Aspiration and Survival in “Jeopardy!”
AbstractBehavior in dynamic competitive situations requires decision makers to evaluate their own as well as their competitors’ positions. This paper uses data from a realistic competitive risk taking setting, Jeopardy’s Tournament of Champions, to test whether individual players choose the strategic best response in making their betting decisions. The analyses show that the percentage of players choosing the strategic best response is very low, a rather surprising finding because the Tournament of Champions is contested by the very best and most experienced players of the Jeopardy game. We conjecture that performance aspiration and survival targets guide risk-taking behavior in competitive situations. Furthermore, in situations where decisions are made under pressure, contestants tend to focus on one target while ignoring alternative targets and the choices that are available to their competitors. This may lead them to select inferior competitive strategies.
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Bibliographic InfoPaper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp331.
Length: 31 pages
Date of creation: Jul 2003
Date of revision: Mar 2006
competitive decision-making; decision theory; risk;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-08-02 (All new papers)
- NEP-CBE-2004-08-02 (Cognitive & Behavioural Economics)
- NEP-CDM-2004-08-02 (Collective Decision-Making)
- NEP-GTH-2003-09-08 (Game Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Luís M. B. Cabral, 2003. "R&D Competition when firms Choose Variance," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 12(1), pages 139-150, 03.
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- Metrick, Andrew, 1995. "A Natural Experiment in "Jeopardy!"," American Economic Review, American Economic Association, vol. 85(1), pages 240-53, March.
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