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


W1. probability of .1 to win $75 otherwise $0
W2. probability of .9 to win $200 otherwise $0
W3. probability of .1 to win $200 otherwise $0
W4. probability of .9 to win $75 otherwise $0
1. probability of .7 to win $75 otherwise $0
2. probability of .9 to win $75 otherwise $0
3. probability of .1 to win $125 otherwise $0
4. probability of .9 to win $100 otherwise $0
5. probability of .9 to win $200 otherwise $0
6. probability of .9 to win $125 otherwise $0
7. probability of .7 to win $125 otherwise $0
8. probability of .7 to win $145 otherwise $0
9. probability of .1 to win $75 otherwise $0
10. probability of .9 to win $145 otherwise $0
11. probability of .3 to win $100 otherwise $0
12. probability of .3 to win $200 otherwise $0
13. probability of .1 to win $200 otherwise $0
14. probability of .7 to win $200 otherwise $0
15. probability of .3 to win $75 otherwise $0
16. probability of .7 to win $100 otherwise $0
17. probability of .1 to win $145 otherwise $0
18. probability of .1 to win $100 otherwise $0
19. probability of .3 to win $145 otherwise $0
20. probability of .3 to win $125 otherwise $0
21. What is your age? years.
22. Gender: Are you Male or Female?
Female
Male

23. How many years of Education have you completed? Put 12 for High School Diploma
Put 16 for college diploma (bachelor's degree).
put 20 for doctorate degree (Ph.D., M.D., etc).
Education:
24. Nationality (country of birth):
25. Comments:

Please check your answers. When you are done, push the button below.

Thank You!