Instructions for Judging Utility of Cash Prizes: Part 2 of Experiment
In this task, you are asked to judge the difference in the utility (subjective value)
of winning or losing cash prizes. Imagine a study in which you get to play gambles that
have prizes as bad as losing $100 or as good as winning $100. Imagine how you would
feel if you WIN $100. Imagine how you would feel if you LOSE $100. You task is to rate each difference
between prizes compared to this largest difference, which is the difference between a LOSS of $100 and a GAIN of $100.
Relative to this difference, how large is the difference between a WIN of $100 and a WIN of $50?
You will click one of the dots on the rating scale to judge the DIFFERENCE between the
prize on the LEFT and the prize on the RIGHT. If the prize on the LEFT is to LOSE $100 and the prize on the right is to WIN $100, you should click the button on the far right.
If Two prizes are equal, you click the button in the center. If the prize on the LEFT is better than the prize on the RIGHT, you should click to the left of center, and if the prize on the RIGHT is better, you should click to the right of center. The distance along the scale should reflect your judgment of the DIFFERENCE is psychological value, relative to the difference between Losing $100 and Winning $100.
Warmup Trials Judging Utility of Cash Prizes