Task 2 of this part is almost identical to Task 1. The only difference is that the second alternative will
be paid out in 8 weeks, instead of 4 weeks. Apart from the payment date, the instructions are identical to those from Task 1.
We include them here in case you would like to review them.
Once you have completed Task 2, we will explain the next task.
Part 2 - Task 2
In the second task you will have to choose between different lottery alternatives, which will be paid out at two different points in time.
The first alternative, which we refer to as the Lottery - Tomorrow will be paid out tomorrow.
Since this alternative will be paid out "sooner", the two potential amounts you can earn in that lottery are usually low.
The second alternative, which we refer to as the Lottery - 8 weeks will be paid out in 8 weeks (i.e., ).
Since this alternative will be paid out "later", the two potential amounts you can earn in that lottery are usually higher.
The example below illustrates this. By comparing the outcomes of the two lotteries, you can see how both the outcome
in the best case scenario and the outcome in the worst case scenario are higher in the Lottery - 8 weeks.
Your task is to choose between the Lottery - Tomorrow and the Lottery - 8 weeks.
Each lottery will pay you either the high or the low amount depending on the outcome of a coin toss.
So for each amount, there exists a 50-50 chance that it will materialize.
Which is your preferred alternative
This task will consist of 3 rounds each containing 6 choices.
That means that you will make a total of 18 choices similar to the example above.
For all 18 choices the payment dates remain the same. However, the monetary amounts of the lotteries differ.
Within one round, the amounts of the Lottery - Tomorrow remain constant.
They only change once you start a new round.
and pay them out at the respective date of payment.
This means your choices in this first task have the same probability of being selected as your choices in task 2.
If the computer selects one of the choices from this task, it will solve the lottery by simulating a coin toss.
According to the outcome of the coin toss you will then either receive the higher amount if the coin shows heads or the lower amount if the coin shows tails.
Since all of your choices in this part have the same probability to be chosen for payment, it is always in your best interest to choose the option you prefer the most.
The amounts of the Lottery -
8 weeks, on the other hand,
differ from choice to choice. It is very important that you pay attention to those changes when you make your decision.
At the end of this study, we will randomly select one of your choices in this part of the study (from one of the four tasks in Part 2).
Please note again that the questions are not designed to test you.
There are no right or wrong answers. Simply choose the payment option that you prefer the most.
Please think carefully about your decision before you leave a page.
Once you click the NEXT button on the bottom of a decision page, your choices will be recorded and you will not be able to revise them.
You will not have the opportunity to navigate back during this task.
Please click the Return button if you understood the instructions and you feel ready to continue.