### Decision-Making Experiment: Choices Between Gambles

Age:

Gender:

Female
Male

What is your level of education

Last Name:

Look at Choice No. 1 below. 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 container from which a ticket will be drawn randomly. You win the amount of money printed on the ticket.

The first gamble in Choice No. 1 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 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.

At the end of this semester, after people have finished their choices, three people will be selected randomly to play one gamble for real money. One trial will be selected randomly from all of the trials, and if you were one of these lucky people, you will get to play the gamble you chose on the trial selected. You might win as much as \$110. Any one of the choices might be the one you get to play, so choose carefully.

1.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$35
50 tickets to win \$25

Choose First Gamble Choose Second Gamble

2.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$45
50 tickets to win \$35

Choose First Gamble Choose Second Gamble

3.
First Gamble:
70 tickets to win \$100
10 tickets to win \$50
20 tickets to win \$0
OR
Second Gamble:
70 tickets to win \$80
10 tickets to win \$50
20 tickets to win \$0

Choose First Gamble Choose Second Gamble

4.
First Gamble:
35 tickets to win \$100
10 tickets to win \$35
55 tickets to win \$25
OR
Second Gamble:
55 tickets to win \$100
10 tickets to win \$35
35 tickets to win \$25

Choose First Gamble Choose Second Gamble

5.
First Gamble:
62 tickets to win \$100
38 tickets to win \$12
OR
Second Gamble:
54 tickets to win \$100
46 tickets to win \$20

Choose First Gamble Choose Second Gamble

6.
First Gamble:
50 tickets to win \$84
50 tickets to win \$24
OR
Second Gamble:
50 tickets to win \$92
50 tickets to win \$16

Choose First Gamble Choose Second Gamble

7.
First Gamble:
54 tickets to win \$96
46 tickets to win \$0
OR
Second Gamble:
58 tickets to win \$92
42 tickets to win \$0

Choose First Gamble Choose Second Gamble

8.
First Gamble:
10 tickets to win \$99
90 tickets to win \$1
OR
Second Gamble:
10 tickets to win \$25
90 tickets to win \$20

Choose First Gamble Choose Second Gamble

9.
First Gamble:
50 tickets to win \$88
50 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$96
50 tickets to win \$12

Choose First Gamble Choose Second Gamble

10.
First Gamble:
66 tickets to win \$100
34 tickets to win \$8
OR
Second Gamble:
58 tickets to win \$100
42 tickets to win \$16

Choose First Gamble Choose Second Gamble

11.
First Gamble:
58 tickets to win \$92
42 tickets to win \$0
OR
Second Gamble:
62 tickets to win \$88
38 tickets to win \$0

Choose First Gamble Choose Second Gamble

12.
First Gamble:
50 tickets to win \$92
50 tickets to win \$16
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$8

Choose First Gamble Choose Second Gamble

13.
First Gamble:
62 tickets to win \$88
38 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$0

Choose First Gamble Choose Second Gamble

14.
First Gamble:
50 tickets to win \$100
50 tickets to win \$24
OR
Second Gamble:
62 tickets to win \$100
38 tickets to win \$12

Choose First Gamble Choose Second Gamble

15.
First Gamble:
5 tickets to win \$90
5 tickets to win \$88
90 tickets to win \$2
OR
Second Gamble:
20 tickets to win \$45
20 tickets to win \$4
60 tickets to win \$2

Choose First Gamble Choose Second Gamble

16.
First Gamble:
50 tickets to win \$96
50 tickets to win \$12
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$8

Choose First Gamble Choose Second Gamble

17.
First Gamble:
80 tickets to win \$100
10 tickets to win \$44
10 tickets to win \$40
OR
Second Gamble:
80 tickets to win \$100
10 tickets to win \$96
10 tickets to win \$4

Choose First Gamble Choose Second Gamble

18.
First Gamble:
66 tickets to win \$84
34 tickets to win \$0
OR
Second Gamble:
54 tickets to win \$96
46 tickets to win \$0

Choose First Gamble Choose Second Gamble

19.
First Gamble:
10 tickets to win \$95
90 tickets to win \$5
OR
Second Gamble:
10 tickets to win \$55
90 tickets to win \$20

Choose First Gamble Choose Second Gamble

20.
First Gamble:
54 tickets to win \$100
46 tickets to win \$20
OR
Second Gamble:
66 tickets to win \$100
34 tickets to win \$8

Choose First Gamble Choose Second Gamble

21.
First Gamble:
01 tickets to win \$100
20 tickets to win \$49
20 tickets to win \$45
59 tickets to win \$4
OR
Second Gamble:
01 tickets to win \$100
20 tickets to win \$97
20 tickets to win \$11
59 tickets to win \$4

Choose First Gamble Choose Second Gamble

22.
First Gamble:
95 tickets to win \$95
5 tickets to win \$5
OR
Second Gamble:
95 tickets to win \$55
5 tickets to win \$20

Choose First Gamble Choose Second Gamble

23.
First Gamble:
50 tickets to win \$25
50 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$99
50 tickets to win \$1

Choose First Gamble Choose Second Gamble

24.
First Gamble:
58 tickets to win \$92
42 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$0

Choose First Gamble Choose Second Gamble

25.
First Gamble:
10 tickets to win \$98
10 tickets to win \$2
80 tickets to win \$2
OR
Second Gamble:
10 tickets to win \$40
10 tickets to win \$40
80 tickets to win \$2

Choose First Gamble Choose Second Gamble

26.
First Gamble:
50 tickets to win \$96
50 tickets to win \$12
OR
Second Gamble:
50 tickets to win \$92
50 tickets to win \$16

Choose First Gamble Choose Second Gamble

27.
First Gamble:
66 tickets to win \$100
34 tickets to win \$8
OR
Second Gamble:
62 tickets to win \$100
38 tickets to win \$12

Choose First Gamble Choose Second Gamble

28.
First Gamble:
10 tickets to win \$90
70 tickets to win \$3
20 tickets to win \$2
OR
Second Gamble:
10 tickets to win \$45
10 tickets to win \$44
80 tickets to win \$2

Choose First Gamble Choose Second Gamble

29.
First Gamble:
85 tickets to win \$96
05 tickets to win \$96
05 tickets to win \$14
05 tickets to win \$12
OR
Second Gamble:
85 tickets to win \$96
05 tickets to win \$90
05 tickets to win \$12
05 tickets to win \$12

Choose First Gamble Choose Second Gamble

30.
First Gamble:
50 tickets to win \$100
50 tickets to win \$8
OR
Second Gamble:
50 tickets to win \$84
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

31.
First Gamble:
66 tickets to win \$100
34 tickets to win \$8
OR
Second Gamble:
54 tickets to win \$100
46 tickets to win \$20

Choose First Gamble Choose Second Gamble

32.
First Gamble:
66 tickets to win \$84
34 tickets to win \$0
OR
Second Gamble:
62 tickets to win \$88
38 tickets to win \$0

Choose First Gamble Choose Second Gamble

33.
First Gamble:
45 tickets to win \$58
45 tickets to win \$56
10 tickets to win \$2
OR
Second Gamble:
45 tickets to win \$96
45 tickets to win \$4
10 tickets to win \$2

Choose First Gamble Choose Second Gamble

34.
First Gamble:
50 tickets to win \$92
50 tickets to win \$16
OR
Second Gamble:
50 tickets to win \$88
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

36.
First Gamble:
54 tickets to win \$100
46 tickets to win \$20
OR
Second Gamble:
62 tickets to win \$100
38 tickets to win \$12

Choose First Gamble Choose Second Gamble

36.
First Gamble:
40 tickets to win \$40
10 tickets to win \$5
50 tickets to win \$4
OR
Second Gamble:
10 tickets to win \$80
10 tickets to win \$78
80 tickets to win \$3

Choose First Gamble Choose Second Gamble

37.
First Gamble:
95 tickets to win \$96
05 tickets to win \$12
OR
Second Gamble:
90 tickets to win \$96
10 tickets to win \$48

Choose First Gamble Choose Second Gamble

38.
First Gamble:
50 tickets to win \$100
50 tickets to win \$8
OR
Second Gamble:
50 tickets to win \$92
50 tickets to win \$16

Choose First Gamble Choose Second Gamble

39.
First Gamble:
90 tickets to win \$99
10 tickets to win \$1
OR
Second Gamble:
90 tickets to win \$25
10 tickets to win \$20

Choose First Gamble Choose Second Gamble

40.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
54 tickets to win \$96
46 tickets to win \$0

Choose First Gamble Choose Second Gamble

41.
First Gamble:
80 tickets to win \$96
20 tickets to win \$40
OR
Second Gamble:
90 tickets to win \$96
10 tickets to win \$4

Choose First Gamble Choose Second Gamble

42.
First Gamble:
5 tickets to win \$95
95 tickets to win \$5
OR
Second Gamble:
5 tickets to win \$55
95 tickets to win \$20

Choose First Gamble Choose Second Gamble

43.
First Gamble:
62 tickets to win \$100
38 tickets to win \$12
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

44.
First Gamble:
66 tickets to win \$84
34 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$0

Choose First Gamble Choose Second Gamble

45.
First Gamble:
10 tickets to win \$100
45 tickets to win \$44
45 tickets to win \$40
OR
Second Gamble:
10 tickets to win \$100
45 tickets to win \$96
45 tickets to win \$4

Choose First Gamble Choose Second Gamble

46.
First Gamble:
50 tickets to win \$96
50 tickets to win \$12
OR
Second Gamble:
50 tickets to win \$88
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

47.
First Gamble:
50 tickets to win \$99
50 tickets to win \$1
OR
Second Gamble:
50 tickets to win \$25
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

48.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
58 tickets to win \$92
42 tickets to win \$0

Choose First Gamble Choose Second Gamble

49.
First Gamble:
05 tickets to win \$96
95 tickets to win \$12
OR
Second Gamble:
10 tickets to win \$52
90 tickets to win \$12

Choose First Gamble Choose Second Gamble

50.
First Gamble:
50 tickets to win \$88
50 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$84
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

51.
First Gamble:
50 tickets to win \$100
50 tickets to win \$24
OR
Second Gamble:
58 tickets to win \$100
42 tickets to win \$16

Choose First Gamble Choose Second Gamble

52.
First Gamble:
58 tickets to win \$92
42 tickets to win \$0
OR
Second Gamble:
66 tickets to win \$84
34 tickets to win \$0

Choose First Gamble Choose Second Gamble

53.
First Gamble:
85 tickets to win \$100
10 tickets to win \$50
05 tickets to win \$50
OR
Second Gamble:
85 tickets to win \$100
10 tickets to win \$100
05 tickets to win \$7

Choose First Gamble Choose Second Gamble

54.
First Gamble:
50 tickets to win \$88
50 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$8

Choose First Gamble Choose Second Gamble

55.
First Gamble:
54 tickets to win \$100
46 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

56.
First Gamble:
62 tickets to win \$88
38 tickets to win \$0
OR
Second Gamble:
58 tickets to win \$92
42 tickets to win \$0

Choose First Gamble Choose Second Gamble

57.
First Gamble:
59 tickets to win \$100
20 tickets to win \$49
20 tickets to win \$45
01 tickets to win \$4
OR
Second Gamble:
59 tickets to win \$100
20 tickets to win \$97
20 tickets to win \$11
01 tickets to win \$4

Choose First Gamble Choose Second Gamble

58.
First Gamble:
50 tickets to win \$88
50 tickets to win \$20
OR
Second Gamble:
50 tickets to win \$92
50 tickets to win \$16

Choose First Gamble Choose Second Gamble

59.
First Gamble:
50 tickets to win \$100
50 tickets to win \$24
OR
Second Gamble:
54 tickets to win \$100
46 tickets to win \$20

Choose First Gamble Choose Second Gamble

60.
First Gamble:
62 tickets to win \$88
38 tickets to win \$0
OR
Second Gamble:
66 tickets to win \$84
34 tickets to win \$0

Choose First Gamble Choose Second Gamble

61.
First Gamble:
90 tickets to win \$96
05 tickets to win \$14
05 tickets to win \$12
OR
Second Gamble:
25 tickets to win \$96
05 tickets to win \$90
70 tickets to win \$12

Choose First Gamble Choose Second Gamble

62.
First Gamble:
50 tickets to win \$100
50 tickets to win \$8
OR
Second Gamble:
50 tickets to win \$96
50 tickets to win \$12

Choose First Gamble Choose Second Gamble

63.
First Gamble:
62 tickets to win \$100
38 tickets to win \$12
OR
Second Gamble:
58 tickets to win \$100
42 tickets to win \$16

Choose First Gamble Choose Second Gamble

64.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
62 tickets to win \$88
38 tickets to win \$0

Choose First Gamble Choose Second Gamble

65.
First Gamble:
10 tickets to win \$98
80 tickets to win \$40
10 tickets to win \$2
OR
Second Gamble:
10 tickets to win \$40
80 tickets to win \$40
10 tickets to win \$40

Choose First Gamble Choose Second Gamble

66.
First Gamble:
90 tickets to win \$95
10 tickets to win \$5
OR
Second Gamble:
90 tickets to win \$55
10 tickets to win \$20

Choose First Gamble Choose Second Gamble

67.
First Gamble:
50 tickets to win \$100
50 tickets to win \$24
OR
Second Gamble:
66 tickets to win \$100
34 tickets to win \$8

Choose First Gamble Choose Second Gamble

68.
First Gamble:
30 tickets to win \$40
10 tickets to win \$39
60 tickets to win \$3
OR
Second Gamble:
20 tickets to win \$80
70 tickets to win \$4
10 tickets to win \$3

Choose First Gamble Choose Second Gamble

69.
First Gamble:
50 tickets to win \$96
50 tickets to win \$12
OR
Second Gamble:
50 tickets to win \$84
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

70.
First Gamble:
70 tickets to win \$89
10 tickets to win \$88
20 tickets to win \$11
OR
Second Gamble:
80 tickets to win \$90
10 tickets to win \$13
10 tickets to win \$12

Choose First Gamble Choose Second Gamble

71.
First Gamble:
62 tickets to win \$100
38 tickets to win \$12
OR
Second Gamble:
66 tickets to win \$100
34 tickets to win \$8

Choose First Gamble Choose Second Gamble

72.
First Gamble:
66 tickets to win \$84
34 tickets to win \$0
OR
Second Gamble:
58 tickets to win \$92
42 tickets to win \$0

Choose First Gamble Choose Second Gamble

73.
First Gamble:
50 tickets to win \$44
50 tickets to win \$40
OR
Second Gamble:
50 tickets to win \$96
50 tickets to win \$4

Choose First Gamble Choose Second Gamble

74.
First Gamble:
50 tickets to win \$92
50 tickets to win \$16
OR
Second Gamble:
50 tickets to win \$96
50 tickets to win \$12

Choose First Gamble Choose Second Gamble

75.
First Gamble:
66 tickets to win \$100
34 tickets to win \$8
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

76.
First Gamble:
54 tickets to win \$96
46 tickets to win \$0
OR
Second Gamble:
62 tickets to win \$88
38 tickets to win \$0

Choose First Gamble Choose Second Gamble

77.
First Gamble:
10 tickets to win \$44
10 tickets to win \$40
80 tickets to win \$2
OR
Second Gamble:
10 tickets to win \$96
10 tickets to win \$4
80 tickets to win \$2

Choose First Gamble Choose Second Gamble

78.
First Gamble:
50 tickets to win \$84
50 tickets to win \$24
OR
Second Gamble:
50 tickets to win \$88
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

79.
First Gamble:
58 tickets to win \$100
42 tickets to win \$16
OR
Second Gamble:
54 tickets to win \$100
46 tickets to win \$20

Choose First Gamble Choose Second Gamble

80.
First Gamble:
54 tickets to win \$96
46 tickets to win \$0
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$0

Choose First Gamble Choose Second Gamble

81.
First Gamble:
05 tickets to win \$96
05 tickets to win \$12
90 tickets to win \$3
OR
Second Gamble:
05 tickets to win \$52
05 tickets to win \$48
90 tickets to win \$3

Choose First Gamble Choose Second Gamble

82.
First Gamble:
50 tickets to win \$95
50 tickets to win \$5
OR
Second Gamble:
50 tickets to win \$55
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

83.
First Gamble:
58 tickets to win \$100
42 tickets to win \$16
OR
Second Gamble:
62 tickets to win \$100
38 tickets to win \$12

Choose First Gamble Choose Second Gamble

84.
First Gamble:
54 tickets to win \$96
46 tickets to win \$0
OR
Second Gamble:
66 tickets to win \$84
34 tickets to win \$0

Choose First Gamble Choose Second Gamble

85.
First Gamble:
20 tickets to win \$58
20 tickets to win \$56
60 tickets to win \$2
OR
Second Gamble:
20 tickets to win \$96
20 tickets to win \$4
60 tickets to win \$2

Choose First Gamble Choose Second Gamble

86.
First Gamble:
50 tickets to win \$84
50 tickets to win \$24
OR
Second Gamble:
50 tickets to win \$96
50 tickets to win \$12

Choose First Gamble Choose Second Gamble

87.
First Gamble:
90 tickets to win \$25
10 tickets to win \$20
OR
Second Gamble:
90 tickets to win \$99
10 tickets to win \$1

Choose First Gamble Choose Second Gamble

88.
First Gamble:
50 tickets to win \$100
50 tickets to win \$0
OR
Second Gamble:
66 tickets to win \$84
34 tickets to win \$0

Choose First Gamble Choose Second Gamble

89.
First Gamble:
90 tickets to win \$96
05 tickets to win \$14
05 tickets to win \$12
OR
Second Gamble:
85 tickets to win \$96
05 tickets to win \$90
10 tickets to win \$12

Choose First Gamble Choose Second Gamble

90.
First Gamble:
50 tickets to win \$84
50 tickets to win \$24
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$8

Choose First Gamble Choose Second Gamble

91.
First Gamble:
58 tickets to win \$100
42 tickets to win \$16
OR
Second Gamble:
66 tickets to win \$100
34 tickets to win \$8

Choose First Gamble Choose Second Gamble

92.
First Gamble:
58 tickets to win \$92
42 tickets to win \$0
OR
Second Gamble:
54 tickets to win \$96
46 tickets to win \$0

Choose First Gamble Choose Second Gamble

93.
First Gamble:
10 tickets to win \$98
90 tickets to win \$2
OR
Second Gamble:
20 tickets to win \$40
80 tickets to win \$2

Choose First Gamble Choose Second Gamble

94.
First Gamble:
50 tickets to win \$92
50 tickets to win \$16
OR
Second Gamble:
50 tickets to win \$84
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

95.
First Gamble:
80 tickets to win \$100
10 tickets to win \$44
10 tickets to win \$40
OR
Second Gamble:
80 tickets to win \$100
10 tickets to win \$96
10 tickets to win \$4

Choose First Gamble Choose Second Gamble

96.
First Gamble:
54 tickets to win \$100
46 tickets to win \$20
OR
Second Gamble:
58 tickets to win \$100
42 tickets to win \$16

Choose First Gamble Choose Second Gamble

97.
First Gamble:
80 tickets to win \$96
10 tickets to win \$44
10 tickets to win \$40
OR
Second Gamble:
90 tickets to win \$96
10 tickets to win \$10

Choose First Gamble Choose Second Gamble

98.
First Gamble:
58 tickets to win \$100
42 tickets to win \$16
OR
Second Gamble:
50 tickets to win \$100
50 tickets to win \$24

Choose First Gamble Choose Second Gamble

99.
First Gamble:
80 tickets to win \$98
10 tickets to win \$98
10 tickets to win \$2
OR
Second Gamble:
80 tickets to win \$98
10 tickets to win \$40
10 tickets to win \$40

Choose First Gamble Choose Second Gamble

100.
First Gamble:
50 tickets to win \$100
50 tickets to win \$8
OR
Second Gamble:
50 tickets to win \$88
50 tickets to win \$20

Choose First Gamble Choose Second Gamble

101.
First Gamble:
85 tickets to win \$100
15 tickets to win \$50
OR
Second Gamble:
95 tickets to win \$100
05 tickets to win \$7

Choose First Gamble Choose Second Gamble

102.
First Gamble:
48 tickets to win \$44
48 tickets to win \$40
04 tickets to win \$2
OR
Second Gamble:
48 tickets to win \$96
48 tickets to win \$4
04 tickets to win \$2

Choose First Gamble Choose Second Gamble

103.
First Gamble:
10 tickets to win \$25
90 tickets to win \$20
OR
Second Gamble:
10 tickets to win \$99
90 tickets to win \$1

Choose First Gamble Choose Second Gamble

104.
First Gamble:
30 tickets to win \$99
65 tickets to win \$15
5 tickets to win \$14
OR
Second Gamble:
12 tickets to win \$88
70 tickets to win \$86
18 tickets to win \$3

Choose First Gamble Choose Second Gamble

105.
First Gamble:
90 tickets to win \$98
10 tickets to win \$2
OR
Second Gamble:
80 tickets to win \$98
20 tickets to win \$40

Choose First Gamble Choose Second Gamble

106.
First Gamble:
62 tickets to win \$88
38 tickets to win \$0
OR
Second Gamble:
54 tickets to win \$96
46 tickets to win \$0

Choose First Gamble Choose Second Gamble

107.
First Gamble:
90 tickets to win \$100
05 tickets to win \$96
05 tickets to win \$12
OR
Second Gamble:
90 tickets to win \$100
05 tickets to win \$52
05 tickets to win \$48

Choose First Gamble Choose Second Gamble

Please check to make sure that you have answered all of the Questions. Scroll up and check that there are no dots next to the numbered questions.

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