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Love it, but the real way to test this is to present the monetary choice itself. For example, they could pick to get payed 1 cent with 100% certainty or 25 cent
by spoonyg 18y ago
Love it, but the real way to test this is to present the monetary choice itself. For example, they could pick to get payed 1 cent with 100% certainty or 25 cents with 4% certainty. (although I don't think mturk supports this natively)
EDIT: right, exactly as been suggested by other commenters!
- joshu 18y agoSure, but at lower prices, you know they'll choose the higher payoff with higher risk. The experiment's results aren't even vaguely surprising. It's that it was so easy and rapid to conduct.