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1.Imagine that you are being presented with the choice between A = (4000 : 0.8) and B = (3000 : 1). I.e. the choice between

1.Imagine that you are being presented with the choice between A = (4000 : 0.8) and B = (3000 : 1). I.e. the choice between a lottery ticket giving you 4000$ with probability 0.8 and 3000$ for sure. Which lottery ticket would you choose? A or B

2.Now imagine that you are faced with the choice between C = (4000 : 0.2) and D = (3000 : 0.25). Which lottery ticket would you choose? C or D

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