Money Isn’t Everything: Estimating the Prestige Value of Winning Cutthroat Kitchen from Overbidding in Sabotage Auctions

Meg Snyder, Daniel Bragen, Matthew Rousu and Christopher Snyder

No 32070, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We seek to estimate the prestige value of winning beyond monetary prizes in Cutthroat Kitchen, a cooking show in which dishes are judged in a series of elimination rounds, with the twist that action is periodically paused to auction sabotages against rivals. We estimate the distribution of contestants’ prestige values using a structural model of bidding by a contestant with rational expectations about sabotage effectiveness taken from the data. Our most conservative specification—allowing for risk aversion and bias in the beliefs about sabotage effectiveness—yields mean prestige values of nearly $10,000 for typical episodes and over $35,000 for tournaments.

JEL-codes: D44 D91 Z11 (search for similar items in EconPapers)
Date: 2024-01
Note: IO LS
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.nber.org/papers/w32070.pdf (application/pdf)
Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html. Free access is also available to older working papers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:32070

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w32070
The price is Paper copy available by mail.

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().