Culture, Learning and Rational Decision-Making : Evidence from a TV Show

• Autorzy: Júlio Lobão

Warianty tytułu

Decyzje uczestników teleturnieju : różnice kulturowe, racjonalność i uczenie się

• Języki publikacji: EN

Abstrakty

EN

This paper analyzes the French and the Vietnamese versions of the TV game show "The Price is Right", using data from 130 episodes. We focus on the bidding game, covering 434 rounds and 1,736 bids. We document that players deviate significantly from what is predicted by the model of rational expectations, especially in the French population. Moreover, Vietnamese fourth bidders are found to win more frequently than their French counterparts in spite of using strategic bids less often. We attribute these results to cultural reasons. Contestants from the collectivistic, uncertainty-tolerant culture (i.e., Vietnam) are more reluctant to engage in strategic bidding than individuals from the individualistic, uncertainty-avoidant culture (i.e., France). However, Vietnamese contestants pay more attention to the estimates of the previous players and thus make a better use of the informational advantage inherent to the sequential nature of the game. Overall, our evidence suggests that culture is an important omitted variable in studies that examine cross-country differences in decision-making. (original abstract)

W artykule przeanalizowano francuską i wietnamską wersję teleturnieju The Price is Right, korzystając z danych ze 130 odcinków. Skupiono się na grze licytacyjnej obejmującej 434 rundy i 1736 ofert. Udokumentowano, że gracze znacznie odbiegają od tego, co przewiduje model racjonalnych oczekiwań, zwłaszcza w populacji francuskiej. Ponadto okazało się, że czwarty oferent w Wietnamie wygrywa częściej niż we Francji, mimo że rzadziej stosuje optymalne strategie. Wyniki te można przypisać przyczynom kulturowym. Uczestnicy z kolektywistycznej kultury tolerującej niepewność (tj. z Wietnamu) są bardziej niechętni do podejmowania strategicznych przetargów niż osoby z kultury indywidualistycznej, unikającej niepewności (czyli z Francji). Jednak wietnamscy zawodnicy zwracają większą uwagę na szacunki poprzednich graczy i dzięki temu lepiej wykorzystują przewagę informacyjną związaną z sekwencyjnym charakterem gry. Zebrane dowody ogólnie sugerują, że kultura jest ważną, lecz pomijaną zmienną w badaniach dotyczących różnic między krajami w podejmowaniu decyzji. (abstrakt oryginalny)

Słowa kluczowe

EN

Decision making; Studying; Rationality; Cultural diversity

PL

Podejmowanie decyzji; Uczenie się; Racjonalność; Zróżnicowanie kulturowe

• Czasopismo: Decyzje
• Rocznik: 2020
• Numer: nr 34
• Strony: 5--27

Twórcy

autor

Júlio Lobão

• University of Porto

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Identyfikatory

DOI

10.7206/DEC.1733-0092.144