Instructions for Gamble VS. Sure Cash
Would you rather have a gamble with a probability of .1 to win $75
and .9 to receive $0, or would you rather have $10 for sure?
If you choose the gamble, you might win $75, but most likely
you will end up with $0. If you got to play the gamble
many many times, you expect to win 10% of the time, and
you get nothing 90% of the time. But in this study, you
only get to play a gamble once, so you will receive either $75
or $0. Would you prefer the gamble or the sure cash?
Would you prefer $9 to the gamble? $8? $7?
What is the LEAST amount of cash for which you would just
barely prefer the cash? Ask yourself these questions
until you find the smallest amount of money for which you
would barely prefer the cash to the gamble. Please type
that value in the box provided. Look over the gambles
below. You can win from $75 to $200, with probabilities from
.1 to .9 (10% to 90%). Please fill in the blanks below
for each of the different gambles.
Warmup Trials Gamble VS. Sure Cash