In this experiment you will see and receive the outcomes of two lotteries in a sequential manner. Each lottery has either one or two outcomes that occur with some probabilities. In each round only the realization (outcome) of one of the lotteries will be given. Think of it as someone else making a choice and you observe the choice and the outcome. For example, you might see something like 'Lottery 1- outcome 10 cents'. That means that you get a payoff of 10 cents. Or if you see something like 'Lottery 2- outcome 5 cents', then you get a payoff of 5 cents.

In each round you will receive the outcome that is yielded from the respective lottery. You will see and receive 40 outcomes in total. After that you will make a final choice between the two lotteries for a 50 times greater payoff. For example, if an outcome of the lottery has given you 5 cents in any of the 40 rounds, now the same outcome (if realized) will give you 2.5 euro. The participation reward is 50 cents. You will get this amount of money regardless of your choices. Depending on your choice after the 40 rounds, you might significantly increase your earnings. You may also use pen and paper to keep track of the lotteries and their outcomes.

Please, proceed to the next section where you will see a realization of one of the lotteries. After that, on a separate page, you will see a realization of another lottery, and so on until all 40 rounds are complete.