Varying changes in Stakes, Probability and Scenario in the Allais paradox
We designed a new behavioral experiment to figure out which factors (Stakes, Probability, Scenario) that subjects would be responded to with the adjustment of the original Allais questions. It's a a within-subject design that each subject will face four groups of Allais questions: one control group and three experimental groups. Our data shows each suject's choice in the behavioral experiment. We recruited 272 subjects from Internet, and invited them to finish an online questionnaire by using their own electronic devices. We set that each ID would only participate in our experiment once. After excluding subjects with the completion time less than 60 seconds, we got 260 valid subjects. And our data is about 260 subjects' choice in the behavioral experiment.
Steps to reproduce
We conducted the experiment online with the help of a third-party web platform (WJX). In this platform, we edited the experimental questions and set that each ID would only participate in our experiment once. After that, WJX automatically generated the link to participate in the online experiment and then we sent this link to various social media platforms and invited their users to participate. Each subject who volunteers for the experiment would see the following guideline: "Thank you for participating in this experiment, please compare the differences in the questions carefully". Then, subjects could use their own electronic devices such as cell phone or computer to complete the online experiment. After finishing all the experiment questions, each subject would get cash reward from 1 RMB to 10 RMB randomly.