Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:


University Researchers to Watch Game Show - Who Wants to be a Millionaire? to discover what people feel about risk


Researchers at the Universities of Warwick and Keele are being supported by the Economic and Social Research Council to watch the popular game show Who Wants to be a Millionaire? The globally broadcast show is a treasure trove of data on how all sorts of people of different ages and genders and nationalities perceive and act on risk.

One of the researchers, economist Professor Ian Walker from the University of Warwick said:

“Many decisions involve weighing up potential gains and losses whose magnitudes are uncertain and where the risks are large. Most obviously this happens in financial markets where people make decisions about investing money.

But it’s not just money - knowing how people feel about risk is central to a wide range of government policies from building motorways to providing health care. Governments are in the business for reducing the risks that we cannot easily insure against. The risks of being mugged, catching a disease, and even the "risk" of living a long time are just a few examples - and these motivate governments to provide police, immunisation programmes, and pensions. Policy makers need to know how much we value decreases in risk - without knowing this they cannot invest in the right amount of risk reduction.”

Real world evidence on the extent to which people are prepared to trade money for risk is hard to find – but almost three years of exactly that sort on information has been accumulated from the broadcasts of Who Wants to be a Millionaire?

The research team will examine a number of questions such as are there differences in the value attached to risk by players of different age, nationality or gender (women are underrepresented in the game and seem to do marginally worse – they win about 5% less than men), age, and by wealth, or are people more averse to losing money than not winning it.

Peter Dunn | alphagalileo

More articles from Interdisciplinary Research:

nachricht Tiny implants for cells are functional in vivo
19.03.2018 | Universität Basel

nachricht Scientists develop new tool for imprinting biochips
09.03.2018 | Advanced Science Research Center, GC/CUNY

All articles from Interdisciplinary Research >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Tiny implants for cells are functional in vivo

For the first time, an interdisciplinary team from the University of Basel has succeeded in integrating artificial organelles into the cells of live zebrafish embryos. This innovative approach using artificial organelles as cellular implants offers new potential in treating a range of diseases, as the authors report in an article published in Nature Communications.

In the cells of higher organisms, organelles such as the nucleus or mitochondria perform a range of complex functions necessary for life. In the networks of...

Im Focus: Locomotion control with photopigments

Researchers from Göttingen University discover additional function of opsins

Animal photoreceptors capture light with photopigments. Researchers from the University of Göttingen have now discovered that these photopigments fulfill an...

Im Focus: Surveying the Arctic: Tracking down carbon particles

Researchers embark on aerial campaign over Northeast Greenland

On 15 March, the AWI research aeroplane Polar 5 will depart for Greenland. Concentrating on the furthest northeast region of the island, an international team...

Im Focus: Unique Insights into the Antarctic Ice Shelf System

Data collected on ocean-ice interactions in the little-researched regions of the far south

The world’s second-largest ice shelf was the destination for a Polarstern expedition that ended in Punta Arenas, Chile on 14th March 2018. Oceanographers from...

Im Focus: ILA 2018: Laser alternative to hexavalent chromium coating

At the 2018 ILA Berlin Air Show from April 25–29, the Fraunhofer Institute for Laser Technology ILT is showcasing extreme high-speed Laser Material Deposition (EHLA): A video documents how for metal components that are highly loaded, EHLA has already proved itself as an alternative to hard chrome plating, which is now allowed only under special conditions.

When the EU restricted the use of hexavalent chromium compounds to special applications requiring authorization, the move prompted a rethink in the surface...

All Focus news of the innovation-report >>>



Industry & Economy
Event News

Virtual reality conference comes to Reutlingen

19.03.2018 | Event News

Ultrafast Wireless and Chip Design at the DATE Conference in Dresden

16.03.2018 | Event News

International Tinnitus Conference of the Tinnitus Research Initiative in Regensburg

13.03.2018 | Event News

Latest News

A new kind of quantum bits in two dimensions

19.03.2018 | Physics and Astronomy

Scientists have a new way to gauge the growth of nanowires

19.03.2018 | Materials Sciences

Virtual reality conference comes to Reutlingen

19.03.2018 | Event News

Science & Research
Overview of more VideoLinks >>>