Figure 1.

Illustration of the trial sequence. The example shows the loss version of Problem 4 (see Table 2). The certain option (losing $3.40) is presented on the left, the risky option (losing $4 with probability 0.80, losing nothing with probability 0.20) is on the right. The participant samples the risky option four times and experiences both outcomes twice. The participant’s final choice is the risky option, resulting in a $4 loss.