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Bidding Behavior in the Price is Right Game: an Experimental Study

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Author Info
Healy, P.
Noussair, C.

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Abstract

In this paper, we present the design and the results of an experiment in which subjects participate in a bidding game identical to the one seen on the television game show "The Price is Right". Four players make sequential guesses about the price of an item, and the player whose guess is closest to, but without exceeding, the price, wins the item.

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Publisher Info
Paper provided by Purdue University, Department of Economics in its series Purdue University Economics Working Papers with number 1132.

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Length: 31 pages
Date of creation: Feb 2000
Date of revision:
Handle: RePEc:pur:prukra:1132

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Related research
Keywords: PRICES EXPERIMENTS GAME THEORY

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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
C9 - Mathematical and Quantitative Methods - - Design of Experiments

Cited by:
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  1. Healy, Paul J., 2004. "Fairness, or just gambling on it? An experimental analysis of the gift exchange game," Working Papers 1183, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  2. Rafael Tenorio & Timothy N. Cason, 2002. "To Spin or Not to Spin? Natural and Laboratory Experiments from "The Price is Right"," Economic Journal, Royal Economic Society, vol. 112(476), pages 170-195, January. [Downloadable!] (restricted)
  3. Paul Healy & John Ledyard & Charles Noussair & Harley Thronson & Peter Ulrich & Giulio Varsi, 2007. "Contracting inside an organization: An experimental study," Experimental Economics, Springer, vol. 10(2), pages 143-167, June. [Downloadable!] (restricted)
  4. Sjögren Lindquist, Gabriella & Säve-Söderbergh, Jenny, 2006. "Testing the rationality assumption using a design difference in the TV game show 'Jeopardy'," Working Paper Series 9/2006, Swedish Institute for Social Research. [Downloadable!]
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