The effect of probability preferences in gambling situations.
effectofprobabil00lind.pdf (1.668Mb)Abstract
An experiment was run to examine the main factors determining choices
among bets in gambling situations. In the first experiment, where all the
bets had an equal expected value, a specific set of preferences among
probabilities was observed. The most important of these is a preference
for a 4/8 probability of winning and an avoidance of a 6/8 probability of
winning. In the second experiment, where all bets had differing expected
values, it was shown that both preferences for bets with higher expected
values and preferences among probabilities influence subjects' choices.
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