They are using a basic decision making process that works great in real life (uncertain probabilities) but not great in experiments like these (known certain probabilities). This decision making processes works so well in real life that it's probably become second nature for most people and they do it without thinking. People are not inconsistent!
Step 1 - Remove potential choices that could turn out bad. (choices with a significantly lower worst case scenarios than other choices)
Step 2 - Of the remaining choices, pick the choice that has the bes... (read more)
SOLVED!
They are using a basic decision making process that works great in real life (uncertain probabilities) but not great in experiments like these (known certain probabilities). This decision making processes works so well in real life that it's probably become second nature for most people and they do it without thinking. People are not inconsistent!
Step 1 - Remove potential choices that could turn out bad. (choices with a significantly lower worst case scenarios than other choices)
Step 2 - Of the remaining choices, pick the choice that has the bes... (read more)