September 15th, 2005
Who Wants to be a Millionaire?
The economists’ analysis, based around a mathematical model, suggest that more people would have won a million – and the contestants have taken home more overall – if they were less risk averse and willing to gamble. But contestants would also have suffered some staggering losses, against human nature. “Most people are not reckless,” says Lanot. “They are cautious and worry a lot about losses.”