Decision-Making Experiment: Choices between Gambles

This is a study of decision making. On each trial, you will read descriptions of gambles and decide which one you would prefer to play. You should try to make the best decisions you can. Scroll down and look over the questionnaire. It usually takes about 5-10 minutes. 

Email address:
We will notify you by email if you are a winner.
Country:
Age: You must be over 18 years to participate.
Are you Male or Female?
          Female
      OR
          Male

Education (in years).  
  If you are a college graduate, put 16.
  If you have a Ph.D., put 20.
Education:  Years.

Now, look at the first choice, No. 1, below.   Would you rather play: 

        A: fifty-fifty chance of winning either $100 or $0 (nothing), 
OR
        B: fifty-fifty chance to win either $35 or $25.

Think of probability as the number of tickets in a bag containing 100 tickets, divided by 100. Gamble A has 50 tickets that say $100 and 50 that say $0, so the probability to win $100 is .50 and the probability to get $0 is .50. If someone reaches in bag A, half the time they might win $0 and half the time $100. But in this study, you only get to play a gamble once, so the prize will be either $0 or $100. Gamble B's bag has 100 tickets also, but 50 of them say $25 and 50 of them say $35. Bag B thus guarantees at least $25, but the most you can win is $35. Some will prefer A and others will prefer B. To mark your choice, click the button next to A or B. Notice that the dot next to No. 1 will empty and fill in the button next to your choice. All gambles will have exactly 100 tickets.

Some gambles include the risk of losing money. Potential losses will be shown in red to make it easier to spot them, and gains will be shown in black. In some cases you would rather not play either gamble, but your task is still to choose which one you would rather play. There are often times in everyday life when one must choose the better of two bad choices. For example, there is a small chance that your car will be stolen. However, you might decide pay out money to an insurance company to insure against theft. If you choose to buy insurance, you are accepting a loss of a certain amount for sure, in order to avoid the small probability of a greater loss.

Although you cannot actually lose money in this study, try to imagine that you are making these decisions for real, and make your choices as if you were making these decisions for real. Try to imagine that you have the chance to win money or lose your own money. 

1. Which do you choose?
          A: 50 tickets to win $100
               50 tickets to win $0
      OR
          B: 50 tickets to win $35
               50 tickets to win $25


2. Which do you choose?
          C: 50 tickets to win $100
               50 tickets to win $0
      OR
          D: 50 tickets to win $45
               50 tickets to win $35

                
3. Which do you choose?
          E: 20 tickets to win $100
               30 tickets to win $96
               50 tickets to lose $50
      OR
          F: 20 tickets to win $100
               30 tickets to win $62
               50 tickets to lose $50


4. Which do you choose?
          G: 10 tickets to win $100
               50 tickets to win $12
               40 tickets to lose $2
      OR
          H: 10 tickets to win $100
               50 tickets to win $96
               40 tickets to lose $2


5. Which do you choose?
          I: 80 tickets to win $70
               20 tickets to lose $75
      OR
          J: 50 tickets to win $100
               50 tickets to lose $50


6. Which do you choose?
          K: 80 tickets to win $100
               20 tickets to lose $100
      OR
          L: Win $50 for sure


7. Which do you choose?
          M: 50 tickets to lose $0                
               50 tickets to lose $100
      OR
          N: 20 tickets to lose $0
               80 tickets to lose $73


8. Which do you choose?
          O: 80 tickets to win $100
               20 tickets to lose $100
      OR
          P: Win $30 for sure



9. Which do you choose?
          Q: 50 tickets to win $50
               50 tickets to lose $0
      OR
          R: 20 tickets to win $100
               80 tickets to lose $0


10. Which do you choose?
          S: 20 tickets to win $100
               80 tickets to lose $100
      OR
          T: Lose $50 for sure


11. Which do you choose?
          U: 50 tickets to win $50
               50 tickets to lose $100
      OR
          V: 20 tickets to win $100
               80 tickets to lose $73


12. Which do you choose?
          W: 50 tickets to win $100
               50 tickets to win $0
      OR
          X: Win $45 for sure


13. Which do you choose?
          Y: 50 tickets to win $0
               50 tickets to lose $100
      OR
          Z: 20 tickets to win $0
               80 tickets to lose $73


14. Which do you choose?
          a: 50 tickets to win $100
               50 tickets to lose $50
      OR
          b: Win $10 for sure


15. Which do you choose?
          c: 80 tickets to win $70
               20 to win $0
      OR
          d: 50 tickets to win $100
               50 tickets to win $0


16. Which do you choose?
          e: 50 tickets to lose $0
               50 tickets to lose $100
      OR
          f: Lose $45 for sure


17. Which do you choose?
          g: 50 tickets to win $50
               50 tickets to win $0
      OR
          h: 20 tickets to win $100
               80 tickets to win $0


18. Which do you choose?
          i: 20 tickets to win $100
               80 tickets to lose $100
      OR
          j: Lose $30 for sure


19. Which do you choose?
          k: 80 tickets to lose $0
               20 tickets to lose $75
      OR
          l: 50 tickets to lose $0
               50 tickets to lose $50


20. Which do you choose?
          m: 50 tickets to win $50
               50 tickets to lose $100
      OR
          n: 20 tickets to win $100
               80 tickets to lose $73



21. Have you ever read a scientific paper
(i.e., a journal article or book) on the theory of 
decision making or on the psychology of decision making?

          No. Never.            
      OR
          Yes, I have.


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