The "time" question is interesting because the ODDS part of the equation doesn't come into play. Both choices are 100% odds.
So the thing that differntiates them is the dollar amount and the time. I think "time" would fall under value and can be subjective, just as the value of chosing a watermelon or an orange could come down to an individuals taste preference. But, like the speaker said, the context is everything. If you're literally starving, you'd put taste considerations aside and surely take the larger watermelon for the higher calorie count. Or if you were offered the choice while walking on the street, you may like watermelon slightly better but have no interest in lugging it around so you chose the orange.