the first gamble and some will prefer the second gamble. If you choose the first gamble, click the button on the left underneath it (on the left); to choose the second gamble, click the second button (on the right). BREAK EVEN means that you neither win or lose. WHen you see BREAK EVEN twice in a gamble, that means there are two chances to BREAK EVEN in that gamble.

Warmup Trials Choices between Mixed Gambles


W2.

First GambleSecond Gamble
WIN $100WIN $50
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


W3.

First GambleSecond Gamble
LOSE $80LOSE $100
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


W4.

First GambleSecond Gamble
WIN $100WIN $55
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


W5.

First GambleSecond Gamble
WIN $100WIN $10
WIN $10
WIN $98
WIN $3
BREAK EVEN
First Gamble Second Gamble


1.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $44
WIN $44
LOSE $4
WIN $4
First Gamble Second Gamble


2.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $44
WIN $44
BREAK EVEN
BREAK EVEN
First Gamble Second Gamble


3.

First GambleSecond Gamble
LOSE $100LOSE $100
WIN $10
WIN $98
WIN $44
WIN $48
First Gamble Second Gamble


4.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


5.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $44
WIN $44
LOSE $4
WIN $4
First Gamble Second Gamble


6.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


7.

First GambleSecond Gamble
LOSE $4LOSE $4
WIN $10
WIN $98
WIN $48
WIN $52
First Gamble Second Gamble


8.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $98
LOSE $10
LOSE $40
LOSE $36
First Gamble Second Gamble


9.

First GambleSecond Gamble
LOSE $100LOSE $100
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


10.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $98
LOSE $10
LOSE $48
LOSE $44
First Gamble Second Gamble


11.

First GambleSecond Gamble
WIN $100WIN $100
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


12.

First GambleSecond Gamble
LOSE $4LOSE $4
WIN $10
WIN $98
WIN $40
WIN $44
First Gamble Second Gamble


13.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


14.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $44
WIN $44
LOSE $12
LOSE $4
First Gamble Second Gamble


15.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $98
LOSE $10
LOSE $52
LOSE $48
First Gamble Second Gamble


16.

First GambleSecond Gamble
WIN $100WIN $100
WIN $10
WIN $98
WIN $44
WIN $48
First Gamble Second Gamble


17.

First GambleSecond Gamble
LOSE $4LOSE $4
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


18.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
WIN $10
WIN $98
WIN $44
WIN $48
First Gamble Second Gamble


19.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $98
LOSE $10
LOSE $52
LOSE $48
First Gamble Second Gamble


20.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $44
WIN $44
BREAK EVEN
BREAK EVEN
First Gamble Second Gamble


21.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


22.

First GambleSecond Gamble
WIN $4WIN $4
WIN $10
WIN $98
WIN $48
WIN $52
First Gamble Second Gamble


23.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $44
WIN $44
BREAK EVEN
BREAK EVEN
First Gamble Second Gamble


24.

First GambleSecond Gamble
LOSE $4LOSE $4
WIN $10
WIN $98
WIN $44
WIN $48
First Gamble Second Gamble


25.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


26.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $98
LOSE $10
LOSE $44
LOSE $40
First Gamble Second Gamble


27.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $98
LOSE $10
LOSE $44
LOSE $40
First Gamble Second Gamble


28.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
WIN $10
WIN $98
WIN $40
WIN $44
First Gamble Second Gamble


29.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $44
WIN $44
BREAK EVEN
BREAK EVEN
First Gamble Second Gamble


30.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $98
LOSE $10
LOSE $40
LOSE $36
First Gamble Second Gamble


31.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $44
WIN $44
BREAK EVEN
BREAK EVEN
First Gamble Second Gamble


32.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $98
LOSE $10
LOSE $44
LOSE $40
First Gamble Second Gamble


33.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $98
LOSE $10
LOSE $48
LOSE $44
First Gamble Second Gamble


34.

First GambleSecond Gamble
WIN $4WIN $4
WIN $10
WIN $98
WIN $44
WIN $48
First Gamble Second Gamble


35.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $44
WIN $44
LOSE $4
WIN $4
First Gamble Second Gamble


36.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $44
WIN $44
LOSE $12
LOSE $4
First Gamble Second Gamble


37.

First GambleSecond Gamble
WIN $4WIN $4
WIN $10
WIN $98
WIN $40
WIN $44
First Gamble Second Gamble


38.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $98
LOSE $10
LOSE $44
LOSE $40
First Gamble Second Gamble


39.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $98
LOSE $10
LOSE $40
LOSE $36
First Gamble Second Gamble


40.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $44
WIN $44
LOSE $12
LOSE $4
First Gamble Second Gamble


41.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $98
LOSE $10
LOSE $44
LOSE $40
First Gamble Second Gamble


42.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $98
LOSE $10
LOSE $48
LOSE $44
First Gamble Second Gamble


43.

First GambleSecond Gamble
LOSE $100LOSE $100
WIN $10
WIN $98
WIN $40
WIN $44
First Gamble Second Gamble


44.

First GambleSecond Gamble
WIN $100WIN $100
WIN $10
WIN $98
WIN $40
WIN $44
First Gamble Second Gamble


45.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
WIN $10
WIN $98
WIN $48
WIN $52
First Gamble Second Gamble


46.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $98
LOSE $10
LOSE $52
LOSE $48
First Gamble Second Gamble


47.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $98
LOSE $10
LOSE $52
LOSE $48
First Gamble Second Gamble


48.

First GambleSecond Gamble
WIN $100WIN $100
LOSE $98
LOSE $10
LOSE $40
LOSE $36
First Gamble Second Gamble


49.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $44
WIN $44
WIN $4
WIN $12
First Gamble Second Gamble


50.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $44
WIN $44
LOSE $4
WIN $4
First Gamble Second Gamble


51.

First GambleSecond Gamble
LOSE $100LOSE $100
WIN $10
WIN $98
WIN $48
WIN $52
First Gamble Second Gamble


52.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $98
LOSE $10
LOSE $52
LOSE $48
First Gamble Second Gamble


53.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $98
LOSE $10
LOSE $40
LOSE $36
First Gamble Second Gamble


54.

First GambleSecond Gamble
LOSE $4LOSE $4
LOSE $44
WIN $44
LOSE $12
LOSE $4
First Gamble Second Gamble


55.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $98
LOSE $10
LOSE $48
LOSE $44
First Gamble Second Gamble


56.

First GambleSecond Gamble
WIN $4WIN $4
WIN $10
WIN $98
WIN $36
WIN $40
First Gamble Second Gamble


57.

First GambleSecond Gamble
WIN $100WIN $100
WIN $10
WIN $98
WIN $48
WIN $52
First Gamble Second Gamble


58.

First GambleSecond Gamble
BREAK EVENBREAK EVEN
LOSE $44
WIN $44
LOSE $12
LOSE $4
First Gamble Second Gamble


59.

First GambleSecond Gamble
LOSE $100LOSE $100
LOSE $44
WIN $44
LOSE $4
WIN $4
First Gamble Second Gamble


60.

First GambleSecond Gamble
WIN $4WIN $4
LOSE $98
LOSE $10
LOSE $48
LOSE $44
First Gamble Second Gamble


61. Email Address: years.
62. Gender: Are you Male or Female?
Female
Male

63. Age:
64. Nationality (country of birth):
65. CWID:

Please check your answers. When you are done, push the button below.

Thank You!