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The experiment consists of multiple rounds of 1-2 stage gambles. Each round starts with $6. In Stage 1, you will have a choice of taking a certain amount or entering a lottery that pays you a random amount from a specified interval. If you take the certain amount, the payoff is recorded and you start a new round. However, if you choose to play the lottery, after drawing a random number, you will enter Stage 2. In Stage 2, you will have a chance to take the amount you have just drawn and finish the round or enter a similar lottery and draw a new final payoff.

The winnings are not cumulative - only one round's outcome will be randomly selected and become your true monetary payment at the end.

The experiment consists of 20 rounds, but before that, you will have 3 practice rounds to familiarize yourself with the rules.

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