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QUESTION

# Find the mean number of people saved by the first program. (b) Tversky then offered a different choice.

Find the mean number of people saved by the first program. (b) Tversky then offered a different choice. One program has probability 1/2 of saving all 600 and probability 1/2 of losing all 600, while the other will definitely lose exactly 200 lives. What is the difference between this choice and that in (a)? (c) Given option (a), most subjects choose the second program. Given option (b), most subjects choose the first program. Do the subjects appear to use means in making their decisions? Why do you think their choices differed in the two cases? S4.30 The original simple form of the Connecticut state lottery (ignoring a few gimmicks) awarded the following prizes for each 100,000 tickets sold. The winners were chosen by drawing tickets at random. If you hold one ticket in this lottery, what is your probability of winning anything? What is the mean amount of your winnings?