Post, Thierry; Assem, Martijn J. van den; Baltussen, Guido - In: American Economic Review 98 (2008) 1, pp. 38-71
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...
