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.
|Title of host publication||Risk Aversion in Experiments|
|Editors||James C. Cox, Glenn W. Harrison|
|Place of Publication||Bingley|
|Publisher||Emerald Group Publishing|
|Publication status||Published - 2008|
|Series||Research in Experimental Economics|
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). Emerald Group Publishing. Research in Experimental Economics, Vol.. 12 https://doi.org/10.1016/S0193-2306%2808%2900008-2