A study of particular interest involves two more variables in addition to the gain versus loss scenario-frame: hypothetical versus real scenarios and scenarios with a high versus large payoff. In their experiment, Kuhberger, Schulte-Mecklenbeck, and Perner (2002) manipulate loss and gain-framed scenarios in terms of their actual payoff (subjects either are or are not exposed to the consequences of their decisions) and the magnitude of the consequences of their actions (“payoff,” in other words, is either relatively large or small). Results of the experiment suggest that subjects tended to be riskier in small-payoff conditions as opposed to large-payoff conditions, and the framing effect was generally equal across conditions between hypothetical and real scenarios. Because subjects are instructed to make their best decision to each scenario, regardless of whether the consequences are real or hypothetical, the cognitive effort employed and feelings of pleasure elicited from each decision may be equal across real and hypothetical conditions. Also, because the high-payoff scenarios offer consequences of relatively greater importance, subjects may not be as willing to take risks; more is at stake.