Problem
You are facing a chance for a gain of $20,000. You do not know the exact probability. Consider the three pairs of outcomes:
I: The probability is either 1% or 2%
II: The probability is either 41% or 42%
III: The probability is either 99% or 100%
Are the three differences, A, B, and C, equally significant to a decision-maker? Could you order them by their impact on preferences?