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Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show Author info | Abstract | Publisher info | Download info | Related research | Statistics Thierry Post
Martijn J. van den Assem
Guido Baltussen
Richard H. Thaler
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We examine the risky choices of contestants in the popular TV game show "Deal or No Deal" and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable outcomes or surpassed by favorable outcomes. Our results point to reference-dependent choice theories such as prospect theory, and suggest that path-dependence is relevant, even when the choice problems are simple and well defined, and when large real monetary amounts are at stake. (JEL D81)
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Article provided by American Economic Association in its journal American Economic Review .
Volume (Year): 98 (2008)
Issue (Month): 1 (March)
Pages: 38-71
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Handle: RePEc:aea:aecrev:v:98:y:2008:i:1:p:38-71Contact details of provider: Email: Web page: http://www.aeaweb.org/aer/ More information through EDIRC
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