Help me challenge Prospect Theory
Test yourself: Will you behave like the Nobel Prize winners expect?
I’m running some experiments with my students to help see if we humans are as irrational as Nobel Prize laureate Daniel Kahneman and his research partner Amos Tversky suggest. My students and I found something interesting, and I thought you might like to play along.
In this survey, you will be asked a handful of hypothetical choice questions that involve losing something - or - a gamble for a potentially larger loss. Keep in mind that in the gamble, the upside odds are that you lose nothing. Please check which option you would prefer in each row: the sure loss in the left row or the gamble in the right row.
Spoiler: I will publish the *correct* answers in the next substack post, which will be published one hour after this one. Have fun, and thank you!