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...

In this paper, two models of two-person normal-form game play behavior are presented and estimated, using three experimental data sets. The models are variants of the Quantal Response Equilibrium model defined by McKelvey and Palfrey (1995, "Games and Economic Behavior"), and allow a player to...