INSTRUCTIONS
(Translated from French; text in green has been added ex-post)
Instruction for the valuation part of the preference reversal task
• In this section you are asked to report your minimum selling price for lottery tickets.
• The questions are formulated in terms of a bet on an urn.
• You know that the urn contains exactly 100 winning and/or losing ball.
• The information concerning the composition of the urns is known.
Exemple
Give your minimum selling price for a ticket that offers €5 if you draw one winning ball from that urn.There are 100 balls in the urn.
You know that there are exactly 50 winning balls and .
50 losing balls..
100 balls
Your price euros
• The buying price will be picked randomly between 0.1 € and 5 €.
If your price > buying price: you don’t sell (you play the ticket)
If your price ≤ buying price: you receive the buying price
Indicate your minimum selling price, and then,and then click on the “OK” button
Important: it is in your best interest to give your real price and not a price too high or low, which may prevent you from selling at an attractive price (if your price is too high) or force you to sell for too low (if your price is too low)
If this question is selected for your payment (at the end of the experiment), and if you have indicated a selling price equal to € X:
The computer picks randomly one number between 0.1 and 5 to determine the buying price.
(1)If the buying price ≥ X € => You receive the buying price
(2) If the buying price <X € => You play the lottery:
In this case the computer draws randomly one ball from the urn:
- If the ball is winning, you win € 5
- If ball is losing, you win€0
Instruction for the binary choices part of the preference reversal task
• In this part, you will make a series of choices between two lottery tickets.
• The questions are formulated in terms of a bet on an urn.
• You know that the urn contains exactly 100 winning and/or losing ball.
• The information concerning the composition of the urns is known.
Example
Choose between option A and option B:Option A: €4 if you draw a winning ball from Option B: 10€ if you draw a winning ball from
urn A urn B
Urn AUrn B
100 balls 100 balls
Click on the option you prefer,and then click on the OK button.
Payment Mode:
If this question is selected for your payment (at the end of the experiment) and if for example you have chosen Option A:
The computer draws randomly one ball from the urn:
- If the ball is winning, you win € 4
- If ball is losing, you win€0
Instructions for the framing effect task
•In this part, you receive an amount of money G=(€10, €20€, €30, €40), and then you have to choose between «keep an amount g<G» (or «lose and amount l<G») and «gamble the total amount G»)
•In this part, you will make 96 choices:
- 48 choices: «keep an amount g<G» or «gamble the total amount G»
- 48 choices: «lose and amount l<G» or «gamble the total amount G»
•You have 5 second for each choice.
Example
Start of question (1s)
Initial amount (2s)
TimeChoose between the
the sure option and the gamble (5s)
Example:
Start of question (1s)
Initial amount (2s)
TimeChoose between the
the sure option and the gamble (5s)
If this question is chosen randomly to be played for real in the payment part:
•If you have chosen the option «lose l=6€», then you receive 4€
•If you have chosen the option «gamble G=€10», the following screen will appear and we will ask you to click on the turning disk.