Abstract
The Ss drew from urns containing 50, 74, or 99 blue balls and one yellow ball and gained money unless they drew the yellow ball before completing 50 draws. Insurance of zero expected value against the yellow ball was bought increasingly as draws from an urn proceeded.
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1. This investigation was supported by Research Grant MH-06580 from the National Institute of Mental Health to the University of Pennsylvania. We thank Thomas S. Wallsten and Robert Meltz for various contributions to the study.
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Irwin, F.W., Tolkmitt, F. Buying insurance in an urn-scheme experiment. Psychon Sci 12, 287–288 (1968). https://doi.org/10.3758/BF03331313
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DOI: https://doi.org/10.3758/BF03331313