Lrock

via grex: I'm not the only infovore!

via grex: Joshua Schachter takes Behavioral Econimics to Mechanical Turk:

"Ever since seeing a presentation by Dolores Labs about Amazon's Mechanical Turk, I've been itching for an excuse to play with the system.

I recently saw a thread that highlights the distinction between expected value and utility. Would you take a more likely but lower payoff instead of a less likely but higher payoff? Similarly, the St. Petersburg Paradox takes the problem to its logical extreme. By constructing a game that has a series of increasingly rare payoffs of increasingly larger size, a game with infinite expected value is created.

So I constructed 21 versions of the questions, varying the size of the dollars as well as the rate of payoff for the second outcome."