Risky choices and the Internet
Class exercise
In order to examine this in more detail there is a final survey that has been configured to collect some data on this and here we will be examining whether riskiness varies according to age. Are older people more risk averse than thrill-seeking youngsters?
Here again we would prefer it if you yourselves do not take the survey, because you know what to expect and have some understanding of what is going on.
The two questions in the survey are reproduced here.
Question 1 – Imagine you take an online music quiz one day, and you get all the answers correct. A pop-up informs you that you have won a £5 online music voucher. Alternatively, if you fill out a form with your full name, address, email, date of birth, and mobile phone number, you will be entered into a draw to win a £10 music voucher. You now have a choice. If you choose Option A (and so do not fill out the form) you will win £5 for sure. If you choose Option B and do fill out the form, you have a 1/2 chance of winning a £10 voucher but also a 1/2 chance of winning nothing.
Which option do you choose?
- Option A
- Option B
Question 2 – Imagine you take an online music quiz one day and you get all the answers correct. At the end of the quiz you have £10 worth of virtual winnings, half of which can be exchanged for real cash. However, if you fill out a form with your full name, address, email, date of birth, and mobile phone number, you will be entered into a draw to win a bigger prize. You now have a choice. If you choose Option A, you will lose £5 of virtual money for sure. If you choose Option B, you have a 1/2 chance of losing all £10 but also a 1/2 chance of losing nothing.
Which option do you choose?
- Option A
- Option B
Instructions
Here is the link that you should copy and paste into a new tab in a browser. Alternatively you can copy the link and ask your willing participants to do the same:
- http://bit.ly/322tnWI
We ask that you send the link to a ‘young’ person (18 or under) and also to an ‘old’ person (over 18).
Introduction to Cognitive Psychology: An Experimental Science
Introduction to Cognitive Psychology: An Experimental Science
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