The article "Why Game Shows Have Economists Glued to Their TVs" was published in the Wall Street Journal. The article contends that studying the contestants of game shows can help unlock some of the secrets behind why it seems people make illogical choices while making decisions. Evidence for studying risk tolerance and decision making can come from strange sources. In this case its the budget and setting of the source that enables Economists to see how people make decisions in the face of uncertainty with large economic impact to them. One interesting insight mentioned is that contestants tended to be more conservative following a large morale defeat. The application of this evidence can be used in almost any setting and may help unlock effective but poorly understood tactics of negotiations such as anchoring.
Link to BUS 650: Game shows like Deal or No Deal are essentially real life experiments into human risk tolerance for large monetary rewards. The game shows budget allows those studying decision modeling to get actual insight to questions previously only posed theoretically.
Article is available from Emory's library (password is required)
http://proquest.umi.com.proxy.library.emory.edu/pqdweb?did=967212221&sid=2&Fmt=3&clientId=1917&RQT=309&VName=PQD
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