It would make more sense to ask things like "the following situation will occur exactly once in your lifetime. How would you decide? -- 100% chance of getting

It would make more sense to ask things like "the following situation will occur exactly once in your lifetime. How would you decide? -- 100% chance of getting $1M, or 10% chance of getting $7M?" By making the amounts small, the expectation is that you could run the bet multiple times, in which case it's just an odds game. The real question is what chances do you take that have such volatility, the deviation dwarfs the expectation for a single lifetime.