Decision Making under Risk: Analysis of the TV Show

Student: Dolgikh Sofiia

Educational Programme: Economics: Research Programme (Master)

Final Grade: 9

Year of Graduation: 2017

This paper presents a study of subjective probabilities endogenous determination within the framework of the Theory of Decision Making under Risk. Issues of the impact of luck on the decision-making process and the dependence of individual views on the success of previous events are also considered. Tbe model based on the collected data about the behavior of participants of the Russian and Ukrainian versions of the television show «Deal or no Deal?» is proposed. The study provides arguments in favor of the feasibility of introducing endogenously determined probabilities into traditional theory. It is also shown that individuals' beliefs about luck depend on previous outcomes and influence decision-making.

Full text (added May 15, 2017)

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