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Economics

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The price is right, but are the bids? An investigation of rational decision theory

Article Abstract:

The television game show 'The Price Is Right' is utilized for a preference-free test of rational decision theory in an environment with large financial rewards. Findings indicate that the contestants' strategies are obviously suboptimal. Simple rules of thumb are proposed which explain actual bidding patterns more accurately than rational decision theory. Moreover, learning during the show decreases the frequency of strategic errors which may be considered as bounded rationality. Concern for fairness does not substantially change bidding behavior.

Decision-making, Decision making, Usage, Decision theory, The Price Is Right (Television program)

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Educational reform, ability, and family background

Article Abstract:

The effects of educational reforms in European countries from 1950's to mid 1970's are analyzed. These reforms resulted in increase in number of years of education, streaming of more able students. The effects of these educational reforms vis-a-vis family background are also examined.

Europe, Management dynamics, Management, Students, Family, Company business management, Family assessment, Educational reform

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