### Instructions for St. Petersburg Gamble Decisions

This is a study in decision-making. On each trial below, you are asked to choose whether to play a gamble or take a "sure thing" of a given amount of cash. In this experiment, prizes will be awarded to three participants who will be selected at random from all participants. If you are selected, one trial will be selected at random, and you will receive either the amount of cash or the prize of the gamble you selected on that trial.

This study involved a famous type of gamble called the St. Petersburg Gamble. In this gamble, a fair coin is tossed and if it is "heads," you win \$2, but if it comes up "tails," then the coin is tossed again. If this is heads, you win \$4, but if tails, the coin is tossed again. If heads comes up on the third toss, you win \$8, and if tails, the coin is tossed again. Whenever heads comes up, you are paid off and the gamble is over, but if tails keeps coming up, the coin will be tossed again and the prize doubles each time until heads comes up. In the original game, the game could go on and on forever, with the prize doubling each time. In this study, however, the game will end after a fixed number of tosses. If you have not won by that number of tosses, then you receive \$0 (nothing).

For example, suppose the game has a limit of 4 tosses. On the first toss, if it is heads, you win \$2; tails we toss again. On the second toss, if heads, you win \$4, tails we toss again; on the third toss, if heads, you win \$8; tails we toss again. On the fourth (and FINAL toss), if heads, you win \$16, but for tails, you get \$0 (nothing).

Here is a summary of the 4-toss game:

H (\$2 and game ends)
TH (\$4 and game ends)
TTH (\$8 and game ends)
TTTH (\$16 and game ends after 4 tosses)
TTTT (\$0) game ends after 4 tosses.

In the 8-toss game, the coin will be tossed up to 8 times, until "heads" appears. If you get 8 "tails" in a row, you receive nothing; otherwise, you win \$2, \$4, \$8, \$16, \$32, \$64, \$128, or \$256, depending on when "heads" appears. In this game, the probability of winning \$2 is 1/2; the probability to win \$4 is 1/4;and so on, as follows:

8-toss game Summary:

H (\$2 ) probability = 1/2
TH (\$4) probability = 1/4
TTH (\$8) probability = 1/8
TTTH (\$16) probability = 1/16
TTTTH (\$32) probability = 1/32
TTTTTH (\$64) probability = 1/64
TTTTTTH (\$128) probability = 1/128
TTTTTTTH (\$256) probability = 1/256
TTTTTTTT (\$0) probability = 1/256

On each trial, you decide whether you want the sure cash or one play of the n-toss game. Remember, the n-toss game always ends when "heads" appears, and it ends no matter what after n tosses.

For example, consider the first trial below, W1. This choice is a choice between the prize of a 2-toss game or \$1 for sure. If you prefer the gamble, click the button beside "2-toss game", if you prefer the cash, click the button beside "Cash." If you chose the "game" and if you are one of the lucky winners, if this trial is the one randomly selected for you to play, you would receive \$2 with probability of 1/2, \$4 with probability 1/4, and \$0 with probability 1/4. If you chose the cash, you would get \$1 for sure.

#### Warmup Trials St. Petersburg Gamble Decisions

W1. 2-toss game OR \$1 for sure
Gamble Cash

W2. 10-toss game OR \$15 for sure
Gamble Cash

W3. 2-toss game OR \$15 for sure
Gamble Cash

W4. 10-toss game OR \$1 for sure
Gamble Cash

1. 10-toss game OR \$7 for sure
Gamble Cash

2. 6-toss game OR \$15 for sure
Gamble Cash

3. 8-toss game OR \$13 for sure
Gamble Cash

4. 4-toss game OR \$9 for sure
Gamble Cash

5. 4-toss game OR \$7 for sure
Gamble Cash

6. 6-toss game OR \$3 for sure
Gamble Cash

7. 4-toss game OR \$1 for sure
Gamble Cash

8. 8-toss game OR \$11 for sure
Gamble Cash

9. 10-toss game OR \$11 for sure
Gamble Cash

10. 8-toss game OR \$7 for sure
Gamble Cash

11. 4-toss game OR \$11 for sure
Gamble Cash

12. 2-toss game OR \$5 for sure
Gamble Cash

13. 10-toss game OR \$9 for sure
Gamble Cash

14. 2-toss game OR \$3 for sure
Gamble Cash

15. 2-toss game OR \$11 for sure
Gamble Cash

16. 10-toss game OR \$15 for sure
Gamble Cash

17. 6-toss game OR \$5 for sure
Gamble Cash

18. 10-toss game OR \$5 for sure
Gamble Cash

19. 10-toss game OR \$13 for sure
Gamble Cash

20. 2-toss game OR \$1 for sure
Gamble Cash

21. 8-toss game OR \$1 for sure
Gamble Cash

22. 8-toss game OR \$15 for sure
Gamble Cash

23. 2-toss game OR \$13 for sure
Gamble Cash

24. 6-toss game OR \$7 for sure
Gamble Cash

25. 8-toss game OR \$5 for sure
Gamble Cash

26. 2-toss game OR \$9 for sure
Gamble Cash

27. 2-toss game OR \$15 for sure
Gamble Cash

28. 2-toss game OR \$7 for sure
Gamble Cash

29. 4-toss game OR \$13 for sure
Gamble Cash

30. 8-toss game OR \$9 for sure
Gamble Cash

31. 4-toss game OR \$5 for sure
Gamble Cash

32. 6-toss game OR \$11 for sure
Gamble Cash

33. 6-toss game OR \$13 for sure
Gamble Cash

34. 8-toss game OR \$3 for sure
Gamble Cash

35. 6-toss game OR \$9 for sure
Gamble Cash

36. 4-toss game OR \$3 for sure
Gamble Cash

37. 4-toss game OR \$15 for sure
Gamble Cash

38. 6-toss game OR \$1 for sure
Gamble Cash

39. 10-toss game OR \$3 for sure
Gamble Cash

40. 10-toss game OR \$1 for sure
Gamble Cash

41. What is your age? years.
42. Gender: Are you Male or Female?
Female
Male

43. How many years of Education have you completed? Put 12 for High School Diploma
Put 16 for college diploma (bachelor's degree).
put 20 for doctorate degree (Ph.D., M.D., etc).
Education:
44. Nationality (country of birth):