The results of the two experiments suggest that students are more likely to exchange a new pen for another one than they are to exchange a lottery ticket for another one.
Null hypothesis: The proportion of students who would agree to exchange their lottery ticket for another one is 0.5.
Alternative hypothesis: The proportion of students who would agree to exchange their lottery ticket for another one is greater than 0.5.
Based on the p-value, we cannot reject the null hypothesis. There is not enough evidence to conclude that the proportion of students who would agree to exchange their lottery ticket for another one is greater than 0.5.
The results of the two experiments suggest that students are more likely to exchange a new pen for another one than they are to exchange a lottery ticket for another one. This may be because students perceive pens as being more valuable than lottery tickets.
An experiment with 26 students in an Israeli classroom consisted of giving everyone a lottery ticket and then later asking if they would be willing to exchange their ticket for another one, plus a small monetary incentive. Only 7 students agreed to the exchange. In a separate experiment, 31 students were given a new pen and then later asked to exchange it for another pen and a small monetary incentive.All 31 agreed. Conduct inferential statistical methods to analyze the data.