Bowdoin Economist Dan Stone Weighs In on Fractious Inn Contest (Portland Press Herald)

Daniel Stone

Daniel Stone

After Prince and Rose Adams were selected to win a Maine inn in a contest asking only for a $125 application fee and an essay, some of other entrants suspected the contest had been rigged. The Maine State Police eventually investigated, finding no evidence that the inn owner had committed any wrongdoing.

Assistant Professor of Economics Dan Stone told the Press Herald that the type of people who enter such contests are similar to entrepreneurs and long-shot gamblers in that they tend to be overconfident in their chances of success. “So it’s not surprising that many entrants, after hearing they didn’t win, would look for other explanations and maybe be too quick to suspect foul play,” he said. Read more.

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