Payne, John - In: Journal of Risk and Uncertainty 30 (2005) 1, pp. 5-19
Imagine that you own a five-outcome gamble with the following payoffs and probabilities: ($100, .20; $50, .20; $0, .20; −$25, .20; −$50, .20). What happens when the opportunity to improve such a gamble is provided by a manipulation that adds value to one outcome versus another outcome, particularly...
