Roger Hartley
Gauthier Lanot
Ian Walker

who really wants to be a millionaire? estimates of risk aversion from gameshow data (replication data)

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 up to £1 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.

Data and Resources

Suggested Citation

Hartley, Roger; Lanot, Gauthier; Walker, Ian (2014): WHO REALLY WANTS TO BE A MILLIONAIRE? ESTIMATES OF RISK AVERSION FROM GAMESHOW DATA (replication data). Version: 1. Journal of Applied Econometrics. Dataset.