### Decision-Making Experiment: Choices between Gambles

Your task will be to choose between gambles. Each person can participate only once. Scroll down and look over the questionnaire. It usually takes about 5-10 minutes. You will have a chance to win cash prizes by selecting gambles.

```Email address:
You will be notified by email if you are a winner.
Country:
Age: You must be over 18 years to participate.
Are you Male or Female?
Female
OR
Male

Education (in years).
If you are a college graduate, put 16.
If you have a Ph.D., put 20.
Education:  Years.

Now, look at the first choice, No. 1, below.   Would you rather play:
A: fifty-fifty chance of winning either \$100 or \$0 (nothing),
OR
B: fifty-fifty chance to win either \$25 or \$35.

This choice would be displayed as follows (if you are connected
by modem, please be patient and allow time to let the images load):

```
1. Which do you choose?
 Choose A Choose B

Think of each circle as the the front of a spinner, whose pointer is balanced at the center of the wheel. When the spinner of the gamble on the left is spun, it has a 50% chance to land on the region on the left, where the prize is \$100 and a 50% chance to land in the region on the right, where the prize is \$0 (the dollar sign, \$, may look like an "S" in the figure), so the probability to win \$100 is .50 and the probability to get \$0 is .50. If someone played Gamble A, half the time they might win \$0 and half the time \$100. But in this study, you only get to play a gamble once, so the prize will be either \$0 or \$100. Gamble B is shown on the right. Its wheel also has two equal areas, but 50% of the time you would win \$35 (spinner points to the left region) and 50% of the time the prize is \$25 (if the spinner pointed to the right). Gamble B thus guarantees at least \$25, but the most you can win is \$35. Some will prefer Gamble A and others will prefer B. To mark your choice, click the button nearer to A or B. Notice that the dot next to No. 1 will empty and fill in the button next to your choice. For each choice below, click the button for the gamble you would rather play.

On December 21, 2000, after people have finished their choices, three lucky people will be selected randomly to play one gamble for real money. One trial will be selected randomly from the 20 trials, and if you were selected, you would get to play the gamble you chose on the trial selected. Prizes vary from \$0 to \$110. Any one of the 20 choices might be the one you get to play, so choose carefully!

1. Which do you choose?
 Choose A Choose B Next trial

2. Which do you choose?
 Choose C Choose D Next trial

3. Which do you choose?
 Choose E Choose F Next trial

4. Which do you choose?
 Choose G Choose H Next trial

5. Which do you choose?
 Choose I Choose J Next trial

6. Which do you choose?
 Choose K Choose L Next trial

7. Which do you choose?
 Choose M Choose N Next trial

8. Which do you choose?
 Choose O Choose P Next trial

9. Which do you choose?
 Choose Q Choose R Next trial

10. Which do you choose?
 Choose S Choose T Next trial

11. Which do you choose?
 Choose U Choose V Next trial

12. Which do you choose?
 Choose W Choose X Next trial

13. Which do you choose?
 Choose Y Choose Z Next trial

14. Which do you choose?
 Choose a Choose b Next trial

15. Which do you choose?
 Choose c Choose d Next trial

16. Which do you choose?
 Choose e Choose f Next trial

17. Which do you choose?
 Choose g Choose h Next trial

18. Which do you choose?
 Choose i Choose j Next trial

19. Which do you choose?
 Choose k Choose l Next trial

20. Which do you choose?
 Choose m Choose n Next trial

```21. Have you ever read a scientific paper
(i.e., a journal article or book) on the theory of
decision making or on the psychology of decision making?

No. Never.
OR
Yes, I have.