In this part you will compare two or three card lotteries to some sure fixed payoff in ₵. These sure payments will be presented to you in the table below in increasing order. Your task is to indicate whether you would prefer the lottery to the fixed amount presented to you. To report what you would like to receive, you will click on a row in the table that has 20 different rows. Each row has always two different options: Option 3 and Option 4.
We ask you to consider in each row whether you prefer Option 3 or Option 4. Instead of making 20 choices, we simply ask you to report the one crossing point, that is, the first row at which you prefer Option 4 over Option 3. Before that row, we assume that you prefer Option 3 and, we assume that you prefer Option 4. The rows for which you choose Option 4 will be highlighted in red.
| # | Option 3 (Lottery) |
Option 4 (Sure payoff) |
When do you start to prefer Option 4? |
|---|---|---|---|
| 1 | ₵40 ₵50 ₵60 | ₵0 | |
| 2 | ₵5 | ||
| 3 | ₵10 | 4 | ₵15 |
| 5 | ₵20 | ||
| 6 | ₵25 | ||
| 7 | ₵30 | ||
| 8 | ₵35 | ||
| 9 | ₵40 | ||
| 10 | ₵45 | ||
| 11 | ₵50 | ||
| 12 | ₵55 | ||
| 13 | ₵60 | ||
| 14 | ₵65 | ||
| 15 | ₵70 | 16 | ₵75 |
| 17 | ₵80 | ||
| 18 | ₵85 | ||
| 19 | ₵90 | ||
| 20 | ₵95 |
This part has 12 rounds. Later the computer will randomly choose 1 round and in the chosen round, it will randomly pick one row among the 20 rows. Two outcomes are then possible:
Case 1. If you choose Option 3 in that row
Case 2. If you choose Option 4 in that row
Note, as you select a row further down on the list, the higher will be the fixed payoff on the right but the more likely it will be that your originally preferred lottery is implemented instead of the fixed payoff.
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