Please help me I can't figure this out

3. Risk preferences: a. Given the choice between: 1) A gamble with a 50% chance of winning $1000 and a 50% chance of winning $0 Or 2) $500 with certainty, 80% of respondents choose 2) $500 with certainty. What does the outcome suggest about the majority of respondent's risk preferences? b. Given the choice between 1) A gamble with a 50% chance of losing $1000 and a 50% chance of losing $0 Or 2) Losing $500 with certainty, 75% of respondents choose 1) the gamble. What does the outcome suggest about the majority of respondent's risk preferences? c. Why did the majority of respondents switch their risk preference category between a and b above? What do we call this phenomenon? 4. What is the endowment effect? How is it different from Loss aversion? What about the status quo bias? . What is mental accounting and how does it lead to decision errors