Lottery Choice

Lottery choice refers to a decision-making process where individuals select between different options involving uncertain outcomes, often structured as lotteries. These choices reflect how they weigh potential gains and losses, considering the probabilities of each outcome. In economics and behavioral science, lottery choices help researchers understand risk preferences, such as risk aversion or risk seeking, by analyzing how people value chances for higher rewards versus safer, modest ones. Essentially, it's a way to study how individuals make decisions under uncertainty, balancing the desire for potential rewards against the possibility of losses.