Decisions between Gambles

Instructions for Decisions between Gambles: Part 5

This is a study of how people choose between gambles.

There is an urn containing exactly 99 marbles, 33 of which are Red, 33 are White, and 33 are Blue. Each gamble differs in what it will pay if a marble drawn blindly and randomly from the urn is Red, White or Blue. Because the marbles are otherwise identical, each color is considered equally likely to be drawn.

Each table shows the prizes for each gamble that you would receive if you chose that gamble and the marble drawn is Red, White, or Blue.

For example, look at the first trial below. In this case, the first gamble pays $200 if you were to draw a Red marble, $300 if you drew White, and $500 if you drew Blue. The second gamble pays $600 if the marble is Red, $700 if it is white, and $600 if it is Blue. If you choose the First Gamble and you drew a Red marble, you would certainly regret having chosen the First Gamble because you could have received a prize of $600 if you had chosen the Second Gamble, but you get only $200 because you chose the First gamble. The first choice (No. 1 below) is easy, but others are more difficult and in most cases, it is a matter of opinion which gamble is better. Imagine that when this study is over, you will play one of your chosen gambles for real money. Choose wisely and you will not regret your decisions.

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In each case, choose the gamble that you would prefer to play.

1. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $900 $400 $500

Second gamble $900 $100 $900

2. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $700 $300

Second gamble $600 $400 $500

3. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $100 $900

Second gamble $500 $400 $600

4. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $400 $500 $600

Second gamble $900 $100 $500

5. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $600 $200 $400

Second gamble $200 $300 $500

6. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $600 $400 $500

Second gamble $100 $500 $900

7. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $900 $100 $900

Second gamble $900 $400 $600

8. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $500 $500

Second gamble $600 $100 $600

9. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $100 $100 $900

Second gamble $100 $400 $600

10. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $600 $100 $600

Second gamble $500 $500 $500

11. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $200 $300 $500

Second gamble $600 $700 $600

12. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $600 $700

Second gamble $100 $400 $500

13. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $400 $500 $500

Second gamble $300 $600 $700

14. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $700 $300

Second gamble $400 $500 $600

15. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $200 $300 $500

Second gamble $200 $400 $600

16. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $100 $500 $900

Second gamble $500 $700 $300

17. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $900 $400 $600

Second gamble $900 $100 $900

18. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $900 $100 $500

Second gamble $400 $500 $600

19. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $200 $300 $500

Second gamble $600 $200 $400

20. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $700 $300

Second gamble $100 $500 $900

21. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $400 $600

Second gamble $500 $100 $900

22. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $900 $100 $500

Second gamble $500 $700 $300

23. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $200 $200 $800

Second gamble $200 $800 $800

24. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $600 $400 $500

Second gamble $500 $700 $300

25. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $100 $400 $600

Second gamble $100 $100 $900

26. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $500 $700 $300

Second gamble $900 $100 $500

27. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $400 $500 $900

Second gamble $400 $400 $800

28. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $100 $500 $900

Second gamble $600 $400 $500

29. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $100 $400 $500

Second gamble $100 $100 $900

30. Which do you choose?

Choose Color of Marble Drawn

Red White Blue

First gamble $400 $500 $600

Second gamble $500 $700 $300

31. Are you Male or Female?

Female
Male

32. What is your age? years.

33. What is the highest level of education you have completed?

34. Nationality (country of birth; e.g., USA):

35. COMMENTS (CSUF students should add CSUF and last 4 digits of ID):

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

Choose	Color of Marble Drawn
Choose	Red	White	Blue
First gamble	$900	$400	$500
Second gamble	$900	$100	$900

Instructions for Decisions between Gambles: Part 5

Thank You!