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Who really wants to...
Who really wants to be a millionaire? : estimates of risk aversion from gameshow data
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- Lanot, Gauthier, 1965- (author)
- Umeå universitet,Nationalekonomi
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- Hartley, Roger (author)
- University of Manchester,Economics Department
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- Walker, Ian (author)
- Lancaster University,Economics Department
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(creator_code:org_t)
- 2013-09-18
- 2014
- English.
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In: Journal of applied econometrics (Chichester, England). - : John Wiley & Sons. - 0883-7252 .- 1099-1255. ; 29:6, s. 861-879
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Abstract
Subject headings
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- This paper estimates the degree of risk aversion from one of the most popular TV gameshows ever. The format of the show is straightforward; it involves no strategic decision making; we have a large number of observations; and the prizes are cash, which is paid immediately and covers a large range: from 100 pound up to 1 pound million. We provide non-parametric estimates of the utility function and then we test some parametric restrictions. We find that, although the restriction to CRRA utility is statistically rejected, a log function approximates the utility function quite well over a large range of potential winnings.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- nationalekonomi
- Economics
- ekonometri
- Econometrics
Publication and Content Type
- ref (subject category)
- art (subject category)
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