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You are facing a chance for a gain of $20,000. You do not know the exact probability. Consider the three pairs of outcomes: A: The

You are facing a chance for a gain of $20,000. You do not know the exact probability. Consider the three pairs of outcomes:

A: The probability is either 1% or 2%

B: The probability is either 41% or 42%

C: The probability is either 99% or 100%

Are the three differences, A, B, and C, equally significant to a decision-maker? Could you order them by their impact on preferences?

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