Replication data for: Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show

Principal Investigator(s): View help for Principal Investigator(s) Thierry Post; Martijn J. van den Assem; Guido Baltussen; Richard H. Thaler

Version: View help for Version V1

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20060455_Data.xls	application/vnd.ms-excel	517.5 KB	10/12/2019 04:16:AM
20060455_Data_ReadMe.pdf	application/pdf	35.2 KB	10/12/2019 04:16:AM
LICENSE.txt	text/plain	14.6 KB	10/12/2019 04:16:AM

Project Citation:

Post, Thierry, van den Assem, Martijn J., Baltussen, Guido, and Thaler, Richard H. Replication data for: Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show. Nashville, TN: American Economic Association [publisher], 2008. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113232V1

Project Description

Summary: 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)

Scope of Project

Subject Terms: Deal or No Deal; Game Show

JEL Classification:
D81 Criteria for Decision-Making under Risk and Uncertainty

Geographic Coverage: Netherlands, United States, Germany

Time Period(s): 2002 – 2007

Universe: Contestants in Deal or No Deal

Data Type(s): observational data

Methodology

Data Source: Hand-collected

Unit(s) of Observation: Decisions,

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Published Versions

V1 [2019-10-12]

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