Instructions for Choices between Mixed Gambles


This is a study of decision making. In this study you are asked to compare gambles that may WIN, LOSE, or break even. Imagine that you are presented with these choices, and you must choose which one you would rather play in each choice. In some cases you will not want to play either gamble, and you must choose the lesser of two unfavorable gambles. You should choose the one you would rather play in each case. You will not actually win or lose in this study, but please try to imagine that you really face these choices and click the button beside the gamble in each pair that you would rather play if you are forced to make a choice.

Each gamble can be thought of as a container with exactly 100 tickets. The tickets are otherwise identical, except for amounts to WIN or LOSE written on them. When you choose a gamble, imagine that one ticket will be drawn blindly and at random, and the value on the ticket will determine how much you win or lose.

For example, one choice is displayed as follows:

1.
20 tickets to LOSE $2025 tickets to LOSE $1
30 tickets to LOSE $2515 tickets to WIN $10
50 tickets to WIN $20060 tickets to WIN $45
Choose Gamble on the Left     Choose Gamble on the Right

In this case, you could choose the gamble on the LEFT, which has a 50% chance to WIN $200, but has a 20% chance to LOSE $20 and a 30% chance to LOSE $20. Or, you can choose the gamble on the RIGHT, in which case you would have a 60% chance to WIN $45, a 15% chance to WIN $10, and a 25% chance to LOSE $1. Some people might choose the gamble on the LEFT, which has a chance to win $200 but risks bigger losses than the gamble on the RIGHT. Others would choose the gamble on the RIGHT, which has a smaller prize but the worst outcome is a LOSS of only $1.

Notice that when you click the button beneath your chosen gamble, the black dot jumps from above to show which gamble you have selected.

Consider Choice 2:

2.
5 tickets to LOSE $4420 tickets to get $0
15 tickets to LOSE $4840 tickets to LOSE $10
80 to tickets LOSE $540 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right

Choice 2 has two unfavorable gambles. If you were forced to choose between them, which would you rather play? If you choose the gamble on the LEFT, you will lose $5 for sure and you risk losing as much as $48. If you choose the gamble on the RIGHT, you have a 20% chance to break even (get $0), but you risk a 40% chance to LOSE $200. You would rather not play either of these gambles, but we are trying to learn how people make choices in situations like this, where both choices are unfavorable.

3.
5 tickets to WIN $4405 tickets to get $0
15 tickets to WIN $4805 tickets to LOSE $10
80 to tickets WIN $5090 tickets to WIN $100
Choose Gamble on the Left     Choose Gamble on the Right

Gamble 3 is a choice between two favorable gambles. If you choose the gamble on the LEFT, you would WIN at least $44, but the most you can win is $50. If you choose the gamble on the RIGHT you might WIN as much as $100, but you might also LOSE $10 or break even (get $0).


Warmup Trials: Choices between Mixed Gambles


W1.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to LOSE $20070 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right


W2.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 to tickets WIN $20070 tickets to WIN $200
Choose Gamble on the Left     Choose Gamble on the Right


W3.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 to tickets WIN $20070 tickets to WIN $200
Choose Gamble on the Left     Choose Gamble on the Right


W4.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to LOSE $20070 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right


1.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to LOSE $670 tickets to LOSE $6
Choose Gamble on the Left     Choose Gamble on the Right


2.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 to tickets WIN $20070 tickets to WIN $200
Choose Gamble on the Left     Choose Gamble on the Right


3.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to LOSE $10070 tickets to LOSE $100
Choose Gamble on the Left     Choose Gamble on the Right


4.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to WIN $4470 tickets to WIN $44
Choose Gamble on the Left     Choose Gamble on the Right


5.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to LOSE $10070 tickets to LOSE $100
Choose Gamble on the Left     Choose Gamble on the Right


6.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to LOSE $20070 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right


7.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 to tickets WIN $20070 tickets to WIN $200
Choose Gamble on the Left     Choose Gamble on the Right


8.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to get $070 tickets to get $0
Choose Gamble on the Left     Choose Gamble on the Right


9.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to LOSE $20070 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right


10.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to WIN $10070 tickets to WIN $100
Choose Gamble on the Left     Choose Gamble on the Right


11.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to LOSE $20070 tickets to LOSE $200
Choose Gamble on the Left     Choose Gamble on the Right


12.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to LOSE $4670 tickets to LOSE $46
Choose Gamble on the Left     Choose Gamble on the Right


13.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to get $070 tickets to get $0
Choose Gamble on the Left     Choose Gamble on the Right


14.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to LOSE $10070 tickets to LOSE $100
Choose Gamble on the Left     Choose Gamble on the Right


15.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to WIN $670 tickets to WIN $6
Choose Gamble on the Left     Choose Gamble on the Right


16.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to WIN $10070 tickets to WIN $100
Choose Gamble on the Left     Choose Gamble on the Right


17.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to WIN $670 tickets to WIN $6
Choose Gamble on the Left     Choose Gamble on the Right


18.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to WIN $10070 tickets to WIN $100
Choose Gamble on the Left     Choose Gamble on the Right


19.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to WIN $670 tickets to WIN $6
Choose Gamble on the Left     Choose Gamble on the Right


20.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to get $070 tickets to get $0
Choose Gamble on the Left     Choose Gamble on the Right


21.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to LOSE $4670 tickets to LOSE $46
Choose Gamble on the Left     Choose Gamble on the Right


22.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 tickets to LOSE $670 tickets to LOSE $6
Choose Gamble on the Left     Choose Gamble on the Right


23.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to WIN $4470 tickets to WIN $44
Choose Gamble on the Left     Choose Gamble on the Right


24.
15 tickets to LOSE $115 tickets to LOSE $22
15 tickets to WIN $415 tickets to WIN $66
70 tickets to LOSE $670 tickets to LOSE $6
Choose Gamble on the Left     Choose Gamble on the Right


25.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to LOSE $4670 tickets to LOSE $46
Choose Gamble on the Left     Choose Gamble on the Right


26.
15 tickets to WIN $4415 tickets to WIN $10
15 tickets to WIN $4815 tickets to WIN $98
70 to tickets WIN $20070 tickets to WIN $200
Choose Gamble on the Left     Choose Gamble on the Right


27.
15 tickets to LOSE $4915 tickets to LOSE $98
15 tickets to LOSE $4515 tickets to LOSE $10
70 tickets to WIN $4470 tickets to WIN $44
Choose Gamble on the Left     Choose Gamble on the Right


28. What is your age? years.
29. Gender: Are you Male or Female?
Female
Male

30. How many years of Education have you completed? Put 12 for High School Diploma
Put 16 for college diploma (bachelor's degree).
put 20 for doctorate degree (Ph.D., M.D., etc).
Education:
31. Nationality (country of birth):
32. Comments:
33. Email address:

Please check your answers. When you are done, push the button below.

Thank You!