Can I recreate an experiment on Allais paradox using student grades as payoffs? For a project in experimental economics, I thought of doing something related to expected utility theory/prospect theory, but using grades instead of money.

Is this reformulation of the Allais paradox conceptually right or not?

Problem 1.1:
Consider the following scenario:
A.1 – you can get an B+ with probability 100%
B.1 – you can get A with probability 10% or get B+ with probability 89% or not passing the exam with probability 1%.
+
A.2 – you can get B+ with probability 11% or not passing the exam with probability 89%,
B.2 – you can get A with probability 10% or not pass the exam with probability 90%.*

Then I will modify the problem to see if for higher stakes student's preferences change.

Edit:
If we consider that not passing the exam gives utility = 0, (as in the Allais paradox we have the same case because it corresponds to receiving 0$) the graph of the utility function, assuming constant marginal utility of grades would look like this:
I am not sure I understand the problems outlined in the other answers. Seems to me that if we assume students maximize their expected utility and lotteries A1 and B2 (or B1 and A2) are chosen by someone, we would have

\begin{align*}
100\% \ U(B) &amp; &gt; 10\% \ U(A) + 89\% \ U(B) + 1\% \ U(F) \\
\\
11\% \ U(B) + 89\% \ U(F) &amp; &lt; 10\% \ U(A) + 90\% \ U(F)
\end{align*}
which are contradictory. There is no need to assume anything about the function $U$ for these to be contradictory.

One runs into the usual problem of trying to elicit true preferences in a poll, but so does the original paradox.