On ABC, there is a show called Wipeout, widely known for giant red balls. But on this show contestants maim and nearly kill themselves to cross a finish line paved with $50,000.
The incentive of $50,000 seems pretty good. We all would like some extra money and it is scarce. So I quickly go through my expected benefits and costs. The benefits are a chance at $50,000, a TV appearance, and an adrenaline rush. The costs are that I will get hurt and that I might die. I personally think that it would be fun to go on this show and that I would probably win. However, sitting on my couch at home, I can always hear my dad say "why would anyone ever do this?"
To be honest Dad, I don't know. This arcticle: ( http://articles.cnn.com/2009-11-12/entertainment/tom.sparks.death.wipeout_1_wipeout-pre-existing-condition-endemol?_s=PM:SHOWBIZ ) describes a contestants death in 2009. This makes it seem like the costs of dying and definitely a trip to the hospital (that might actually cost more than $50,000) is not worth the 5 minutes of fame.
Why does this show still exist and how does it still have competitors? How would an economist think about this?
Do the TV producers actually gain that much revenue that the expected benefit of money and popularity outweigh the cost of people dying? Apparently.
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