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Risk aversion in game shows

In: Risk Aversion in Experiments

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

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.

Suggested Citation

  • Steffen Andersen & Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2008. "Risk aversion in game shows," Research in Experimental Economics, in: Risk Aversion in Experiments, pages 359-404, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rexezz:s0193-2306(08)00008-2
    DOI: 10.1016/S0193-2306(08)00008-2
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    Cited by:

    1. Ruijie Zhang & Xiaohua Han & Rowan Wang & Jianghua Zhang & Yinghao Zhang, 2023. "Please don't make me wait! Influence of customers' waiting preference and no‐show behavior on appointment systems," Production and Operations Management, Production and Operations Management Society, vol. 32(6), pages 1597-1616, June.
    2. Page, Lionel & Savage, David A. & Torgler, Benno, 2014. "Variation in risk seeking behaviour following large losses: A natural experiment," European Economic Review, Elsevier, vol. 71(C), pages 121-131.
    3. Andersen, Steffen & Harrison, Glenn W. & Lau, Morten Igel & Rutström, Elisabet E., 2010. "Behavioral econometrics for psychologists," Journal of Economic Psychology, Elsevier, vol. 31(4), pages 553-576, August.
    4. David Scrogin, 2023. "Estimating risk and time preferences over public lotteries: Findings from the field and stream," Journal of Risk and Uncertainty, Springer, vol. 67(1), pages 73-106, August.

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