Who Really Wants to be a Millionaire : Estimates of Risk Aversion from Game Show Data

Risk aversion ; gameshow

Who really wants to be a millionaire? Estimates of risk aversion from gameshow data

This paper analyses the behaviour of contestants in one of the most popular TV gameshows ever to estimate risk aversion. This gameshow has a number of features that makes it well suited for our analysis: the format is extremely straightforward, it involves no strategic decision-making, we have a large number of observations, and the prizes are cash and paid immediately, and cover a large range – from £100 up to £1 million. Our data sources have the virtue that we are able to check the representativeness of the gameshow participants. Even though the CRRA model is extremely restrictive we find that a coefficient or relative risk aversion which is close to unity fits the data across a wide range of wealth remarkably well.Risk aversion ; gameshow

The Growth, Nutrient Absorption, and Moisture Status of Selected Woody Species in Coal Mine Spoil in Response to an Induced Infection by the Ectomycorrhizal Fungus \u3ci\u3ePisolithus tinctorius\u3c/i\u3e

The growth, nutrient absorption, and internal moisture status of selected woody species in coal mine spoil in response to an induced infection by the ectomycorrhizal fungus Pisolithus tinctorius was studied. Nursery grown loblolly and Virginia pine seedlings infected with Pisolithus and control seedlings were outplanted on a coal mine spoil in Tennessee which had been previously hydroseeded with a mixture of herbaceous ground cover species. Granular fertilizer was applied by broadcasting to one-half of the seedlings of each ectomycorrhizal treatment at the rate of 112 kg/ha NPK. After three years, the survival and growth of loblolly pine infected with Pisolithus was superior to that of the control seedlings, and chemical analyses of foliar samples revealed that the seedlings with Pisolithus ectomycorrhizae had a higher foliar concentration of NO3 and a lower concentration of Zn than the control seedlings. The survival, growth, and nutrient absorption of Virginia pine was not significantly affected by the infection with Pisolithus after two years, but both loblolly and Virginia pine seedlings with Pisolithus ectomycorrhizae exhibited an enhanced ability to absorb water during periods of high moisture stress, as determined by the pressure chamber technique. Fertilization substantially reduced the survival of the seedlings of both species. Sweet birch and European alder were grown under high, intermediate, and low fertility regimes in sand culture containing a mycelial inoculum of Pisolithus tinctorius for five months and then transplanted to coal mine spoil containing an identical Pisolithus inoclum. Control seedlings of each species were similarly grown except that no inoculum was incorporated into the potting media. The nutrient treatments initiated in the sand culture were continued throughout the study. Examinations of the roots of the sweet birch seedlings revealed that high fertility significantly reduced the development of Pisolithus ectomycorrhizae, but Pisolithus formed abundant ectomycorrhizae on the roots of sweet birch grown under the intermediate and low fertility regimes and these seedlings were significantly larger than comparable control seedlings. Chemical analyses of foliar samples revealed that sweet birch seedlings with Pisolithus ectomycorrhizae had a significantly higher foliar concentration of total N and a lower concentration of Mg and Al than the control seedlings. No ectomycorrhizal fungi were found to have infected the roots of the European alder seedlings of any of the ectomycorrhizal-nutrient treatment combinations

GOMX-4 - The Twin European Mission for IOD Purposes

The next generation of nanosatellites in GomSpace has been developed after the success of GOMX-3 in aircraft traffic monitoring and L-band communications. GOMX-4 is the demonstration mission of this new 6U platform including two satellites; GOMX-4A and GOMX-4B, which are mainly intended to test constellation capabilities for orbital control and inter-satellite communications together with additional innovative technologies. GOMX-4B is funded by ESA for In-Orbit Demonstration (IOD) purposes demonstrating the 5 payloads on-board: the 6U propulsion module from NanoSpace; the innovative Inter-Satellite Link (ISL) from GomSpace; the Chimera board developed by ESA; the HyperScout Hyperspectral Camera from Cosine and the Star Tracker from ISIS. GOMX-4A is a satellite to monitor Greenland and the artic region by capturing ADS-B, AIS and images for the Danish Defense Acquisition and Logistics Organization (DALO). The numerous in-orbit experiments and various payloads included in the GOMX-4 mission show the high performance and flexibility of the GomSpace 6U platform, flying its advanced EPS and its AOCS for the first time. The two satellites were launched on the 2nd of February 2018 on a LM-2D. The in-orbit results presented here show the extensive capabilities of these innovative nanosatellites, and opens the path for scaling to larger platforms and advanced constellations with compact communication and optical payloads

Who really wants to be a millionaire: estimates of risk aversion from game show data

There is a considerable variation in estimates of the degree of risk aversion in the literature. This paper analyses the behaviour of contestants in one of the most popular TV gameshows ever to estimate a CRRA model of behaviour. This gameshow has a number of features that makes it well suited for our analysis: the format is extremely straightforward, it involves no strategic decision-making, we have a large number of observations, and the prizes are cash and paid immediately, and cover a large range - up to £1 million. Our data sources have the virtue that we are able to check the representativeness of the gameshow participants. While the game requires skill, which complicates our analysis, the structure of the game is very simple so that complex probability calculations are not required of the participants. The CRRA model is complex despite its restrictiveness because of the sequential nature of this game - answering a question correctly opens the option to hear the next question and this has a value that depends on the stage of the game and the player's view about the difficulty of subsequent questions. We use the data to estimate the degree of risk aversion and how it varies across individuals. We investigate a number of departures from this simple model including allowing the RRA parameter to vary by gender and age. Even though the model is extremely restrictive, in particular, it features a single RRA parameter we find that it fits the data across a wide range of wealth remarkably well and yields very plausible parameter values

2008 Survey of Technology Enhanced Learning for higher education in the UK

UCISA, JIS

A Survey of Oyster Resources at Glebe Point in the Great Wicomico River

This survey of oyster resources associated with leased oyster bottom in the Great Wicomico River in the vicinity of Glebe Point (State Rt. 200) was undertaken by the Virginia Institute of Marine Science (VIMS) at the request of the Virginia Department of Transportation (VDOT). The study was designed specifically to assess the present and potential value of the two oyster leases adjacent to the bridge crossing the Great Wicomico River at Glebe Point

Design, Operation, and Calibration of the Canal A Submerged Rectangular Measuring Flume

The D.M.A.D. dam and reservoir are located on the Servier River northeast of Delta, utah, and serve as a stroage reservoir for the winter and spring flows of the Sevier River below Sevier Bridge Reservoir. The D.M.A.D. dam has been constructed with two outlet works, one for feeding Canal A , which serves the Delta and Melville Irrigation Companies, while the other canal serves the Abraham and Desert Irrigation Companies. A gaging station located along Canal A has been used for many years to obtain flow measurements. The gaging station measurements appeared to be very inconsistent, and consequently, in 1963 a study was made to evaluate the accuracy of the station. The results of the study (Figure 1) showed that for a constant depth of flow, the flow rate might vary more than a foot. The flows conveyed by this canal range from 15 to 500 cfs. Canal A is five miles in length and has a total drop in grade of five feet, the average slope therefore being one foot per mile. Regulation of the end of the canal will cause backwater effects over the entire length of the canal. The backwater effects will result in increased seepage losses. The installation of a Parshall flume was contemplated for measuring the flows conveyed by Canal A but it would be necessary to place the floor of the flume 2.75 feet above the canal grade to insure free flow over the entire flow range. The use of such a flume would significantly increase the seepage losses between the measuring station adn the dam for all flows below the design discharge of 500 cfs. Since the D.M.A.D. reservoir is used primarily for regulation, increasing the water levels in Canal A would reduce the regulating head and the usefulness of the lower storage levels in the reservoir for the Delta and Melville Irrigation Companies