Decision Making Experiment: Choices between Gambles
Instructions
For the following questions, imagine two containers, each of which holds exactly 100 tickets.
The tickets are all identical, but they have different cash prizes printed on them.
You get to choose the gamble that you would like to play. You pick that container
from which one ticket will be drawn randomly. You win the amount of money printed on the ticket.
Look at the first trial below, W1.
The First Gamble in W1 has 50 tickets that win $100 and 50 that win $0,
so the probability to win $100 is .50 and the probability to get $0 is .50.
If someone chooses the First Gamble, half the time they will draw a ticket that
pays $0 and half the time they will draw a ticket to win $100. But in this study,
you only get to play a gamble once, so the prize will be either $0 or $100.
The Second Gamble in W1 has 100 tickets also, but 50 of these win $25 and
50 of them win $35. The second gamble thus guarantees at least $25, but the most
you can win is $35.
Some people will prefer the First Gamble and some will prefer the Second
Gamble. To mark your choice, click the button next to First or Second Gamble.
Notice that the dot next to No. 1 will empty and fill in the button next to your choice.