First Gamble 50 tickets to win $95 50 tickets to win $5
This gamble represents a 50-50 chance to win either $95 or $5. Half the time, you might expect to win $95 and half the time you would expect to win $5. But you only get to play a gamble once, so you would win either $5 or $95 from this gamble.
Your task is to examine two gambles at a time and to adjust the prize value of the second gamble so that you would like both gambles equally. Each trial will be displayed as follows:
Note that there is an empty box for one of the prizes in the second gamble. Your task is to type in that space the amount of prize that makes the first and second gambles equally attractive.
Suppose you typed $99 in that space. Would the gambles be equally good or would you prefer the Second Gamble? Obviously, you would prefer a 50-50 chance to win either $99 or $20 to a 50-50 chance to win $95 or $5. So, these gambles would NOT be equal. Suppose you typed in the value $5, Would you now find the gambles equal in attractiveness or do you now prefer the First Gamble? Obviously, you would rather have the first gamble than a 50-50 chance to win $5 or $20. Adjust the prize so that you would be equally happy to play either gamble. Your task is to match the gambles so that YOU find them equally attractive.
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