Rationality and the ‘price is right’

The television game show ‘The Price Is Right’ offers a unique laboratory for observing decision making behavior because rewards are much higher than those encountered in a typical economics experiment and because of the substantial opportunity which contestants have for formulating their strategies....

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Veröffentlicht in:Journal of economic behavior & organization 1993-05, Vol.21 (1), p.99-105
Hauptverfasser: Bennett, Randall W., Hickman, Kent A.
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container_title Journal of economic behavior & organization
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creator Bennett, Randall W.
Hickman, Kent A.
description The television game show ‘The Price Is Right’ offers a unique laboratory for observing decision making behavior because rewards are much higher than those encountered in a typical economics experiment and because of the substantial opportunity which contestants have for formulating their strategies. Analysis of contestant behavior substantiates (1) the persistence of decision making errors despite the penalties associated with such errors, and despite the existence of simple strategy which outperforms contestants' behavior and (2) that learning drives competitors toward more effective behavior.
doi_str_mv 10.1016/0167-2681(93)90042-N
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source Applied Social Sciences Index & Abstracts (ASSIA); RePEc; Elsevier ScienceDirect Journals; Periodicals Index Online
subjects Behavioral decision theory
Bidders
Decision making
Economic theory
Regression analysis
Strategy
title Rationality and the ‘price is right’
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