Based on the data analyzed in Chapter 6, including Ch 6 Exercise #2:
Explain (in your own words) the findings of Chapter 5 Experiments 4, 5, and 6. What are the effects of different response procedures on the mean and median value of the St. Petersburg gamble? What is the role of the t-test described in Chapter 6 in reaching these conclusions? What is the relevance of the St. Petersburg Paradox to Expected Value Theory of Decision Making? What was Bernoulli's "solution" to the paradox?
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