Remember the fraction of people that take $500 for certain over a 15% chance of $1 million?
Wow. I don't think I'd heard that one.
Let's be fair: that study was measuring the fraction of people that say they'd take an imaginary $500 over an imaginary 15% chance at an imaginary $1 million.
I doubt that most respondents were deliberately messing with the survey results, but I do think that people may use different decision-making resources for amusing hypotheticals vs. for the real world. E.g. the percentage of people getting the Wason Selection Task correct can jump from under 10% to over 70% when you change the task context from more abstract to more concrete. I suspect that for lots of people imaginary money counts as too abstract.
From Mike Darwn's Chronopause, an essay titled "Would You Like Another Plate of This?", discussing people's attitudes to life:
Conclusion, graphs, and references in article. As usual, I recommend reading Chronopause.com as Darwin has many good articles; to quickly link a few: