The Ice Water Experiment #24

Imagine you have an urn with B black balls and W white balls. If you draw B, you can eat your favourite cake. If you draw W, you must put your hand into ice water for 20 seconds (it's more painful than you think!). What is the acceptable percentage of W/(B+W) for you? That's a Certainty Equivalent experiment, and I did it.

This time, Roland is hosting this event, and he will report on the experiment and what he wants to find out to make better decisions through it.