TY - UNPB
T1 - The weakest link
T2 - a field experiment in rational decision making
AU - Haan, Marco
N1 - Relation: http://som.rug.nl/
date_submitted:2002
Rights: Graduate School/Research Institute, Systems, Organisations and Management (SOM)
PY - 2002
Y1 - 2002
N2 - We analyze the BBC TV game show “The Weakest Link”, using data from 77 episodes, covering
13,380 questions. We focus on the banking decision, where a contestant chooses to secure an
amount of money for the eventual winner, or to risk it on a general knowledge question. In the
latter case, should he answer correctly, the amount at stake increases exponentially. We show that
banking decisions are not rational: a crude rule of thumb performs substantially better than the
contestants’ strategies. Yet, at least to some extent, contestants do take into account their own
ability and the fact that questions are progressively more difficult.
AB - We analyze the BBC TV game show “The Weakest Link”, using data from 77 episodes, covering
13,380 questions. We focus on the banking decision, where a contestant chooses to secure an
amount of money for the eventual winner, or to risk it on a general knowledge question. In the
latter case, should he answer correctly, the amount at stake increases exponentially. We show that
banking decisions are not rational: a crude rule of thumb performs substantially better than the
contestants’ strategies. Yet, at least to some extent, contestants do take into account their own
ability and the fact that questions are progressively more difficult.
M3 - Working paper
BT - The weakest link
PB - s.n.
ER -