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Describe the lottery experiment to someone about to participate in the first round of your classroom...

Describe the lottery experiment to someone about to participate in the first round of your classroom experiment. Holt and Laury (2002)?

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Answer #1

The lottery experiment can be described as an experiment where the individuals are supposed to pick, or choose at random one of the chits out of a bowl which contains the chits for all the options that we are supposed to pick from. These choices are written on paper chits and put in the bowl in a random fashion. An individual is suppose to pick one and the chosen chit signifies the choice of the individual.

For example, if a class has to decide the name of its new class representative, then it may put the chits in the bowl with the names of all the students of the class. The teacher may pick one chit and the selected chit will give us the name of the class representative.

This is called lottery experiment.

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