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- Title
Teaching Prospect Theory with the Deal or No Deal Game Show.
- Authors
Baker, Ardith; Bittner, Teresa; Makrigeorgis, Christos; Johnson, Gloria; Haefner, Joseph
- Abstract
Recent evidence indicates that decision makers are more sensitive to potential losses than gains. Loss aversion psychology has led behavioural economists to look beyond expected utility by developing prospect theory. We demonstrate this theory using the Deal or No Deal game show.
- Subjects
PROSPECT theory; DEAL or No Deal (TV program : U.S.); LOSS aversion; UTILITY theory; VON Neumann algebras; GAMBLING; HUMAN behavior; DECISION making; BERNOULLI hypothesis (Risk)
- Publication
Teaching Statistics, 2010, Vol 32, Issue 3, p81
- ISSN
0141-982X
- Publication type
Article
- DOI
10.1111/j.1467-9639.2009.00390.x