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I have attached the instructions below. Please make sure you follow and answer all the questions. I have also provided a sample lab report as a reference. don’t copy it. You will need two graphs for the “results”, I have also attached those (the writing should be based off the results). The lab is about the risky decisions. I have also attached the lab guidelines and the student manual, where you will get your questions from. For reference only i attached a sample of how it should look but dont use the questions from it. All in your own words, NO AI. I will be doing an AI report so please do not use any.
Background: People have to make many different types of decisions. For example, sometimes we have to decide which type of pie to eat (apple, pumpkin, cherry, or blueberry). One attribute of this kind of decision is that we pretty much know exactly what we will get with the choice. These kinds of situations are known as riskless decisions. Other types of decisions are less clear because the outcome is uncertain. For example, in the TV show Survivorcontestants sometimes participate in an auction where they bid for an unknown item. The contestants might be hoping for a cheeseburger but they might actually get fish eyes. These kinds of situations are known as risky decisions. It turns out that people’s decision making tendencies are very different depending on whether they are riskless or risky. One approach to investigate these tendencies is to pit a riskless decision against a risky decision. Oftentimes the outcomes are balanced so that, on average, the choices are equally appealing (or unappealing). This lab investigates such comparisons.
This was the task that I have already completed: You will be playing a “wheel of fortune” type of game. The wheel will have two parts, one in green which corresponds to what you could win and one in red which corresponds to what you could lose. On some trials, the green area will be larger than the red area, and this indicates that you are more likely to win than lose. On other trials, the green area will be smaller than the red area, and this indicates that you are more likely to lose than win. If the wheel ends up with the pointer (the black triangle at the bottom) in the green section, you win, but if the wheel ends up with the pointer in the red section, you lose.”
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