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Testing the rationality assumption using a design difference in the TV Game-show Jeopardy
Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
Stockholm University, Faculty of Social Sciences, The Swedish Institute for Social Research (SOFI).
2006 (English)Report (Other academic)
Abstract [en]

Abstract This paper empirically investigates the rationality assumption commonly applied in economic modeling by exploiting a design difference in the game-show Jeopardy between the US and Sweden. In particular we address the assumption of individuals’ capabilities to process complex mathematical problems to find optimal strategies. The vital difference is that US contestants are given explicit information before they act, while Swedish contestants individually need to calculate the same information. Given a rationality assumption of individuals computing optimally, there should be no difference in the strategies used. However, in contrast to the rational and focal bidding behaviors found in the US, the Swedish players display no optimal behavior. Hence, when facing too complex decisions, individuals abandon optimal strategies.

Place, publisher, year, edition, pages
2006. , 29 p.
Series
Swedish Institute for Social Research, ISSN 0283-8222 ; 9/2006
National Category
Economics
Identifiers
URN: urn:nbn:se:su:diva-72546OAI: oai:DiVA.org:su-72546DiVA: diva2:501748
Available from: 2012-02-14 Created: 2012-02-14 Last updated: 2012-02-14Bibliographically approved

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Sjögren Lindquist, Säve-Söderbergh WP 9/2006(194 kB)166 downloads
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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf