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• W3121844708 abstract "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." @default.
• W3121844708 created "2021-02-01" @default.
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• W3121844708 date "2012-01-01" @default.
• W3121844708 modified "2023-09-25" @default.
• W3121844708 title "Deal or No Deal" @default.
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• W3121844708 hasPublicationYear "2012" @default.
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