Risk Aversion in Game Shows

Steffen Andersen, Glenn W. Harrison, Morten I. Lau, E. Elisabet Rutström

Research output: Chapter in Book/Report/Conference proceedingBook chapterCommunication

Abstract

We review the use of behavior from television game shows to infer risk attitudes. These shows provide evidence when contestants are making decisions over very large stakes, and in a replicated, structured way. Inferences are generally confounded by the subjective assessment of skill in some games, and the dynamic nature of the task in most games. We consider the game shows Card Sharks, Jeopardy!, Lingo, and finally Deal Or No Deal. We provide a detailed case study of the analyses of Deal Or No Deal, since it is suitable for inference about risk attitudes and has attracted considerable attention.
We review the use of behavior from television game shows to infer risk attitudes. These shows provide evidence when contestants are making decisions over very large stakes, and in a replicated, structured way. Inferences are generally confounded by the subjective assessment of skill in some games, and the dynamic nature of the task in most games. We consider the game shows Card Sharks, Jeopardy!, Lingo, and finally Deal Or No Deal. We provide a detailed case study of the analyses of Deal Or No Deal, since it is suitable for inference about risk attitudes and has attracted considerable attention.
LanguageEnglish
Title of host publicationRisk Aversion in Experiments
EditorsJames C. Cox, Glenn W. Harrison
Place of PublicationBingley
PublisherEmerald Group Publishing
Date2008
Pages359-404
ISBN (Print)9780762313846
ISBN (Electronic)9781849505475
DOIs
StatePublished - 2008
SeriesResearch in Experimental Economics
Volume12
ISSN0193-2306

Cite this

Andersen, S., Harrison, G. W., Lau, M. I., & Rutström, E. E. (2008). Risk Aversion in Game Shows. In J. C. Cox, & G. W. Harrison (Eds.), Risk Aversion in Experiments (pp. 359-404). Bingley: Emerald Group Publishing. Research in Experimental Economics, Vol.. 12, DOI: 10.1016/S0193-2306%2808%2900008-2
Andersen, Steffen ; Harrison, Glenn W. ; Lau, Morten I. ; Rutström, E. Elisabet. / Risk Aversion in Game Shows. Risk Aversion in Experiments. editor / James C. Cox ; Glenn W. Harrison. Bingley : Emerald Group Publishing, 2008. pp. 359-404 (Research in Experimental Economics, ???volume??? 12).
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Andersen, S, Harrison, GW, Lau, MI & Rutström, EE 2008, Risk Aversion in Game Shows. in JC Cox & GW Harrison (eds), Risk Aversion in Experiments. Emerald Group Publishing, Bingley, Research in Experimental Economics, vol. 12, pp. 359-404. DOI: 10.1016/S0193-2306%2808%2900008-2

Risk Aversion in Game Shows. / Andersen, Steffen; Harrison, Glenn W.; Lau, Morten I.; Rutström, E. Elisabet.

Risk Aversion in Experiments. ed. / James C. Cox; Glenn W. Harrison. Bingley : Emerald Group Publishing, 2008. p. 359-404.

Research output: Chapter in Book/Report/Conference proceedingBook chapterCommunication

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Andersen S, Harrison GW, Lau MI, Rutström EE. Risk Aversion in Game Shows. In Cox JC, Harrison GW, editors, Risk Aversion in Experiments. Bingley: Emerald Group Publishing. 2008. p. 359-404. (Research in Experimental Economics, Vol. 12). Available from, DOI: 10.1016/S0193-2306%2808%2900008-2