There are two bags, labeled as Bag A and Bag B below. Bag A is filled with exactly 50 yellow balls and 50 white balls. Bag B has exactly 100 balls that are all either yellow or white but you do not know how many are yellow and how many are white. First, you choose which bag and which color (white or yellow) to bet on. Next, a ball will be drawn randomly from the bag you choose: Bag A or Bag B. If your color is drawn, then you win $100; otherwise you win $0 (nothing). What is the most (amount of money) that you would pay to play Bag A? What is the most you would pay to play Bag B?($0-100). Please type your answers in the boxes provided.
For the choice below Gamble A has 50 red balls that win $1 Million and 50 blue balls that win $10,000, so the probability to win $1 Million is .50 and the probability to get $10,000 is .50. If someone reaches in bag A, half the time they might win $10,000 and half the time $1 Million. But in this study, you only get to play a gamble once, so the prize will be either $10,000 or $1 Million. Gamble B's bag has 100 balls also, but 30 of them win $2 Million and 70 of them win $0. Bag A guarantees you win at least $10,000. With Bag B you can win $2 Million, but you might win nothing. To mark your choice, click the button next to A or B. 1. Which do you choose? A: 50 red balls to win $1 Million 50 blue balls to win $10,000 OR B: 30 purple balls to win $2 Million 70 white balls to win $0 2. Which do you choose? C: 20 grey balls to win $30 80 white balls to win $0 OR D: 10 purple balls to win $70 90 orange balls to win $0 3. Which do you choose? E: 10 red balls to win $30 10 blue balls to win $30 80 green balls to win $0 OR F: 10 red balls to win $70 10 blue balls to win $0 80 green balls to win $0 4. Which do you choose? G: 10 red balls to win $30 80 green balls to win $30 10 blue balls to win $0 OR H: 10 red balls to win $70 80 green balls to win $30 10 blue balls to win $0 5. Which do you choose? I: 90 grey balls to win $30 10 white balls to win $0 OR J: 10 purple balls to win $70 80 orange balls to win $30 10 pink balls to win $0 6. Which do you choose? K: 40 red balls to win $1 Million 10 orange balls to win $1 Million 50 blue balls to win $10,000 OR L: 30 purple balls to win $2 Million 40 white balls to win $0 30 gray balls to win $0
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