What will you choose: (a) bet on a game with a 50% chance of winning $2000 or (b) sure receipt of $400? Why?

Question

please indicate: name (optional), nationality, age, profession/occupation (if student , indicate "student" and level), living status in financial terms (very poor, poor, just ok, rich, very rich, OPTIONAL also). This is a study of human behavior, please help. Thanks

Answer 1

I would take my chances with the 50% for 2,000 cause it has a beter pay off.

Answer 2

I would risk it for the higher payout.  Why?  Because for $400 you have a %50 chance of gaining $2000.  The payout is 5/1 on a 50/50 proposition.  I'm a 33 year old white guy with a sports betting web site, http://GamblingReviewsSite.com

Answer 3

How much am I betting in the first place? $100? $20? I can't answer without knowing what my odds are.

Answer 4

i would take the the 50% chance of winning $2000 because i am not hurting for money so if i didnt win it wouldnt be a big deal b/c my life wouldnt change if i had 400 extra dollars or 2000 extra dollars. if i did need the money i would choose the guranteed 400 dollars.

white

15

high school student

just ok - i guess

Answer 5

This question has nothing to do with human behavior but rather simple math.   If you want to analyze where human emotion plays a big role in making decisions, you need to make the stakes far higher (see deal or no deal)