Aspiration and Survival in “Jeopardy!”
Behavior 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.
|Date of creation:||Jul 2003|
|Date of revision:||Mar 2006|
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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.
- 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.
- Nalebuff, Barry, 1990. "Slot Machines, Zomepirac, Squash, and More," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 179-87, Winter.
- Ordonez, Lisa & Benson, Lehman, 1997. "Decisions under Time Pressure: How Time Constraint Affects Risky Decision Making," Organizational Behavior and Human Decision Processes, Elsevier, vol. 71(2), pages 121-140, August.
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