NerdAbsurd’s Behavioral Finance Survey Results

Thanks to everybody who participated in our short survey! Here’s a summary of the results that we discussed on the podcast:

• NerdAbsurd runs a coin-flipping game.  We flip a fair coin, and, if it’s heads, we pay you $10.  If it’s tails, you pay us $3.  Do you play our game? (72% said “yes.”)
• How about a game where we pay you $1500 for heads and you pay us $300 for tails? (38% said “yes.”)
• You win a $500 scratch-off lottery ticket.  How much do you spend on “fun” stuff? ($208 was the average.)
• You get hired for a small consulting project outside of work.  After a few weekends of work, you get paid $500 for completing the project.  How much money do you spend on “fun” stuff? ($139 was the average.)
• You’re at a white elephant party for work, and you have the option of either opening a new gift or keeping the one you currently have.  Your current gift is nice and you might be able to use it, but it’s not something that you’d buy for yourself.  The other gifts that have been opened are similar.  (48% wanted to keep their gift, and 41% wanted the open another gift.  The remainder decided to steal.)
• You pay $200 to take a class and realize by the third or fourth session that you probably won’t learn anything from the teacher.  The class is NOT required for work or school.  There are three more sessions left, each lasting about an hour.  What do you do? (59% said they would finish the course.)
• You need a new chair for your living room.  You find one on Craigslist that would go for $200 in stores.  It’s less than a year old, and it’s in good condition.  How much would you pay for it? (The average was 38% of “new” price.)
• You have a table in your house that doesn’t match anything you own.  You decide to sell it on Craigslist.  You spent $800 for it when you bought it last year.  It’s also in really good shape.  What is the lowest price you would take for it? (The average was 56% of “new” price.)

To learn more about our ultra-scientific, 100% infallible survey, check out the podcast!