The popular TV game show Deal or No Deal has been turned into an economics classroom experiment by John Sloman, Director of the Economics Network.
The game can be used to demonstrate expected value and risk attitudes and students can use it to make calculations. It can also demonstrate the diminishing marginal utility of income.
An Excel file can be used by the lecturer to control the game and play the part of the banker, while students discuss the risks, psychology and odds at each stage of the game.
Deal or No Deal has been a topic for a number of popular economics articles available via EconPapers and Google Scholar that explore topics such as decision making, risk and rationality.
The Economics Network features a range of classroom experiments and games for use in the classroom.