Who REALLY Wants To Be A Millionaire: Game Show Contestant Behavior Under Risk
Daniel K. N. Johnson
Colorado College - Department of Economics and Business
Tracy R. Gleason
Wellesley College - Psychology
Colorado College Working Paper No. 2005-02
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.
Number of Pages in PDF File: 26
Keywords: risk, aversion, prospect theory, gender, Kahneman, Tversky, game show
JEL Classification: D1, D81, D83
Date posted: November 15, 2005
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