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1. You can choose between the following two options:

Option A: A lottery that pays 10 pence with 50% probability and 0 pence with 50% probability.

Option B: A guaranteed payment of 5 pence.

Which option do you choose?

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2. Suppose you have the lottery from Option A. What is the minimum amount you would be willing to sell the lottery for? Please enter a number between 0 and 10 pence.

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3. You can choose between the following two options:

Option A: An urn contains 50 red balls and 50 blue balls. You receive 10 pence if a ball, drawn randomly from the urn, is red and 0 pence if it is blue.

Option B: An urn contains 100 red or blue balls in an unknown proportion. You receive 10 pence if a ball, drawn randomly from the urn, is red and 0 pence if it is blue.

Which option do you choose?

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4. Consider a version of an urn from Option A with a different number of red balls (out of 100). What number of red balls would make you indifferent between Option A and Option B? Please enter a number between 0 and 100. {{ formfield 'ambiguity_prob' label="" }}
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