Is human life worth peanuts? Risk attitude changes in accordance with varying stakes

The “peanuts effect,” which states that people are more willing to gamble when playing for "peanuts" (a small outcome), has been stably observed in the context of a small monetary stake. We conducted 2 experiments to verify whether the peanuts effect still occurred when the type of stakes changed. Our results showed that people tend to gamble more for a qualitatively smaller value when the stake is material in nature, but are less willing to take a risk for a smaller value when the stake is a human life. This risk attitude change may support the contingent weighting model.