Deal or No Deal: comparing individual and group choices in a risky context

Andrea Morone, Marco Santorsola and Paola Tiranzoni

Journal of Economic Studies, 2022, vol. 50, issue 7, 1336-1345

Abstract: Purpose - The authors believe that comparing individuals to groups' decision making is crucial provided that many important choices in society are made by groups, i.e. committees, governing bodies, juries, business partners and families. This study aims to discuss the aforementioned topic. Design/methodology/approach - The authors analyze risky decision making in the context of the television game show Deal or No Deal – Italian edition. Specifically, the authors scrutinize and compare individual (standard “Deal or No Deal” edition) and group (special edition) choices in the risky choice context provided by programe. Findings - After analyzing contestant's behavior in the standard edition episodes plus a special edition the authors calculate a risk index observing that no statically significant difference is present between individuals' and groups' actions. Originality/value - In the “Deal or No Deal” special edition contestant were groups of two strangers. It is not uncommon to have couples playing on TV, however the individuals usually know each other well and have relationships in real life. The special edition therefore provides a unique setting (absent to best of the authors’ knowledge in the literature) for investigation and could offer real-world insight. Indeed, in many instances the authors have to contract/make decisions with people the authors do not know/know very little (i.e. occasional business partners, representative at other companies/institutions, insurance/finance advisors, new work colleagues, etc.).

Keywords: Deal or No Deal; Risky context; Risk aversion; Group and individual risk preferences; TV game shows (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jespps:jes-10-2022-0511

DOI: 10.1108/JES-10-2022-0511

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