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

13.05.2002


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 Combating sulphuric acid corrosion at wastewater plants: Graz scientists develop new solution
23.02.2018 | Technische Universität Graz

nachricht Stealth Virus for Cancer Therapy
31.01.2018 | Universität Zürich

All articles from Interdisciplinary Research >>>

The most recent press releases about innovation >>>

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

Im Focus: Attoseconds break into atomic interior

A newly developed laser technology has enabled physicists in the Laboratory for Attosecond Physics (jointly run by LMU Munich and the Max Planck Institute of Quantum Optics) to generate attosecond bursts of high-energy photons of unprecedented intensity. This has made it possible to observe the interaction of multiple photons in a single such pulse with electrons in the inner orbital shell of an atom.

In order to observe the ultrafast electron motion in the inner shells of atoms with short light pulses, the pulses must not only be ultrashort, but very...

Im Focus: Good vibrations feel the force

A group of researchers led by Andrea Cavalleri at the Max Planck Institute for Structure and Dynamics of Matter (MPSD) in Hamburg has demonstrated a new method enabling precise measurements of the interatomic forces that hold crystalline solids together. The paper Probing the Interatomic Potential of Solids by Strong-Field Nonlinear Phononics, published online in Nature, explains how a terahertz-frequency laser pulse can drive very large deformations of the crystal.

By measuring the highly unusual atomic trajectories under extreme electromagnetic transients, the MPSD group could reconstruct how rigid the atomic bonds are...

Im Focus: Developing reliable quantum computers

International research team makes important step on the path to solving certification problems

Quantum computers may one day solve algorithmic problems which even the biggest supercomputers today can’t manage. But how do you test a quantum computer to...

Im Focus: In best circles: First integrated circuit from self-assembled polymer

For the first time, a team of researchers at the Max-Planck Institute (MPI) for Polymer Research in Mainz, Germany, has succeeded in making an integrated circuit (IC) from just a monolayer of a semiconducting polymer via a bottom-up, self-assembly approach.

In the self-assembly process, the semiconducting polymer arranges itself into an ordered monolayer in a transistor. The transistors are binary switches used...

Im Focus: Demonstration of a single molecule piezoelectric effect

Breakthrough provides a new concept of the design of molecular motors, sensors and electricity generators at nanoscale

Researchers from the Institute of Organic Chemistry and Biochemistry of the CAS (IOCB Prague), Institute of Physics of the CAS (IP CAS) and Palacký University...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

VideoLinks
Industry & Economy
Event News

2nd International Conference on High Temperature Shape Memory Alloys (HTSMAs)

15.02.2018 | Event News

Aachen DC Grid Summit 2018

13.02.2018 | Event News

How Global Climate Policy Can Learn from the Energy Transition

12.02.2018 | Event News

 
Latest News

Basque researchers turn light upside down

23.02.2018 | Physics and Astronomy

Finnish research group discovers a new immune system regulator

23.02.2018 | Health and Medicine

Attoseconds break into atomic interior

23.02.2018 | Physics and Astronomy

VideoLinks
Science & Research
Overview of more VideoLinks >>>