Instructions for Evaluating Mixed Gambles


Your task is to read descriptions of 50-50 mixed gambles and rate how much you would like to play those gambles. A 50-50 mixed gamble is a gamble that gives equal chances of either winning or losing. For example, suppose we decide to gamble on on the toss of a coin. A fair coin is tossed in the air and you get to call "HEADS" or "TAILS"; if it lands Heads, you win money and if it is Tails, you lose. Would you like to play a gamble with a 50% chance to WIN $60 and a 50% chance to LOSE $20? How about a 50-50 chance to WIN $20 or LOSE $60? We are studying how people evaluate these gambles.

Scroll down and look at the trials. You will respond by clicking along the scale, to express your degree of liking, measured from the left end of the scale as follows:

10% from left = Dislike Very Very Much
20% from left = Dislike Very Much
30% from left = Dislike
40% from left = Dislike slightly
50% from left = Neutral (Neither like nor dislike)
60% from left = Like slightly
70% from left = Like
80% from left = Like Very Much
90% from left = Like Very Very Much
Thus, if you would like to play the gamble very much, you would click along the scale toward the right side, about 80% of the way from the left to the right; and if you dislike the idea of playing the gamble, you would click on the left side of the line, about 30% of the distance from the left. If you don't care if you play the gamble or not, you should click exactly in the center of the scale.

The amounts that you might LOSE are: LOSE $100, LOSE $80, LOSE $60, LOSE $40, LOSE $20.

The amounts that you might WIN are: WIN $20, WIN $40, WIN $60, WIN $80, WIN $100.

Exactly where you place your response depends on your degree of liking or disliking. After a few warmup trials, you learn know how to use the scale. If you want to adjust your response, you can click or drag to the new spot along the line that expresses your judgment.

Warmup Trials Evaluating Mixed Gambles


Trial W1 gives you a 50-50 gamble to LOSE $100 or WIN $20. Heads you win $20 and Tails you lose $100. Would you like to play this gamble? If you don't want to play this gamble, you should click to the left side of the center; if you would like to play it, click to the right side. How much do you like or dislike this gamble? W1.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


W2.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


W3.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


W4.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


1.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


2.
 
 		50-50 to LOSE $60
 		 OR
 		 WIN $60
 		 
 
Dislike Very Very Much
Like Very Very Much


3.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $80
 		 
 
Dislike Very Very Much
Like Very Very Much


4.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $40
 		 
 
Dislike Very Very Much
Like Very Very Much


5.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $60
 		 
 
Dislike Very Very Much
Like Very Very Much


6.
 
 		50-50 to LOSE $60
 		 OR
 		 WIN $40
 		 
 
Dislike Very Very Much
Like Very Very Much


7.
 
 		50-50 to LOSE $60
 		 OR
 		 WIN $80
 		 
 
Dislike Very Very Much
Like Very Very Much


8.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


9.
 
 		50-50 to LOSE $40
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


10.
 
 		50-50 to LOSE $80
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


11.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


12.
 
 		50-50 to LOSE $100
 		 OR
 		 WIN $60
 		 
 
Dislike Very Very Much
Like Very Very Much


13.
 
 		50-50 to LOSE $40
 		 OR
 		 WIN $40
 		 
 
Dislike Very Very Much
Like Very Very Much


14.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $40
 		 
 
Dislike Very Very Much
Like Very Very Much


15.
 
 		50-50 to LOSE $60
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


16.
 
 		50-50 to LOSE $80
 		 OR
 		 WIN $60
 		 
 
Dislike Very Very Much
Like Very Very Much


17.
 
 		50-50 to LOSE $40
 		 OR
 		 WIN $60
 		 
 
Dislike Very Very Much
Like Very Very Much


18.
 
 		50-50 to LOSE $80
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


19.
 
 		50-50 to LOSE $80
 		 OR
 		 WIN $80
 		 
 
Dislike Very Very Much
Like Very Very Much


20.
 
 		50-50 to LOSE $80
 		 OR
 		 WIN $40
 		 
 
Dislike Very Very Much
Like Very Very Much


21.
 
 		50-50 to LOSE $60
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


22.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $100
 		 
 
Dislike Very Very Much
Like Very Very Much


23.
 
 		50-50 to LOSE $40
 		 OR
 		 WIN $20
 		 
 
Dislike Very Very Much
Like Very Very Much


24.
 
 		50-50 to LOSE $40
 		 OR
 		 WIN $80
 		 
 
Dislike Very Very Much
Like Very Very Much


25.
 
 		50-50 to LOSE $20
 		 OR
 		 WIN $80
 		 
 
Dislike Very Very Much
Like Very Very Much


26. What is your age? years.
27. Gender: Are you Male or Female?
Female
Male

28. 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:
29. Nationality (nation of birth, e.g., USA, UK, China):
Students who wish credit in SONA Account, please complete the following items; they are used only for the purpose of giving credit toward the requirement.

30. LAST NAME:

31. FIRST NAME:

32. Last 4 DIGITS of CWID (Campus ID):

33. Email (Campus Email):

34. COMMENTS:

35. Please scroll back and check your answers, making sure you have filled in everything correctly.
After checking, is everything correct and complete? If so, type YES here:

When you have finished and checked your work, push the button below.

Thank You!