Arts: “In our experiment, participants can earn money. We present them with a range of options and keep changing the odds and amounts. Will someone choose a fixed win of €5 or will they take a gamble? And will this person still make the same choice once the win amount or odds change? By asking people to make decisions in different situations, you gain insight into the patterns behind their decisions.”
Arts' experiment shows that individuals make inconsistent choices when they are uncertain about their options. Arts: “When we’re uncertain about which option is best, we tend to shift, and for example make choices that are more in the middle.” Insufficient understanding of the rules of the experiment itself also determines how participants choose. Arts: “If we do not sufficiently understand the decision situation, we may not understand the consequences of our choices. And we sometimes see that a kind of negotiation mentality emerges. We devise strategies to spread risks or to profit from something. While that is not the case at all in the experiment itself.”