Feel why a possible loss looms larger than an equal gain — and how the framing of a bet flips the choice.
See why people are risk-averse for gains but risk-seeking to avoid losses, and how framing exploits that asymmetry.
With the default favorable bet, compare its expected value to its prospect value.
Before you act, predict what will happen. The expected value is positive — why would a person still turn the bet down? Then do it — did your prediction match what happened?
The value function
Subjective value bends differently for gains and losses: concave above the reference point, convex and steeper below it. The dots are the gamble's two outcomes.