Judging Differences in Utility for Gains and Losses

Instructions for Judging Differences in Utility for Gains and Losses

In this part, you are asked to judge DIFFERENCES in utility between experiences of winning or losing different amounts of money.

Again, imagine that you play a game in which you might win or lose different amounts of money. The possible outcomes are:

LOSE $100, LOSE $80, LOSE $60, LOSE $40, LOSE $20,
BREAK EVEN $0,
WIN $10, WIN $20, WIN $30, WIN $40, WIN $50

The best outcome in this study is to WIN $50 and the worst outcome is to LOSE $100. You would feel much better to WIN $50 than to LOSE $100. That is the biggest DIFFERENCE in this study.

We ask you now to judge DIFFERENCES in utility between different experiences, compared to the biggest difference. We want to find out, for example, is the subjective difference between breaking even ($0) and winning $40 the same as the difference between breaking even ($0) and losing $40? Which subjective difference is greater?

To record your judgments, you will click along a line to judge each difference, from no difference to the biggest difference. If there is no difference between how you would feel, mark on the far left, and if the difference is as big as the biggest difference (WIN $50 versus LOSE $100), mark on the far right. Mark along the line so that the bigger the difference, the farther to the right your mark will be. Place your mark to show the size of the difference, compared to the biggest difference.

If the difference in utility between to outcomes is half the size of the biggest difference, click half-way along the line. If it is only one-tenth as big, mark only one tenth the length from the left end. If it is three-fourths as big as the biggest difference, mark to the right three-fourths the length of the line. In each case, make your mark so that the ratio of length from the left matches the ratio of the difference in utility to the biggest difference.

Example W1 illustrates the biggest difference: LOSE $100 versus WIN $50. How would you feel if you lost $100? How would you feel if you won $50? This difference is the biggest one in this study. So, you should mark farthest to the right on the line because this is the biggest difference in this study.

W1.

	LOSE $100	versus	WIN $50
No Difference				Biggest Difference

Example W2 illustrates a zero difference: LOSE $100 versus LOSE $100. In this case, you should click farthest to the left on the line, because there is no difference. The difference between WIN $50 and WIN $50 is also zero. Whenever the two outcomes are the same, there will be no difference, so you should click at the far left (or leave it at the far left) in those cases.

W2.

	LOSE $100	versus	LOSE $100
No Difference				Biggest Difference

Example W3 illustrates a case where there is an intermediate DIFFERENCE: WIN $20 versus WIN $50. How big is this difference compared to the difference between LOSE $100 and WIN $50? Mark along the line proportional to how big this difference is compared to the biggest difference.

W3.

	WIN $20	versus	WIN $50
No Difference				Biggest Difference

Examples W1, and W2 illustrate cases where there are "right" answers, but Examples 3, 4, and 5 ask you to think and judge. How would you feel if you BREAK EVEN $0? Compare that to how you would feel if you WIN $40. In this case, you must decide how far from the left to mark on the line. Imagine how you would feel to Break even, then imagine how you would feel to win $40. What proportion of the biggest difference is this subjective difference? Click that proportion along the line, comparing this difference to the biggest difference. These judgments will get easier as you get more practice with the task.

W4.

	BREAK EVEN $0	versus	WIN $40
No Difference				Biggest Difference

Example W5 compares LOSE $40 versus BREAK EVEN $0. How much would you prefer to Break Even than to Lose $40? How big is this difference in how you would feel?

W5.

	LOSE $40	versus	BREAK EVEN $0
No Difference				Biggest Difference

Example W6 compares WIN $40 versus LOSE $40. The left side is better than the right, and this is a bigger difference than either W4 or W5, but how much bigger? Mark on the line to show how much bigger it is.

W6.

	WIN $40	versus	LOSE $40
No Difference				Biggest Difference

W7.

	LOSE $50	versus	LOSE $100
No Difference				Biggest Difference

W8.

	WIN $10	versus	WIN $50
No Difference				Biggest Difference

W9.

	LOSE $20	versus	WIN $50
No Difference				Biggest Difference

Please re-read the instructions then continue. Take your time and think about each trial.

	LOSE $40	versus	LOSE $100
No Difference				Biggest Difference

	LOSE $100	versus	BREAK EVEN $0
No Difference				Biggest Difference

	LOSE $20	versus	LOSE $80
No Difference				Biggest Difference

	LOSE $60	versus	LOSE $20
No Difference				Biggest Difference

	LOSE $40	versus	WIN $40
No Difference				Biggest Difference

	LOSE $100	versus	LOSE $60
No Difference				Biggest Difference

	WIN $40	versus	LOSE $60
No Difference				Biggest Difference

	WIN $20	versus	WIN $40
No Difference				Biggest Difference

	WIN $30	versus	WIN $30
No Difference				Biggest Difference

10.

	WIN $10	versus	WIN $40
No Difference				Biggest Difference

11.

	LOSE $60	versus	LOSE $80
No Difference				Biggest Difference

12.

	LOSE $80	versus	LOSE $60
No Difference				Biggest Difference

13.

	WIN $40	versus	LOSE $80
No Difference				Biggest Difference

14.

	LOSE $80	versus	LOSE $100
No Difference				Biggest Difference

15.

	LOSE $100	versus	LOSE $80
No Difference				Biggest Difference

16.

	LOSE $100	versus	WIN $20
No Difference				Biggest Difference

17.

	LOSE $40	versus	LOSE $60
No Difference				Biggest Difference

18.

	LOSE $80	versus	LOSE $40
No Difference				Biggest Difference

19.

	LOSE $80	versus	WIN $40
No Difference				Biggest Difference

20.

	WIN $20	versus	WIN $30
No Difference				Biggest Difference

21.

	WIN $40	versus	WIN $30
No Difference				Biggest Difference

22.

	LOSE $20	versus	WIN $30
No Difference				Biggest Difference

23.

	WIN $40	versus	LOSE $20
No Difference				Biggest Difference

24.

	LOSE $60	versus	WIN $20
No Difference				Biggest Difference

25.

	WIN $10	versus	BREAK EVEN $0
No Difference				Biggest Difference

26.

	WIN $20	versus	WIN $20
No Difference				Biggest Difference

27.

	LOSE $20	versus	BREAK EVEN $0
No Difference				Biggest Difference

28.

	BREAK EVEN $0	versus	LOSE $60
No Difference				Biggest Difference

29.

	WIN $40	versus	WIN $50
No Difference				Biggest Difference

30.

	WIN $20	versus	LOSE $40
No Difference				Biggest Difference

31.

	WIN $50	versus	LOSE $100
No Difference				Biggest Difference

32.

	WIN $30	versus	BREAK EVEN $0
No Difference				Biggest Difference

33.

	LOSE $20	versus	LOSE $40
No Difference				Biggest Difference

34.

	WIN $50	versus	LOSE $40
No Difference				Biggest Difference

35.

	WIN $30	versus	LOSE $20
No Difference				Biggest Difference

36.

	LOSE $60	versus	WIN $30
No Difference				Biggest Difference

37.

	LOSE $80	versus	WIN $50
No Difference				Biggest Difference

38.

	BREAK EVEN $0	versus	LOSE $40
No Difference				Biggest Difference

39.

	LOSE $60	versus	WIN $50
No Difference				Biggest Difference

40.

	WIN $30	versus	LOSE $80
No Difference				Biggest Difference

41.

	WIN $10	versus	LOSE $60
No Difference				Biggest Difference

42.

	WIN $50	versus	LOSE $80
No Difference				Biggest Difference

43.

	LOSE $40	versus	WIN $30
No Difference				Biggest Difference

44.

	WIN $40	versus	WIN $20
No Difference				Biggest Difference

45.

	LOSE $100	versus	WIN $30
No Difference				Biggest Difference

46.

	WIN $10	versus	LOSE $20
No Difference				Biggest Difference

47.

	LOSE $20	versus	LOSE $100
No Difference				Biggest Difference

48.

	WIN $10	versus	WIN $10
No Difference				Biggest Difference

49.

	LOSE $20	versus	LOSE $20
No Difference				Biggest Difference

50.

	LOSE $60	versus	WIN $40
No Difference				Biggest Difference

51.

	LOSE $80	versus	BREAK EVEN $0
No Difference				Biggest Difference

52.

	WIN $50	versus	WIN $20
No Difference				Biggest Difference

53.

	LOSE $20	versus	LOSE $60
No Difference				Biggest Difference

54.

	LOSE $20	versus	WIN $10
No Difference				Biggest Difference

55.

	WIN $10	versus	LOSE $40
No Difference				Biggest Difference

56.

	WIN $50	versus	WIN $40
No Difference				Biggest Difference

57.

	WIN $20	versus	BREAK EVEN $0
No Difference				Biggest Difference

58.

	LOSE $80	versus	WIN $30
No Difference				Biggest Difference

59.

	LOSE $40	versus	WIN $10
No Difference				Biggest Difference

60.

	WIN $40	versus	LOSE $40
No Difference				Biggest Difference

61.

	LOSE $40	versus	LOSE $80
No Difference				Biggest Difference

62.

	BREAK EVEN $0	versus	WIN $50
No Difference				Biggest Difference

63.

	WIN $30	versus	LOSE $60
No Difference				Biggest Difference

64.

	WIN $20	versus	WIN $50
No Difference				Biggest Difference

65.

	LOSE $20	versus	WIN $50
No Difference				Biggest Difference

66.

	LOSE $40	versus	LOSE $40
No Difference				Biggest Difference

67.

	WIN $40	versus	WIN $10
No Difference				Biggest Difference

68.

	BREAK EVEN $0	versus	LOSE $80
No Difference				Biggest Difference

69.

	BREAK EVEN $0	versus	WIN $10
No Difference				Biggest Difference

70.

	BREAK EVEN $0	versus	WIN $20
No Difference				Biggest Difference

71.

	BREAK EVEN $0	versus	LOSE $20
No Difference				Biggest Difference

72.

	WIN $20	versus	LOSE $80
No Difference				Biggest Difference

73.

	WIN $20	versus	LOSE $20
No Difference				Biggest Difference

74.

	WIN $10	versus	WIN $20
No Difference				Biggest Difference

75.

	LOSE $40	versus	LOSE $20
No Difference				Biggest Difference

76.

	LOSE $100	versus	WIN $40
No Difference				Biggest Difference

77.

	LOSE $20	versus	WIN $40
No Difference				Biggest Difference

78.

	LOSE $60	versus	WIN $10
No Difference				Biggest Difference

79.

	LOSE $100	versus	WIN $50
No Difference				Biggest Difference

80.

	LOSE $100	versus	LOSE $20
No Difference				Biggest Difference

81.

	BREAK EVEN $0	versus	WIN $40
No Difference				Biggest Difference

82.

	LOSE $100	versus	LOSE $100
No Difference				Biggest Difference

83.

	WIN $20	versus	LOSE $60
No Difference				Biggest Difference

84.

	WIN $50	versus	WIN $50
No Difference				Biggest Difference

85.

	WIN $10	versus	WIN $30
No Difference				Biggest Difference

86.

	LOSE $40	versus	WIN $50
No Difference				Biggest Difference

87.

	LOSE $80	versus	WIN $10
No Difference				Biggest Difference

88.

	WIN $30	versus	WIN $40
No Difference				Biggest Difference

89.

	WIN $30	versus	WIN $20
No Difference				Biggest Difference

90.

	BREAK EVEN $0	versus	BREAK EVEN $0
No Difference				Biggest Difference

91.

	WIN $50	versus	WIN $10
No Difference				Biggest Difference

92.

	WIN $10	versus	WIN $50
No Difference				Biggest Difference

93.

	WIN $40	versus	LOSE $100
No Difference				Biggest Difference

94.

	LOSE $60	versus	LOSE $60
No Difference				Biggest Difference

95.

	WIN $50	versus	WIN $30
No Difference				Biggest Difference

96.

	WIN $20	versus	LOSE $100
No Difference				Biggest Difference

97.

	BREAK EVEN $0	versus	LOSE $100
No Difference				Biggest Difference

98.

	LOSE $40	versus	BREAK EVEN $0
No Difference				Biggest Difference

99.

	WIN $50	versus	LOSE $60
No Difference				Biggest Difference

100.

	LOSE $40	versus	WIN $20
No Difference				Biggest Difference

101.

	WIN $10	versus	LOSE $100
No Difference				Biggest Difference

102.

	LOSE $100	versus	LOSE $40
No Difference				Biggest Difference

103.

	WIN $10	versus	LOSE $80
No Difference				Biggest Difference

104.

	WIN $30	versus	WIN $10
No Difference				Biggest Difference

105.

	WIN $30	versus	WIN $50
No Difference				Biggest Difference

106.

	LOSE $60	versus	BREAK EVEN $0
No Difference				Biggest Difference

107.

	LOSE $60	versus	LOSE $100
No Difference				Biggest Difference

108.

	LOSE $80	versus	LOSE $80
No Difference				Biggest Difference

109.

	WIN $40	versus	BREAK EVEN $0
No Difference				Biggest Difference

110.

	WIN $40	versus	WIN $40
No Difference				Biggest Difference

111.

	LOSE $80	versus	LOSE $20
No Difference				Biggest Difference

112.

	LOSE $60	versus	LOSE $40
No Difference				Biggest Difference

113.

	WIN $30	versus	LOSE $100
No Difference				Biggest Difference

114.

	LOSE $80	versus	WIN $20
No Difference				Biggest Difference

115.

	WIN $50	versus	BREAK EVEN $0
No Difference				Biggest Difference

116.

	WIN $30	versus	LOSE $40
No Difference				Biggest Difference

117.

	LOSE $100	versus	WIN $10
No Difference				Biggest Difference

118.

	WIN $50	versus	LOSE $20
No Difference				Biggest Difference

119.

	WIN $20	versus	WIN $10
No Difference				Biggest Difference

120.

	LOSE $20	versus	WIN $20
No Difference				Biggest Difference

121.

	BREAK EVEN $0	versus	WIN $30
No Difference				Biggest Difference

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Instructions for Judging Differences in Utility for Gains and Losses

Thank You!