The effect of probability preferences in gambling situations.
Lindstrom, Jerry Duane
Arima, James K.
Burnett, Thomas D.
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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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