 In this situation, many people strictly prefer \(L_2\) over \(L_1\) but also \(L_3\) over \(L_4\) (as evidenced by their choice behaviour, as well as their testimony), a pair of preferences which will be referred to as Allais’  preferences.[3]  A common way to rationalise Allais’ preferences, is that in the first choice situation, the risk of ending up with nothing when one could have had $2400 for sure does not justify the increased chance of a higher prize. In the second choice situation, however, the minimum one stands to gain is $0 no matter which choice one makes. Therefore, in that case many people do think that the slight extra risk of $0 is worth the chance of a better prize.