Decision Experiment

Decision-Making Experiment: Choices between Gambles

This is a study of decision making. Your task will be to choose between gambles. 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.

(The email address was used to contact winners--you can put in your initials or leave it blank)

Email address(optional):

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. Imagine that after people have finished their choices, some lucky people would 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 would get to play the gamble you chose on the trial selected. You might win as much as $110. 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: .05 probability to win $12 .05 probability to win $14 .90 probability to win $96 OR J: .10 probability to win $12 .05 probability to win $90 .85 probability to win $96 6. Which do you choose? K: .80 probability to win $2 .10 probability to win $40 .10 probability to win $44 OR L: .80 probability to win $2 .10 probability to win $10 .10 probability to win $98 7. Which do you choose? M: .06 probability to win $6 .03 probability to win $96 .91 probability to win $99 OR N: .03 probability to win $6 .03 probability to win $8 .94 probability to win $99 8. Which do you choose? O: .80 probability to win $10 .20 probability to win $44 OR P: .90 probability to win $10 .10 probability to win $98 9. Which do you choose? Q: .20 probability to win $40 .80 probability to win $98 OR R: .10 probability to win $10 .90 probability to win $98 10. Which do you choose? S: .10 probability to win $40 .10 probability to win $44 .80 probability to win $110 OR T: .10 probability to win $10 .10 probability to win $98 .80 probability to win $110 11. Which do you choose? U: .05 probability to win $12 .05 probability to win $14 .05 probability to win $96 .85 probability to win $96 OR V: .05 probability to win $12 .05 probability to win $12 .05 probability to win $90 .85 probability to win $96 12. Which do you choose? W: .05 probability to win $12 .05 probability to win $96 .90 probability to win $106 OR X: .05 probability to win $48 .05 probability to win $52 .90 probability to win $106 13. Which do you choose? Y: .03 probability to win $6 .03 probability to win $6 .03 probability to win $96 .91 probability to win $99 OR Z: .03 probability to win $6 .03 probability to win $8 .03 probability to win $99 .91 probability to win $99 14. Which do you choose? a: .05 probability to win $12 .95 probability to win $96 OR b: .10 probability to win $48 .90 probability to win $96 15. Which do you choose? c: $1 for sure OR d: .99 probability to win $0 .01 probability to win $100 16. Which do you choose? e: $3 for sure OR f: .99 probability to win $0 .01 probability to win $100 17. Which do you choose? g: .90 probability to win $3 .05 probability to win $12 .05 probability to win $96 OR h: .90 probability to win $3 .05 probability to win $48 .05 probability to win $52 18. Which do you choose? i: $90 for sure OR j: .01 probability to win $0 .99 probability to win $100 19. Which do you choose? k: $96 for sure OR l: .01 probability to win $0 .99 probability to win $100 20. Which do you choose? m: .95 probability to win $12 .05 probability to win $96 OR n: .90 probability to win $12 .10 probability to win $52 ----------- 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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