DIFFERENTIAL EFFECTS OF REAL VERSUS HYPOTHETICAL PAYOFFS ON CHOICES AMONG GAMBLES

213 male undergraduates were assigned to 2 groups. The Ss in both groups were asked to indicate the gamble that they would most prefer to play from among each of 18 pairs of gambles. The Ss in Group H (hypothetical) (N = 184) made hypothetical choices. They did not actually play any of their preferred gambles. The 29 Ss in Group RP (real play), after making their choices, played a number of gambles to determine their salary. When choices were hypothetical, Ss maximized gain and discounted the possibilities of loss. When Ss knew they would have to play their preferred gambles, they were more cautious, preferring better odds and smaller losses. (PsycINFO Database Record (c) 2006 APA, all rights reserved). © 1969 American Psychological Association.