Abstract:We examine the risky choices of contestants in a Hong Kong TV game show where large monetary amounts are at stake. Our results reveal some difficulties for using the traditional expected utility theory to explain their behaviours and favor a path-dependent prospect theory. In particular, we find that the risk attitudes of Hong Kong contestants differ significantly from those in western countries ( Netherlands, Germany, and the United States) in several aspects, including: 1) the house money effect is insignificant; 2) the reference point is sensitive to the entire change trend relative to the initial game situation; 3) individual differences are less prominent. We offer possible explanations for the cross-cultural differences.