Deal or No Deal; just loss aversion?

[Steel]

This is a game show syndicated internationally so I imagine there is a version near you. If you are not familiar with it http://en.wikipedia.org/wiki/Deal_or_No_Dealis the wikipedia link.

How would you choose to play the game?
Would you walk at the first offer; a bird in the hand and all or would you subscribe to the what will be will be mantra and play to the end?


Do you think the game preys on loss aversion http://en.wikipedia.org/wiki/Loss_aversion?
Or do you just think the game is silly drivel?

 

[hawaiianorangetree]

I would love to think that i would play to the end because you can't really loose what you didn't have in the first place but.... if i was up there and i had $20k on the board i probably would take the deal because it's better than walking away with nothing!

 

[MissMina]

Fifty thousand in the hand is worth a million in the bush.
If they made me an offer I couldn't refuse, I wouldn't.

 

[that_someone_special]

Yeah same. If there was a number up there that would help pay off most of my student loans... I'd go with that

 

[honey22]

I would go for gold. In Australia, you only get the money if the show actually goes to air and they tend to put the exciting, bubbly, risk-taking people on air. So, if you are boring and take the first safe deal offered, they are not likely to screen your episode, and you don't get a red cent!!!!

 

[hawaiianorangetree]

I would go for gold. In Australia, you only get the money if the show actually goes to air and they tend to put the exciting, bubbly, risk-taking people on air. So, if you are boring and take the first safe deal offered, they are not likely to screen your episode, and you don't get a red cent!!!!

SAAAAY What?? Really? I never knew that honey! Well in that case I will be going for gold too.

 

[honey22]

I would go for gold. In Australia, you only get the money if the show actually goes to air and they tend to put the exciting, bubbly, risk-taking people on air. So, if you are boring and take the first safe deal offered, they are not likely to screen your episode, and you don't get a red cent!!!!

SAAAAY What?? Really? I never knew that honey! Well in that case I will be going for gold too.

I know!!! I was flabbergasted when I found out!!!! Do you watch it? Have a closer look next time, they are all loonies, hyperactive and willing to take crazy chances Hold on! Sounds like I am perfect for it.

 

[partgypsy]

I read about the ideal strategy of the game is to play to the very end (no deal no deal no deal...). However that is using averages, or monte carlo simulations. In real life you really only get 1 try, and you never know when your number will come up (literally). I hate people who fold at the first 5K and I hate people who go to the very end and lose it all. So, I'd probably play somewhere in the middle. My Dad is a gambler at heart and willing to put it all on the line. I could imagine him playing and our whole family screaming for him to take the money and him keep saying no deal, driving us crazy.

 

[partgypsy]

Oh, so I was going to say, no I don't think it's silly drivel, because you have what you are mathematically supposed to do, and then you have all people's varying motivations and personalities intersecting with that. I think that's interesting. And you get to yell at your tv.