Note(s): Each entry presents the lottery option used in in each risk task. Payoff 1 and 2 represent the outcome of the lotteries and “Pr(Payoff 1)” and “Pr(Payoff 2)” represent the probability of each outcome, respectively. “EV” represents the expected value of the gamble and “Rows” represents the number of rows in the multiple price list table (for an example, see Figure 1). were presented. All risk tasks involved binary lotteries with strictly positive outcomes when the sure option offered, say, x in choosing the lottery thereafter, then we knew that the sum of money that is regarded as good as the lottery was between x and the sum offered in the next row, x + ϵ. The switching interval midpoint was used as the operational concept of the observed certainty-equivalent. The problem of eliciting an interval response rather than a point estimate was alleviated by choosing a quite small ϵ (0.25), which made the midpoint of the switching interval a more refined estimate of the subjects’ money-equivalent point of the lottery option in each risk task. This variation between the sure amounts of money from decision row to decision row was kept constant across all risk tasks

Source(s): Table by author