Risk preference is measured as the ratio between the certainty equivalent at the switching point and
the expected value for the lottery with a 50% probability to win.
We will fill the bag with 10 balls without showing the numbers. [Fill the bag with the 10 balls without
showing the numbers] Before you draw a ball, you will need to say or write down 5 random numbers
on the paper, for example 1, 3, 5, 8, and 10. Then you will draw a ball from the black bag without
looking. If you happen to draw a ball marked with any of the numbers you said or wrote down, you
will get 80 CZK. If the ball is marked with another number, you will get nothing. [Draw a ball and
announce the number as well as the payoff]
In this experiment, there are 10 balls in a red bag. The balls are numbered 1, 2, 3, 4, 5, 6, 7, 8, 9, and
10, and you are to choose five winning numbers from 1 to 10.
[Wait and let participant write down five winning numbers on the paper, or if the participant says five
winning numbers, you help write the numbers on the paper]
Please let me know on which row you start preferring the for-sure instead of the lottery. I will draw a
line there and ask you to confirm to me that this is your final decision. Please take your time to think
about your choice.
[Leave some time, note between which rows the line is drawn, and confirm the final choice with the
participant]
Option A Option B
[1] Draw the ball from the red bag ☐ Receive 1 CZK for sure ☐
[2] Draw the ball from the red bag ☐ Receive 2 CZK for sure ☐
[3] Draw the ball from the red bag ☐ Receive 3 CZK for sure ☐
[4] Draw the ball from the red bag ☐ Receive 4 CZK for sure ☐
[5] Draw the ball from the red bag ☐ Receive 5 CZK for sure ☐
[6] Draw the ball from the red bag ☐ Receive 6 CZK for sure ☐
[7] Draw the ball from the red bag ☐ Receive 7 CZK for sure ☐
[8] Draw the ball from the red bag ☐ Receive 8 CZK for sure ☐
[9] Draw the ball from the red bag ☐ Receive 9 CZK for sure ☐
[10] Draw the ball from the red bag ☐ Receive 10 CZK for sure ☐
[11] Draw the ball from the red bag ☐ Receive 11 CZK for sure ☐
[12] Draw the ball from the red bag ☐ Receive 12 CZK for sure ☐
[13] Draw the ball from the red bag ☐ Receive 13 CZK for sure ☐
[14] Draw the ball from the red bag ☐ Receive 14 CZK for sure ☐
[15] Draw the ball from the red bag ☐ Receive 15 CZK for sure ☐
[16] Draw the ball from the red bag ☐ Receive 16 CZK for sure ☐
[17] Draw the ball from the red bag ☐ Receive 17 CZK for sure ☐
[18] Draw the ball from the red bag ☐ Receive 18 CZK for sure ☐
[19] Draw the ball from the red bag ☐ Receive 19 CZK for sure ☐
[20] Draw the ball from the red bag ☐ Receive 20 CZK for sure ☐
[21] Draw the ball from the red bag ☐ Receive 21 CZK for sure ☐
[22] Draw the ball from the red bag ☐ Receive 22 CZK for sure ☐
[23] Draw the ball from the red bag ☐ Receive 23 CZK for sure ☐
[24] Draw the ball from the red bag ☐ Receive 24 CZK for sure ☐
[25] Draw the ball from the red bag ☐ Receive 25 CZK for sure ☐
[26] Draw the ball from the red bag ☐ Receive 26 CZK for sure ☐
[27] Draw the ball from the red bag ☐ Receive 27 CZK for sure ☐
[28] Draw the ball from the red bag ☐ Receive 28 CZK for sure ☐
[29] Draw the ball from the red bag ☐ Receive 29 CZK for sure ☐
[30] Draw the ball from the red bag ☐ Receive 30 CZK for sure ☐
[31] Draw the ball from the red bag ☐ Receive 31 CZK for sure ☐
[32] Draw the ball from the red bag ☐ Receive 32 CZK for sure ☐
[33] Draw the ball from the red bag ☐ Receive 33 CZK for sure ☐
[34] Draw the ball from the red bag ☐ Receive 34 CZK for sure ☐
[35] Draw the ball from the red bag ☐ Receive 35 CZK for sure ☐
[36] Draw the ball from the red bag ☐ Receive 36 CZK for sure ☐
[37] Draw the ball from the red bag ☐ Receive 37 CZK for sure ☐
[38] Draw the ball from the red bag ☐ Receive 38 CZK for sure ☐
[39] Draw the ball from the red bag ☐ Receive 39 CZK for sure ☐
[40] Draw the ball from the red bag ☐ Receive 40 CZK for sure ☐
[41] Draw the ball from the red bag ☐ Receive 41 CZK for sure ☐
[42] Draw the ball from the red bag ☐ Receive 42 CZK for sure ☐
[43] Draw the ball from the red bag ☐ Receive 43 CZK for sure ☐
[44] Draw the ball from the red bag ☐ Receive 44 CZK for sure ☐
[45] Draw the ball from the red bag ☐ Receive 45 CZK for sure ☐
[46] Draw the ball from the red bag ☐ Receive 46 CZK for sure ☐
[47] Draw the ball from the red bag ☐ Receive 47 CZK for sure ☐
[48] Draw the ball from the red bag ☐ Receive 48 CZK for sure ☐
[49] Draw the ball from the red bag ☐ Receive 49 CZK for sure ☐
[50] Draw the ball from the red bag ☐ Receive 50 CZK for sure ☐
[51] Draw the ball from the red bag ☐ Receive 51 CZK for sure ☐
[52] Draw the ball from the red bag ☐ Receive 52 CZK for sure ☐
[53] Draw the ball from the red bag ☐ Receive 53 CZK for sure ☐
[54] Draw the ball from the red bag ☐ Receive 54 CZK for sure ☐
[55] Draw the ball from the red bag ☐ Receive 55 CZK for sure ☐
[56] Draw the ball from the red bag ☐ Receive 56 CZK for sure ☐
[57] Draw the ball from the red bag ☐ Receive 57 CZK for sure ☐
[58] Draw the ball from the red bag ☐ Receive 58 CZK for sure ☐
[59] Draw the ball from the red bag ☐ Receive 59 CZK for sure ☐
[60] Draw the ball from the red bag ☐ Receive 60 CZK for sure ☐
[61] Draw the ball from the red bag ☐ Receive 61 CZK for sure ☐
[62] Draw the ball from the red bag ☐ Receive 62 CZK for sure ☐
[63] Draw the ball from the red bag ☐ Receive 63 CZK for sure ☐
[64] Draw the ball from the red bag ☐ Receive 64 CZK for sure ☐
[65] Draw the ball from the red bag ☐ Receive 65 CZK for sure ☐
[66] Draw the ball from the red bag ☐ Receive 66 CZK for sure ☐
[67] Draw the ball from the red bag ☐ Receive 67 CZK for sure ☐
[68] Draw the ball from the red bag ☐ Receive 68 CZK for sure ☐
[69] Draw the ball from the red bag ☐ Receive 69 CZK for sure ☐
[70] Draw the ball from the red bag ☐ Receive 70 CZK for sure ☐
[71] Draw the ball from the red bag ☐ Receive 71 CZK for sure ☐
[72] Draw the ball from the red bag ☐ Receive 72 CZK for sure ☐
[73] Draw the ball from the red bag ☐ Receive 73 CZK for sure ☐
[74] Draw the ball from the red bag ☐ Receive 74 CZK for sure ☐
[75] Draw the ball from the red bag ☐ Receive 75 CZK for sure ☐
[76] Draw the ball from the red bag ☐ Receive 76 CZK for sure ☐
[77] Draw the ball from the red bag ☐ Receive 77 CZK for sure ☐
[78] Draw the ball from the red bag ☐ Receive 78 CZK for sure ☐
[79] Draw the ball from the red bag ☐ Receive 79 CZK for sure ☐
[80] Draw the ball from the red bag ☐ Receive 80 CZK for sure ☐