Take This Simple Test
... And find out how rational you are.
Here's a three-question quiz to determine how rational you are. This will work best if you stop and answer each question before going on to the next.
Imagine that each of your three fabulously wealthy cousins offers you a choice of two Christmas gifts. In each case, choose the one you'd prefer.
1. Cousin Snip offers you a choice of:
A. $1 million in cash.
B. A lottery ticket. The ticket gives you a 10-percent chance of winning $5 million, an 89-percent chance of winning $1 million, and a 1-percent chance of winning nothing at all.
2. Cousin Snap offers you a choice of:
A. A lottery ticket that gives you an 11-percent chance of winning $1 million.
B. A lottery ticket that gives you a 10-percent chance of winning $5 million.
3. Cousin Snurr offers you a choice of:
A. $1 million in cash.
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Steven E. Landsburg is the author, most recently, ofMore Sex Is Safer Sex: The Unconventional Wisdom of Economics. You can e-mail him at armchair@landsburg.com.