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Who really wants to be a millionaire?: estimates of risk aversion from gameshow data
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.ORCID iD: 0000-0001-9244-7018
University of Manchester. (Economics Department)
Lancaster University. (Economics Department)
2014 (English)In: Journal of applied econometrics (Chichester, England), ISSN 0883-7252, E-ISSN 1099-1255, Vol. 29, no 6, 861-879 p.Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
John Wiley & Sons, 2014. Vol. 29, no 6, 861-879 p.
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Research subject
Economics; Econometrics
URN: urn:nbn:se:umu:diva-80565DOI: 10.1002/jae.2353ISI: 000343739100001ScopusID: 2-s2.0-84907971639OAI: diva2:650411
Available from: 2013-09-20 Created: 2013-09-20 Last updated: 2014-12-22Bibliographically approved

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