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On the Evolution of Attitudes towards Risk in Winner-Take-All Games

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  • Dekel, Eddie
  • Scotchmer, Suzanne

Abstract

A long-standing conjecture is that winner-take-all games such as patent races lead to the survival of risk-takers and the extinction of risk-averters. In many species a winner-take-all game determines the males' right to reproduce, and the same argument suggests that males will evolve to be risk-takers. Psychological and sociological evidence buttresses the argument that males are more risk-taking than females. Using an evolutionary model of preference-formation, we investigate to what extent evolution leads to risk-taking in winner-take-all environments.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 87 (1999)
Issue (Month): 1 (July)
Pages: 125-143

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Handle: RePEc:eee:jetheo:v:87:y:1999:i:1:p:125-143

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Web page: http://www.elsevier.com/locate/inca/622869

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