Comparing a Lottery Where a $1 Ticket Purchases a Chance

Multiple Choice

Comparing a lottery where a $1 ticket purchases a chance to win $1 million with another lottery in which a $5,000 ticket purchases a chance to win $5 billion, we notice many people would participate in the first but not the second, even though the odds of winning both lotteries are the same. We can perhaps best explain this outcome by:

A) higher expected value for the lottery paying $1 million.
B) higher expected value for the lottery paying $5 billion.
C) lower value at risk for the lottery paying $1 million.
D) higher value at risk for the lottery paying $1 million.