### Decision-Making Experiment: Choices between Gambles

THIS EXPERIMENT IS NOW OVER.

This is a study of decision making in which you can gamble without risk and perhaps even win some money, if you are lucky. At the same time, your participation in this study can help scientists in the Decision Research Center learn more about how people make choices. Decide first if you want to participate. You must be over 18, and each person can participate only once. Scroll down and look over the questionnaire. It usually takes about 10 minutes. Also note: Study ends and prizes awarded 12/24/98. Void where prohibited by law.

```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 \$25 or \$35.

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.

For each choice below, click the button beside the gamble
you would rather play.  On Dec 24, 1998, after people have finished
their choices, three people will be selected randomly to play one gamble for
real money.  One trial will be selected randomly from the 20 trials,
and if you were one of the lucky winners, you will get to play the
gamble you chose on the trial selected.  You might win
as much as \$108.   Any one of the 20 choices might be the one you
get to play, so choose carefully.

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

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

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

4. Which do you choose?
G: .40 probability to win \$2
.50 probability to win \$12
.10 probability to win \$108
OR
H: .40 probability to win \$2
.50 probability to win \$96
.10 probability to win \$108

5. Which do you choose?
I: .75 probability to win \$2
.02 probability to win \$95
.03 probability to win \$97
.20 probability to win \$98
OR
J: .70 probability to win \$2
.02 probability to win \$3
.03 probability to win \$4
.25 probability to win \$98

6. Which do you choose?
K: .25 probability to win \$1
.75 probability to win \$99
OR
L: \$50 for sure

7. Which do you choose?
M: .95 probability to win \$0
.05 probability to win \$100
OR
N: \$5 for sure

8. Which do you choose?
O: \$25 for sure
OR
P: .70 probability to win \$2
.02 probability to win \$3
.03 probability to win \$4
.25 probability to win \$98

9. Which do you choose?
Q: .25 probability to win \$1
.04 probability to win \$96
.03 probability to win \$98
.68 probability to win \$99
OR
R: \$50 for sure

10. Which do you choose?
S: .50 probability to win \$0
.50 probability to win \$100
OR
T: \$50 for sure

11. Which do you choose?
U: \$25 for sure
OR
V: .75 probability to win \$2
.02 probability to win \$95
.03 probability to win \$97
.20 probability to win \$98

12. Which do you choose?
W: .18 probability to win \$1
.04 probability to win \$2
.03 probability to win \$3
.75 probability to win \$99
OR
X: \$50 for sure

13. Which do you choose?
Y: .05 probability to win \$0
.95 probability to win \$100
OR
Z: \$95 for sure

14. Which do you choose?
a: \$25 for sure
OR
b: .75 probability to win \$2
.25 probability to win \$98

15. Which do you choose?
c: .18 probability to win \$1
.04 probability to win \$2
.03 probability to win \$3
.75 probability to win \$99
OR
d: .25 probability to win \$1
.04 probability to win \$96
.03 probability to win \$98
.68 probability to win \$99

16. Which do you choose?
e: .50 probability to win \$0
.50 probability to win \$100
OR
f: \$40 for sure

The next 4 choices involve LOSES.  However, in each case you receive \$100, but
you must choose between two unfavorable gambles.  Your prize will be \$100 minus
any loses.  Since the losses are always less than \$100, your prize will always
be greater than or equal zero.

17. You get \$100. Which do you choose?
g: .05 probability to lose \$100
.95 probability to lose \$0
OR
h: lose \$5 for sure

18. You get \$100. Which do you choose?
i: .50 probability to lose \$100
.50 probability to lose \$0
OR
j: lose \$50 for sure

19. You get \$100. Which do you choose?
k: .50 probability to lose \$100
.50 probability to lose \$0
OR
l: lose \$60 for sure

20. You get \$100. Which do you choose?
m: .95 probability to lose \$100
.05 probability to lose \$0
OR
n: lose \$95 for sure
-----------

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.

Winners will be notified by email.  If you share an email address, include your
name in the comments below, so we can identify the winner.