Who Really Wants to Be a Millionaire: Game Show Contestant Behavior Under Risk
Colorado College Working Paper No. 2005-02
26 Pages Posted: 15 Nov 2005
Date Written: November 2005
Abstract
On the popular game show "Who Wants To Be A Millionaire", men appear to average higher winnings than women. This paper investigates potential reasons, including different uses of information sources (lifelines) and different perceptions of risk. We include gender-based tests of Kahneman and Tversky's prospect theory, but offer instead the counterintuitive conclusion that men are rewarded for acting slightly more cautiously than women do.
Keywords: risk, aversion, prospect theory, gender, Kahneman, Tversky, game show
JEL Classification: D1, D81, D83
Suggested Citation: Suggested Citation
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