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Money Isn’t Everything: Estimating the Prestige Value of Winning Cutthroat Kitchen from Overbidding in Sabotage Auctions

Author

Listed:
  • Meg Snyder
  • Daniel Bragen
  • Matthew Rousu
  • Christopher M. Snyder

Abstract

We seek to estimate the prestige value of winning beyond monetary prizes in Cutthroat Kitchen, a cooking show in which dishes are judged in a series of elimination rounds, with the twist that action is periodically paused to auction sabotages against rivals. We estimate the distribution of contestants’ prestige values using a structural model of bidding by a contestant with rational expectations about sabotage effectiveness taken from the data. Our most conservative specification—allowing for risk aversion and bias in the beliefs about sabotage effectiveness—yields mean prestige values of nearly $10,000 for typical episodes and over $35,000 for tournaments.

Suggested Citation

  • Meg Snyder & Daniel Bragen & Matthew Rousu & Christopher M. Snyder, 2024. "Money Isn’t Everything: Estimating the Prestige Value of Winning Cutthroat Kitchen from Overbidding in Sabotage Auctions," NBER Working Papers 32070, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32070
    Note: IO LS
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    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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