Choices Between Gambles

Below you will find 75 choices between gambles. Displayed in each scenario is the chance of WINNING or LOSING certain amounts of money. You are asked to choose the gamble that you think is the better one.

Chance is expressed in terms of probability as follows. Suppose a container has 100 individual tickets to win or lose; Some tickets say $10, others $5. If there is a .30 chance you will get $10 this means that 30 of the 100 tickets win $10. The remaining 70 tickets win $5. Sometimes you have chances to LOSE money. These are indicated by a minus sign (-) before the amount. For example, Choice A below has a choice between a 50-50 chance to win $1200 or LOSE $500 versus a chance of .75 to win $600 or LOSE $800. The minus signs indicate amounts to LOSE. The word "LOSE" will also be listed in the first choices, but keep an eye out for the minus signs throughout the rest of the trials.

Please read each choice carefully and choose the gamble you would rather play, as if each decision was for real and you might win or lose real money.

A. Which gamble would you take? .50 chance at $1200 (50% chance to WIN $1200) .50 chance at $-500 (50% chance to LOSE $500) Or .75 chance at $600 (75% chance to WIN $600) .25 chance at $-800 (25% chance to LOSE $800)
B. Which gamble would you take? .50 chance at $0 (50% chance to get $0) .50 chance at $-1500 (50% chance to LOSE $1500) Or .75 chance at $0 (75% chance to get $0) .25 chance at $-3000 (25% chance to LOSE $3000)
C. Which gamble would you take? .50 chance at $1500 (50% chance to WIN $1500) .50 chance at $0 (50% chance to get $0) Or .75 chance at $600 (50% chance to WIN $600) .25 chance at $0 (25% chance to get $0)
1. Which gamble would you take? .50 chance at $0 .50 chance at $-875 Or .60 chance at $0 .40 chance at $-1000
2. Which gamble would you take? .50 chance at $0 .50 chance at $-3000 Or .75 chance at $0 .25 chance at $-6000
3. Which gamble would you take? .40 chance at $800 .60 chance at $0 Or .60 chance at $500 .40 chance at $0
4. Which gamble would you take? .10 chance at $5000 .90 chance at $-900 Or .30 chance at $1400 .70 chance at $-1700
5. Which gamble would you take? .05 chance at $0 .95 chance at $-200 Or .30 chance at $0 .70 chance at $-250
6. Which gamble would you take? .10 chance at $0 .90 chance at $-900 Or .30 chance at $0 .70 chance at $-1700
7. Which gamble would you take? .50 chance at $4800 .50 chance at $0 Or .75 chance at $3000 .25 chance at $0
8. Which gamble would you take? .01 chance at $0 .99 chance at $-490 Or .02 chance at $0 .98 chance at $-500
9. Which gamble would you take? .50 chance at $4200 .50 chance at $0 Or .75 chance at $3000 .25 chance at $0
10. Which gamble would you take? .25 chance at $600 .75 chance at $0 Or .75 chance at $125 .25 chance at $0
11. Which gamble would you take? .40 chance at $2200 .60 chance at $0 Or .75 chance at $850 .25 chance at $0
12. Which gamble would you take? .25 chance at $600 .75 chance at $-100 Or .75 chance at $125 .25 chance at $-500
13. Which gamble would you take? .30 chance at $0 .70 chance at $-200 Or .70 chance at $0 .30 chance at $-800
14. Which gamble would you take? .50 chance at $4500 .50 chance at $0 Or .75 chance at $3000 .25 chance at $0
15. Which gamble would you take? .30 chance at $200 .70 chance at $-25 Or .80 chance at $75 .20 chance at $-100
16. Which gamble would you take? .50 chance at $700 .50 chance at $-150 Or .75 chance at $350 .25 chance at $-400
17. Which gamble would you take? .25 chance at $0 .75 chance at $-500 Or .50 chance at $0 .50 chance at $-700
18. Which gamble would you take? .40 chance at $1500 .60 chance at $-1000 Or .80 chance at $600 .20 chance at $-3500
19. Which gamble would you take? .50 chance at $5000 .50 chance at $-3000 Or .75 chance at $3000 .25 chance at $-6000
20. Which gamble would you take? .50 chance at $4500 .50 chance at $-3000 Or .75 chance at $3000 .25 chance at $-6000
21. Which gamble would you take? .30 chance at $1200 .70 chance at $-200 Or .70 chance at $400 .30 chance at $-800
22. Which gamble would you take? .25 chance at $700 .75 chance at $0 Or .75 chance at $125 .25 chance at $0
23. Which gamble would you take? .50 chance at $0 .50 chance at $-3000 Or .75 chance at $0 .25 chance at $-6000
24. Which gamble would you take? .40 chance at $800 .60 chance at $-1000 Or .60 chance at $500 .40 chance at $-1600
25. Which gamble would you take? .10 chance at $5000 .90 chance at $0 Or .30 chance at $1400 .70 chance at $0
26. Which gamble would you take? .30 chance at $0 .70 chance at $-25 Or .80 chance at $0 .20 chance at $-100
27. Which gamble would you take? .50 chance at $5000 .50 chance at $0 Or .75 chance at $3000 .25 chance at $0
28. Which gamble would you take? .01 chance at $3000 .99 chance at $-490 Or .02 chance at $2000 .98 chance at $-500
29. Which gamble would you take? .30 chance at $1000 .70 chance at $-200 Or .70 chance at $400 .30 chance at $-500
30. Which gamble would you take? .50 chance at $5000 .50 chance at $0 Or .75 chance at $2500 .25 chance at $0
31. Which gamble would you take? .50 chance at $0 .50 chance at $-150 Or .75 chance at $0 .25 chance at $-400
32. Which gamble would you take? .25 chance at $1200 .75 chance at $-500 Or .50 chance at $600 .50 chance at $-800
33. Which gamble would you take? .20 chance at $2000 .80 chance at $-1000 Or .25 chance at $1700 .75 chance at $-1100
34. Which gamble would you take? .20 chance at $0 .80 chance at $-1000 Or .25 chance at $0 .75 chance at $-1100
35. Which gamble would you take? .25 chance at $1000 .75 chance at $-500 Or .50 chance at $600 .50 chance at $-700
36. Which gamble would you take? .50 chance at $4500 .50 chance at $0 Or .75 chance at $3000 .25 chance at $0
37. Which gamble would you take? .50 chance at $0 .50 chance at $-1500 Or .75 chance at $0 .25 chance at $-3000
38. Which gamble would you take? .40 chance at $1500 .60 chance at $0 Or .80 chance at $600 .20 chance at $0
39. Which gamble would you take? .25 chance at $1000 .75 chance at $0 Or .50 chance at $600 .50 chance at $0
40. Which gamble would you take? .20 chance at $2000 .80 chance at $0 Or .25 chance at $1700 .75 chance at $0
41. Which gamble would you take? .05 chance at $1800 .95 chance at $0 Or .30 chance at $600 .70 chance at $0
42. Which gamble would you take? .50 chance at $0 .50 chance at $-2500 Or .75 chance at $0 .25 chance at $-6000
43. Which gamble would you take? .25 chance at $0 .75 chance at $-500 Or .50 chance at $0 .50 chance at $-800
44. Which gamble would you take? .25 chance at $1500 .75 chance at $0 Or .50 chance at $600 .50 chance at $0
45. Which gamble would you take? .05 chance at $1800 .95 chance at $-200 Or .30 chance at $600 .70 chance at $-250
46. Which gamble would you take? .25 chance at $0 .75 chance at $-500 Or .50 chance at $0 .50 chance at $-900
47. Which gamble would you take? .30 chance at $1000 .70 chance at $0 Or .70 chance at $400 .30 chance at $0
48. Which gamble would you take? .25 chance at $0 .75 chance at $-100 Or .75 chance at $0 .25 chance at $-600
49. Which gamble would you take? .50 chance at $2025 .50 chance at $-875 Or .60 chance at $1800 .40 chance at $-1000
50. Which gamble would you take? .25 chance at $1500 .75 chance at $-500 Or .50 chance at $600 .50 chance at $-900
51. Which gamble would you take? .30 chance at $0 .70 chance at $-200 Or .70 chance at $0 .30 chance at $-500
52. Which gamble would you take? .50 chance at $5000 .50 chance at $-2500 Or .75 chance at $2500 .25 chance at $-6000
53. Which gamble would you take? .50 chance at $2025 .50 chance at $0 Or .60 chance at $1800 .40 chance at $0
54. Which gamble would you take? .25 chance at $700 .75 chance at $-100 Or .75 chance at $125 .25 chance at $-600
55. Which gamble would you take? .50 chance at $4800 .50 chance at $-1500 Or .75 chance at $3000 .25 chance at $-3000
56. Which gamble would you take? .40 chance at $0 .60 chance at $-600 Or .75 chance at $0 .25 chance at $-1700
57. Which gamble would you take? .50 chance at $4500 .50 chance at $-1500 Or .75 chance at $3000 .25 chance at $-3000
58. Which gamble would you take? .40 chance at $0 .60 chance at $-1000 Or .60 chance at $0 .40 chance at $-1500
59. Which gamble would you take? .30 chance at $1200 .70 chance at $0 Or .70 chance at $400 .30 chance at $0
60. Which gamble would you take? .40 chance at $0 .60 chance at $-1000 Or .60 chance at $0 .40 chance at $-1600
61. Which gamble would you take? .30 chance at $0 .70 chance at $-25 Or .80 chance at $0 .20 chance at $-60
62. Which gamble would you take? .30 chance at $150 .70 chance at $-25 Or .80 chance at $80 .20 chance at $-60
63. Which gamble would you take? .01 chance at $3000 .99 chance at $0 Or .02 chance at $2000 .98 chance at $0
64. Which gamble would you take? .40 chance at $750 .60 chance at $0 Or .60 chance at $500 .40 chance at $0
65. Which gamble would you take? .50 chance at $4200 .50 chance at $-3000 Or .75 chance at $3000 .25 chance at $-6000
66. Which gamble would you take? .40 chance at $750 .60 chance at $-1000 Or .60 chance at $500 .40 chance at $-1500
67. Which gamble would you take? .25 chance at $0 .75 chance at $-100 Or .75 chance at $0 .25 chance at $-500
68. Which gamble would you take? .50 chance at $0 .50 chance at $-1500 Or .75 chance at $0 .25 chance at $-3000
69. Which gamble would you take? .30 chance at $150 .70 chance at $0 Or .80 chance at $80 .20 chance at $0
70. Which gamble would you take? .40 chance at $2200 .60 chance at $-600 Or .75 chance at $850 .25 chance at $-1700
71. Which gamble would you take? .25 chance at $1200 .75 chance at $0 Or .50 chance at $600 .50 chance at $0
72. Which gamble would you take? .50 chance at $0 .50 chance at $-3000 Or .75 chance at $0 .25 chance at $-6000
73. Which gamble would you take? .40 chance at $0 .60 chance at $-1000 Or .80 chance at $0 .20 chance at $-3500
74. Which gamble would you take? .50 chance at $700 .50 chance at $0 Or .75 chance at $350 .25 chance at $0
75. Which gamble would you take? .30 chance at $200 .70 chance at $0 Or .80 chance at $75 .20 chance at $0

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