Decision-Making Experiment: Choices between Gambles

Email address:

Country:
Age: 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.

This is a study of decision making.  Please look at the first choice, 
No. 1, below.  Notice that there are 20 tickets for A and 20 for B.  
Imagine that each dollar amount represents the value of one ticket or 
chance to win a prize.  One ticket will be drawn at random, and 
you win the prize printed on that ticket.

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 20 tickets, divided by 20. Gamble A has 10 tickets that say $100 and 10 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 20 tickets also, but 10 of them say $25 and 10 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.

You should assume that each of the 20 tickets has an equal chance of being chosen as your prize.

1. Which do you choose?
gamble A    
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
gamble B    

 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
 $35  $25
Instructions      Next trial

2. Which do you choose?
gamble C    
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
$100  $0
gamble D    

 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
 $45  $35
Last Trial      Next trial

3. Which do you choose?
gamble E    
$100 $96 $50 
$100 $96 $50 
$100 $96 $50 
$100 $96 $50 
         $50 
         $50 
         $50 
         $50
         $50 
         $50
         $50 
         $50
gamble F    
$100 $96 $50 
$100 $62 $50 
$100 $62 $50 
$100 $62 $50 
         $50 
         $50 
         $50 
         $50
         $50 
         $50
         $50 
         $50
Last Trial      Next trial

4. Which do you choose?
gamble G    

$108 $12 $2 
$108 $12 $2
     $12 $2   
     $12 $2
     $12 $2
     $12 $2   
     $12 $2
     $12 $2
     $12
     $12
gamble H    

$108 $96 $2
$108 $96 $2
     $96 $2
     $96 $2
     $96 $2
     $96 $2
     $96 $2
     $96 $2
     $96
     $96
Last Trial      Next trial

5. Which do you choose?
gamble I    

$96 $14 $12
$96  
$96  
$96  
$96 
$96 
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96
gamble J    

$96 $90 $12
$96     $12			
$96  
$96  
$96 
$96 
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96  
$96
Last Trial      Next trial

6. Which do you choose?
gamble K    

$98 $2
$98 $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
    $2
gamble L    


$40 $2
$40 $2			
$40 $2  
$40 $2  
    $2 
    $2 
    $2  
    $2  
    $2  
    $2  
    $2  
    $2  
    $2  
    $2  
    $2  
    $2
Last Trial      Next trial

7. Which do you choose?
gamble M    

$99 $96 $6
$99     $6
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99	
$99
gamble N    

$99 $8 $6
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
Last Trial      Next trial

8. Which do you choose?
gamble O    

$100 $50
$100 $50
$100 $50
$100 
$100
$100
$100 
$100
$100 
$100 
$100 
$100 
$100
$100
$100
$100
$100
gamble P    

$100 $7
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
Last Trial      Next trial

9. Which do you choose?
gamble Q    

$98 $2 $2
$98 $2 $2  
       $2
       $2
       $2    
       $2
       $2
       $2
       $2
       $2
       $2
       $2
       $2
       $2
       $2
       $2
orgamble R    

$40 $40 $2
$40 $40 $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
        $2
Last Trial      Next trial

10. Which do you choose?
gamble S    

$50 $7
$50 $7
$50 $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
    $7
gamble T    

$100 $7
$100 $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
     $7
Last Trial      Next trial

11. Which do you choose?
gamble U    

$96 $96 $14 $12 
$96     
$96 
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
gamble V    

$96 $90 $12 $12 
$96     
$96 
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
$96
Last Trial      Next trial

12. Which do you choose?
gamble W    

$98 $40 $2
$98 $40 $2
    $40
    $40
    $40
    $40
    $40 
    $40
    $40
    $40
    $40
    $40 
    $40
    $40
    $40
    $40
gamble X    

$40 $40 $40 ($40 for sure)
$40 $40 $40
    $40
    $40
    $40
    $40
    $40 
    $40
    $40
    $40
    $40
    $40 
    $40
    $40
    $40
    $40
Last Trial      Next trial

13. Which do you choose?
gamble Y    

$99 $96 $6 $6
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
gamble Z    

$99 $99 $8 $6
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
Last Trial      Next trial

14. Which do you choose?
gamble A    

$100 $50 $50
$100 $50
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
gamble B    

$100 $100 $7
$100 $100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
$100
Last Trial      Next trial

15. Which do you choose?
gamble C    

$96 $14 $12 
$96
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
$96
gamble D    

$96 $90 $12
$96     $12
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
$96
$96 
$96
Last Trial      Next trial

16. Which do you choose?
gamble E    

$98 $98 $2
$98 $98 $2  
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
gamble F    

$98 $40 $40
$98 $40 $40  
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
Last Trial      Next trial

17. Which do you choose?
gamble G    

$50 $50 $7
$50     $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
gamble H    

$100 $7 $7
$100    $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
        $7
Last Trial      Next trial

18. Which do you choose?
gamble I    

$99 $96 $6
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
gamble J    

$99 $8 $6
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
$99
Last Trial      Next trial

19. Which do you choose?
gamble K    

$98 $2
$98 $2
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
gamble L    

$98 $40
$98 $40
$98 $40
$98 $40
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
$98
Last Trial      Next trial

20. Which do you choose?
gamble M    

$50 $50 $50 ($50 for sure)
$50 $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
    $50
gamble N    

$100 $50 $7
$100 $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
     $50
Last Trial      Next trial

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.

22. Please type any comments you have regarding the experiment in the space provided.
COMMENTS:
(CSUF students should add CSUF and the last four digits of ID in comments box above.)

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