Thank you for participating in this cognitive experiment, which will hopefully give us a greater understanding of how people make decisions under uncertainty. In this experiment, you’ll start with $25 to play our coin-flipping game for 10 minutes.
The coin in question isn’t a standard quarter, though:
we’ve programmed it to have a 60% chance of coming up heads, and a 40% chance of coming up tails.
You can bet any amount of money in your balance (but not more) on heads or tails on each flip. If your balance goes to $0, it’s game over!
Thank you very much for your participation, and good luck!