Instructions Lottery 2
You can now choose between 5 different lotteries. In each lottery you can
play for two possible payouts. Each payout can occur with a probability of 50
percent. By choosing the lottery, you decide on the amount of the potential
payouts. Please choose the one lottery you would like to play. This decision is
potentially relevant to your payout.
The potential payout is calculated as follows: Since the probabilities for each
of the two payouts are 50%, the lottery is equivalent to a coin toss. By
choosing the lottery, you determine the size of the payouts that occur on
"heads" or "tails". Once you have chosen one of the five lotteries, the
probabilities of the two payouts are implemented. A random mechanism decides for
each player which of the two payouts will occur. The random mechanism
corresponds to the toss of an imaginary coin. If "heads" is tossed, payout 1
will occur, if "tails" is tossed, payout 2 will occur. The values of payout 1
and 2 depend on your decision.
At the end of the study, another random mechanism decides which 3 study
participants will actually be paid the lottery prize in this part of the
experiment. The probability that you will be drawn is about 1:50.
So, please remember: again, your decision potentially involves a lot of real
money.