Deal or No Deal is a television game show format owned by Netherlands-based production company Endemol, known for creating such shows as Big Brother. The format first aired in Australia in 2003 but has since spread internationally, now airing in 38 countries, including the United Kingdom, the United States, Mexico, Canada, Israel, Tunisia, Romania, Poland and India.

Format

The basic format of Deal or No Deal consists of a number of cases (usually 26) each containing a different amount of money. Not knowing the sum of money in each case, the contestant picks one case at random which potentially contains the contestant's prize. They then open the remaining cases, one by one, revealing the money they contained. At pre-determined intervals the contestant receives an offer from the bank to purchase the originally chosen case from the contestant, the offer being based on the potential value of the contestant's case. The contestant must then decide whether to take the deal from the bank, or to continue opening briefcases. If they decide not to take the deal and reveal low values then the next bank offer is likely to be higher (as the contestant's case is proven not to contain these low values). Alternatively they risk revealing higher values, lowering future offers from the bank.

The format of Deal or No Deal varies in each country. In the UK, for example, contestants choose from 22 boxes rather than 26 briefcases.

Australian version

Deal or No Deal airs in Australia on the Seven Network, and is hosted by Andrew O'Keefe. The program debuted in late 2003 as an hour-long program, airing in prime-time on Sunday nights and offering a top prize of $2,000,000. In 2004 the show was reduced to a 30-minute format, airing weekdays at 5:30pm and offering a top prize of $200,000. As of January 2006 the top prize has only been won once by sales consultant Dean Cartechini.

Dutch version
The Netherlands version, called Miljoenenjacht, is hosted by ex-Endemol boss John De Mol's sister, actress Linda. The top prize is 5 million euros.


Indian version
The Indian version, originally hosted by Madhavan, premiered on November 23, 2005 on Sony Entertainment Television, and broadcasts three nights a week. The original creator of the show was Thakkar and Masrani Associates. Madhavan opted out after shooting the mandatory 35 episodes that his contract bound him for. He was replaced by Mandira Bedi.


Italian version
In Italy, the show is a big hit on leading TV station RAI. The show is called Affari Tuoi, which literally translates to "Your Affairs", and is now hosted by former singer Pupo after two hugely succesful seasons with Paolo Bonolis. In the Italian version, there are only 20 briefcases, and each person that has a briefcase is a representative of one of the 20 regions of Italy. The highest prize is 1,000,000 euros. Along with some petty money prizes like 50 cents, there are also 3 prizes that you want to avoid. They are usually silly things like Salami, or a year's supply of soap, and even a live performance of the host's most famous song, "Su Di Noi".


Mexican version
In Mexico, the show is called "Vas o no vas". The original version is transmitted on Saturday nights and a spinoff version is shown during weekday evenings. While the weekend version shows a more solemn environment (with a top prize of 5 million pesos), the weekday version seems more informal (with a top prize of 1 million pesos). The show is broadcasted by Televisa and hosted by Héctor Sandarti.

UK version

A contestant (Trevor) on the UK version of Deal or No DealMain article: Deal or No Deal (UK) 

Channel 4 in the UK began broadcasting Deal or No Deal from October 31, 2005. It is presented by Noel Edmonds and has a 45 minute time slot, normally broadcasting from 4.15 p.m. to 5.00 p.m. on weekdays and from 4.25 p.m. to 5.10p.m. on Saturdays. The weekday show is repeated on the stations digital station, More 4 at 6.10pm.


US version
Main article: Deal or No Deal (USA) 
The United States version, hosted by actor-comedian Howie Mandel, premiered on December 19, 2005 on NBC and ran during the following four consecutive nights. The grand prize is $1 million. The show is expected to make a return after the 2006 Winter Olympics.


Analyzing decision making under risk
Economists from the Netherlands - Post, Baltussen & Van den Assem - have analyzed the decisions of people appearing in Deal or No Deal and found, among other things, that contestants are less risk averse when they have seen their expected winnings tumble. "Losers" tend to continue playing the game even if this means rejecting bank offers in excess of the average of the remaining prizes. The findings provide support for behavioral economists, who claim that the classical expected utility theory falls short in explaining human behavior by not accounting for the context of decisions. The study of the Dutch is unique, for the underlying "experiment" Deal or No Deal is characterized by high stakes, a transparent probability distribution and only simple stop-go decisions that require minimal skill or strategy. A recent research report of their study can be downloaded here.