1Condition: CumIndep*				Name __________________

Instructions
This is an experiment on decision making.  We are interested in how people choose between lotteries (chances to win or lose money).  On each trial, you will be offered a comparison between two gambles.  Your task is to decide which of the two gambles you would prefer to play and to judge how much you would pay to play your preferred gamble rather than the other gamble.
	For example, suppose there is a can that contains exactly fifty $10 bills and fifty $20 bills.  Would you like the chance to reach into the can and randomly choose one bill?  Yes, you would.  Since you don't get to look in the can, and each bill is equally likely to be chosen, you have a fifty-fifty chance to receive either $10 or $20.  Each outcome has a probability of .50.
	Now, would you rather reach in this can or would you prefer to reach in another can that contained 75 $50 bills and 25 $100 bills?  This choice will be displayed as follows:
				.50  .50				.75  .25
301. _____		$10  $20		vs.		$50  $100

In this case, it is obvious that you would prefer the gamble on the right.  Why?  How much would you pay to play the gamble on the right instead of the gamble on the left?  You should be willing to pay at least $30 (why?) but no more than $90 to play the gamble on the right (why?).  In between these values, your judgment is a matter of opinion.

	In this experiment it will often be a matter of opinion which gamble you would prefer.  For example, consider the following pair:

			.34  .33  .33			.20  .25  .55
302. _____	 $5  $25  $100	   vs.	$20  $40  $60

Would you prefer the gamble on the left (34 chances out of 100 to get $5, 33 chances to get $25, and 33 chances to get $100) or the gamble on the right (20 chances to get $20, 25 chances to get $40, and 55 chances to get $60)?  Some people would prefer the gamble on the left and some would prefer the gamble on the right.  It is a matter of opinion.  Circle the one you would prefer to play, then write down how much you would pay to play your chosen gamble rather than the other gamble in the space provided.
	For each gamble, you can think of a can containing 100 identical slips of paper with different amounts written on them.  Since the slips are equally likely and one will be chosen at random, the probability of each outcome is the number of slips with that outcome, divided by 100.  Each trial displays the probabilities and values of all possible outcomes for each gamble.  Probabilities will always sum to 1 in each gamble.
	Now consider the following choice:

			.50  .25  .25			.50  .50
303. _____	$8  $10  $100	  vs.	$25  $35

This gamble on the left has three possibilities, ($8, $10, $100), 50% to win $8 and 25% chance to win $10 and $100; and the gamble on the right has two equally likely outcomes: $25 or $35.  The gamble on the left wins $100 25% of the time, but 75% of the time (getting $8 or $10), you would have been better off with the gamble on the right.  Which would you prefer?  How much would you pay to get your chosen gamble instead of the other?

Which of these two gambles would you prefer?

			.20 .40  .40			.50  .25  .25  
304. _____	 $8 $10  $100	  vs.	 $8  $45  $100

In this case, both gambles can yield $8 or $100.  The gamble on the left has a 20% chance of yielding $8, 40% chance of winning $100, and a 40% chance of winning only $10.  The gamble on the right has three equally likely outcomes, $8 (50% of the time),$45, and $100, each ocurring 25% of the time.  The gamble on the left has a higher probability of winning $100, but yields $10 or less 60% of the time; whereas the gamble on the right wins $45 or more 50% of the time, but it has a lower chance to win $100. 

On the next page are some practice trials.

	Below are some sample trials for practice.  
In each pair, circle the gamble you prefer.  Then write down how much you would pay to play the preferred gamble instead of the other gamble. 

				.33  .34  .33		.50  .30  .20
305. ______		$10  $15  $18		$20  $30  $40

				.33  .34  .33		.50  .30  .20
306. ______		$10  $15  $18		$10  $15  $18

				.20  .30  .50		.20 .30  .50
307. ______		 $3  $30 $100		 $0 $30  $40

				.50  .50 			.50  .10  .40
308. ______		$10  $90  		$20  $30  $40

				.30  .30  .40		.20  .30  .50
309. ______		$10  $15  $18		$10  $15  $90

				.33  .34  .33		.50  .30  .20
310. ______		$90 $108  $124		$20  $30  $40

				.33  .34  .33		.60  .20  .20
311. ______		$20  $98  $118		$20  $40  $109

				.60  .30  .10   	.60  .10  .30
312. ______		 $4  $20  $90  	 $4  $20  $90

				.33  .67 			.50  .50 
313. ______		$10  $99 			$30  $38 

				.10  .80  .10		.50  .30  .20
314. ______		$10  $15  $18		$20  $30  $40

(When you complete these trials, please raise your hand.  The experimenter will check your answers before you go on.)

.50  .50 			     .10  .50  .40
1. _______	$20  $46			     $25  $96 $108

			.33  .34  .33		     .50  .30  .20
2. _______	$10  $15  $18		     $20  $30  $40

			.35 .35 .30		     .35 .35 .30
3. _______	 $2  $3 $52		      $2  $8 $45

			.45 .45 .10		     .45 .45 .10
4. _______	 $2 $52 $56		      $2 $11 $97 

			.50  .25  .25		     .50  .25  .25
5. _______	 $2  $52  $56		      $2  $11  $97
		     
               .50  .25  .25			.50  .25  .25
6. _______      $3  $48  $52			 $3  $10  $98

			.25  .25  .50			.25  .25  .50
7. _______	$52  $56  $108			$11  $97  $108

			.80  .10  .10		     .80  .10  .10  
8. _______	 $2  $40  $44		      $2  $10  $98

			.60  .30  .10		     .60  .30  .10
9. _______	 $3  $25  $29 		      $3  $10  $98

			.10  .10  .80			.10  .10  .80
10._______	$35  $39  $111		     $11  $97  $111

			.30  .10  .60 		     .30  .10  .60
11.			$48  $52  $107   		$10  $98  $107

			.40   .60				.30   .70
12.			$35   $97				$11   $97 
			
.60  .10  .30 		     .60  .10  .30
13.			 $4  $61  $65   	      $4  $10  $98 

			.40   .60				.10   .90   
14.			$30   $96				$12   $96

               .10  .30  .60		     .10  .30  .60
15.			$35  $39  $111   		$11  $97  $111

			.50   .50				.75   .25
16.			$10   $44				$10   $98

			.80  .10  .10 		     .80  .10  .10
17.			 $5  $30  $34   		 $5  $12  $96 

			.20   .80				.10   .90
18.			$52   $97				$11   $97

               .10  .30  .60 		     .10  .30  .60 
19.			$61  $65  $108  		$10  $98  $108

			.60   .40				.70   .30
20.			$12   $60				$12   $96

			.02  .02  .96 		     .01  .01  .98
21._______    	 $4  $89  $95    		 $4   $7  $95

			.40   .60				.10   .90
22.			$35   $97				$11   $97

			.60  .10  .30 		     .60  .10  .30
23.			 $2  $45  $49    		 $2  $11  $97

			.10  .10  .80  		.10  .10  .80
24.			$52  $56  $108		     $11  $97  $108 

			.50   .50				.25   .75
25.			$45   $97				$11   $97

			.60  .30  .10		     .60  .30  .10
26.			 $3  $48  $52		      $3  $10  $98

			.80   .20				.90   .10
27.			$11   $56				$11   $97

               .05  .05  .90		     .10  .05  .85 
28.			$12  $14  $96		     $12  $90  $96 

			.60   .40				.70   .30
29.			$11   $39			     $11   $97

			.30  .10  .60 		     .30  .10  .60
30. 			$45  $49  $109    		$11  $97  $109

			.50  .25  .25 		     .50  .25  .25
31. 			 $5  $30  $34 		      $5  $12  $96

               .50   .50				.75   .25
32.			$11   $56				$11   $97

			.25  .25  .50 		     .25  .25  .50
33.			$35  $39  $111  		$11  $97  $111

			.80   .20				.90   .10
34.			$10   $52				$10   $98

			.60  .30  .10 		     .60  .30  .10
35.			 $2  $52  $56   		 $2  $11  $97

			.20   .80				.10   .90
36.			$45   $97				$11   $97

			.10  .30  .60		     .10  .30  .60
37.			$40  $44  $110		     $10  $98  $110 

			.50   .50				.75   .25
38.			$12   $34				$12   $96

			.30  .10  .60		     .30  .10  .60
39.			$25  $29  $109		     $10  $98  $109 

			.40   .60				.10   .90
40.			$45   $97				$11   $97

			.25  .25  .50 		     .25  .25  .50
41. 			$40  $44  $110    		$10  $98  $110

			.80   .20				.90   .10
42.			$12   $34				$12   $96

			.10  .10  .80 		     .10  .10  .80 	
43. 			$40  $44  $110 		$10  $98  $110

			.60   .40				.90   .10
44.			$10   $29				$10   $98
 
               .50  .25  .25 		     .50  .25  .25
45.			 $2  $45  $49 		      $2  $11  $97

			.50   .50				.25   .75
46.			$52   $97				$11   $97

			.80  .10  .10		     .80  .10  .10
47.			 $2  $52  $56		      $2  $11  $97 

			.20   .80				.10   .90
48.			$30   $96				$12   $96

			.02  .03  .95		     .05  .03  .92 
49.			 $6   $8  $99		      $6  $91  $99 

			.40   .60				.30   .70
50.			$25   $98				$10   $98

			.60  .10  .30		     .60  .10  .30
51.			 $3  $48  $52		      $3  $10  $98 

			.40   .60				.30   .70
52.     		$30   $96			     $12   $96

			.10  .10  .80 		     .10  .10  .80
53.			$30  $34  $108  		$12  $96  $108

.50   .50				.25   .75
54.			$30   $96				$12   $96

			.60  .30  .10	          .60  .30  .10
55. 			 $2  $45  $49   		 $2  $11  $97

			.60   .40				.70   .30
56.			$10   $44				$10   $98

			.10  .30  .60 		     .10  .30  .60
57.			$52  $56  $108 		$11  $97  $108

.60   .40				.90   .10
58.			$10   $52				$10   $98

			.30  .10  .60		     .30  .10  .60
59.			$30  $34  $108		     $12  $96  $108 

			.40   .60				.10   .90
60.			$61   $98				$10   $98

			.50  .25  .25		     .50  .25  .25
61.			 $2  $52  $56		      $2  $11  $97 

			.50   .50				.25   .75
62.			$40   $98				$10   $98

			.80  .10  .10		     .80  .10  .10	
63.			 $4  $35  $39		      $4  $11  $97 

			.40   .60				.30   .70
64.			$52   $97				$11   $97

			.60  .30  .10 		     .60  .30  .10
65.			 $5  $30  $34    		 $5  $12  $96

			.80   .20				.90   .10
66.			$10   $44				$10   $98

               .30  .10  .60 		     .30  .10  .60
67. 			$52  $56  $108    		$11  $97  $108

			.60   .40				.90   .10
68.			$10   $44				$10   $98

			.10  .30  .60 		     .10  .30  .60 	
69. 			$48  $52  $107  	 	$10  $98  $107

			.50   .50				.75   .25
70.			$11   $39				$11   $97

               .60  .10  .30		     .60  .10  .30	
71.			 $5  $30  $34		      $5  $12  $96 

			.40   .60				.10   .90
72.			$40   $98				$10   $98

			.25  .25  .50		     .25  .25  .50	
73.			$48  $52  $107		     $10  $98  $107

			.20   .80				.10   .90
74.			$48   $98				$10   $98

			.80  .10  .10 		     .80  .10  .10
75.			 $3  $48  $52 		      $3  $10  $98

			.60   .40				.90   .10
76.			$11   $56				$11   $97

			.60  .10  .30 		     .60  .10  .30 	
77. 			 $3  $56  $60 		      $3  $12  $96

			.20   .80				.10   .90
78.			$35   $97				$11   $97

			.10  .30  .60		     .10  .30  .60
79.			$30  $34  $108		     $12  $96  $108 

               .40   .60				.30   .70
80.			$45   $97				$11   $97

			.50  .25  .25		     .50  .25  .25	
81.			 $2  $40  $44		      $2  $10  $98 

			.60   .40				.70   .30
82.			$10   $65				$10   $98

			.25  .25  .50		     .25  .25  .50
83.			$30  $34  $108   		$12  $96  $108 
 
               .60   .40				.90   .10
84.			$12   $34				$12   $96

			.10  .10  .80 		     .10  .10  .80
85. 			$45  $49  $109    		$11  $97  $109

			.50   .50				.75   .25
86.			$11   $49				$11   $97

			.60  .30  .10		     .60  .30  .10
87. 			 $2  $40  $44    		 $2  $10  $98

			.60   .40				.70   .30
88.			$12   $34				$12   $96

			.10  .30  .60 		     .10  .30  .60
89.			$56  $60  $107  		$12  $96  $108

			.60   .40				.90   .10
90.			$11   $39				$11   $97

			.30  .10  .60		     .30  .10  .60
91.			$40  $44  $110   		$10  $98  $110 

			.50   .50				.25   .75
92.			$48   $98				$10   $98

			.60  .10  .30		     .60  .10  .30
93.		      $4  $35  $39		      $4  $11  $97 

			.40   .60				.10   .90
94.			$52   $97				$11   $97

			.12  .04  .84		     .06  .06  .88
95.			 $3  $92  $97		      $3   $5  $97 

               .80   .20				.90   .10
96.			$11   $49				$11   $97

			.60  .10  .30 		     .60  .10  .30
97.			 $2  $40  $44  		 $2  $10  $98

			.40   .60				.30   .70
98.			$48   $98				$10   $98

			.50  .25  .25 		     .50  .25  .25
99. 			 $4  $35  $39    		 $4  $11  $97

			.60   .40				.70   .30
100.			$11   $56				$11   $97

			.80  .10  .10		     .80  .10  .10
101.			 $2  $45  $49 		      $2  $11  $97

			.40   .60				.10   .90		
102.			$48   $98				$10   $98

			.25  .25  .50		     .25  .25  .50
103.			$45  $49  $109		     $11  $97  $109

			.20   .80				.10   .90
104.			$40   $98				$10   $98

			.30  .10  .60		     .30  .10  .60
105.     _	$35  $39  $111		     $11  $97  $111

			.50   .50				.75   .25
106. 		$10   $52				$10   $98

			.10  .10  .80		     .10  .10  .80
107.     _	$48  $52  $107		     $10  $98  $107

			.80   .20				.90   .10
108.     _	$11   $39				$11   $97

               .60  .30  .10 		     .60  .30  .10
109. 		 $4  $35  $39    		 $4  $11  $97

			.40   .60				.30   .70
110.     _	$40   $98				$10   $98

			.10  .30  .60 		     .10  .30  .60
111. 		$45  $49  $109   		$11  $97  $109

			.60   .40				.70   .30
112.     _	$11   $49				$11   $97

			.60  .10  .30		     .60  .10  .30
113.     _	 $2  $52  $56	  	      $2  $11  $97 

			.50   .50				.25   .75
114.     _	$35   $97				$11   $97

			.60   .40		          .90   .10 
115.     _	$11   $49		          $11   $97 

			.40   .60				.10   .90
116.______	$56   $96				$12   $96

			.60   .40		          .70   .30
117.	_____	$10   $52  		     $10   $98 

               .25  .25  .50			.25  .25  .50
118. 		 $2   $4	$50			 $2   $4  $90

			.25  .50  .25		     .25  .50  .25
119.     _	 $2  $50  $108		      $2  $90  $108

			.10  .80  .10		     .80  .10  .10
120.     _	 $4  $40  $93			 $4  $40  $93

               .10  .80  .10		     .10  .80  .10
121. 		 $3  $92  $109    		 $3  $42  $109

			.60  .20  .20			.20  .20  .60
122.     _	 $5  $50	$90			 $5  $50  $90

			.10  .10  .80 		     .10  .80  .10
123. 		 $4  $40  $93   		 $4  $40  $93

			.80  .10  .10	          .80  .10  .10
124.     _	$92  $109	$112			$42  $109 $112

			.10  .10  .80		     .10  .10  .80
125.     _	 $3   $5  $92	  	      $3   $5  $42 

			.10  .10  .80			.80  .10  .10
126.     _	 $4  $40  $93			 $4	$40  $93

			.60  .20  .20		     .20  .60  .20
127.     _	 $5  $50  $90		     $5   $50  $90 

			.20  .60  .20			.20  .20  .60
128.______	 $5  $50  $90			 $5	$50  $90

			.50  .25  .25		     .60  .20  .20
129.	_____	$50  $108 $111 		$90  $108 $111 
               
               .50  .50 			     .10  .50  .40
130.______	$20  $46			     $25  $96 $108

			.33  .34  .33		     .50  .30  .20
131.______	$10  $15  $18		     $20  $30  $40

               .35 .35 .30		     .35 .35 .30
132.______	 $2  $3 $52		      $2  $8 $45

			.45 .45 .10		     .45 .45 .10
133.______	 $2 $52 $56		      $2 $11 $97 

			.50  .25  .25		     .50  .25  .25
134._____ 	 $2  $52  $56		      $2  $11  $97

(When you have completed all of the trials, go back and check your answers.)