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Cash vs. Gift Cards

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About

Imagine you can choose between two lotteries: In the first lottery you will have a 1% chance of winning $1,000 in cash as well as a $500 gift card that you can use at a Michelin star restaurant. In the second lottery, you will have a 1% chance of winning $1,500 in cash. Which deal would you choose? Which deal do you think would be more memorable if you won?

Author(s)

Minjeong (MJ) Kim & Fei Du

Fei Du, PhD
Assistant Professor of Accountancy
Gies College of Business
R.C. Evans Data Analytics Fellow
University of Illinois at Urbana-Champaign

Minjeong (MJ) Kim
PhD Student in Accountancy
Gies College of Business
University of Illinois at Urbana-Champaign