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An empirical study on risk-taking in tournaments

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Author Info

  • Christian Grund
  • Oliver Gurtler

Abstract

Individuals faced by a tournament can often not only choose their effort level, but also the risk level of their strategy. There are some theoretical contributions on risk-taking in tournaments, which mainly point out disadvantages with respect to exerted effort. Empirical evidence is rare. This letter analyses the risk-taking behaviour of professional soccer coaches. It is found that risk-taking concerning the kind of observed substitutions is, indeed, relevant. However, risk-taking does not pay off.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 12 (2005)
Issue (Month): 8 ()
Pages: 457-461

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Handle: RePEc:taf:apeclt:v:12:y:2005:i:8:p:457-461

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References

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  1. Barry Reilly & Robert Witt, 1995. "English league transfer prices: is there a racial dimension?," Applied Economics Letters, Taylor & Francis Journals, vol. 2(7), pages 220-222.
  2. Hvide, H.K. & Kristiansen, E.G., 1999. "Risk Taking in Selection Contests," Papers 5-99, Tel Aviv.
  3. Hvide, H.K., 1999. "Tournament Rewards and Risk Taking," Papers 32-99, Tel Aviv.
  4. Matthias Kräkel & Dirk Sliwka, 2001. "Risk Taking in Asymmetric Tournaments," Bonn Econ Discussion Papers bgse33_2001, University of Bonn, Germany.
  5. R. H. Koning, 2003. "An econometric evaluation of the effect of firing a coach on team performance," Applied Economics, Taylor & Francis Journals, vol. 35(5), pages 555-564.
  6. Lee, Jungmin, 2004. "Prize and Risk-Taking Strategy in Tournaments: Evidence from Professional Poker Players," IZA Discussion Papers 1345, Institute for the Study of Labor (IZA).
  7. Judith A. Chevalier & Glenn D. Ellison, 1995. "Risk Taking by Mutual Funds as a Response to Incentives," NBER Working Papers 5234, National Bureau of Economic Research, Inc.
  8. Ehrenberg, Ronald G & Bognanno, Michael L, 1990. "Do Tournaments Have Incentive Effects?," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1307-24, December.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Norms, agency & competition
    by chris dillow in Stumbling and Mumbling on 2009-09-04 13:06:46
  2. Friday football notes from Chris Dillow
    by Michael Giberson in knowledge problem on 2009-09-04 19:18:21
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Cited by:
  1. Christos Genakos & Mario Pagliero, 2009. "Risk Taking and Performance in Multistage Tournaments: Evidence from Weightlifting Competitions," CEP Discussion Papers dp0928, Centre for Economic Performance, LSE.
  2. Stephan Nuesch & Hartmut Haas, 2012. "Empirical Evidence on the “Never Change a Winning Team” Heuristic," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 232(3), pages 247-257, May.
  3. Grund, Christian & Höcker, Jan & Zimmermann, Stefan, 2010. "Risk Taking Behavior in Tournaments: Evidence from the NBA," IZA Discussion Papers 4812, Institute for the Study of Labor (IZA).
  4. repec:lan:wpaper:3963 is not listed on IDEAS
  5. repec:lan:wpaper:3570 is not listed on IDEAS
  6. repec:lan:wpaper:3678 is not listed on IDEAS
  7. Kräkel, Matthias, 2008. "Optimal risk taking in an uneven tournament game with risk averse players," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1219-1231, December.
  8. Mueller-Langer, Frank & Andreoli-Versbach, Patrick, 2013. "Leading-effect vs. Risk-taking in Dynamic Tournaments: Evidence from a Real-life Randomized Experiment," Discussion Papers in Economics 15452, University of Munich, Department of Economics.
  9. B Frick & R Simmons, 2007. "The allocation of rewards in athletic contests," Working Papers 591160, Lancaster University Management School, Economics Department.
  10. Kondo, Kazumine, 2011. "Have credit rating agencies become more stringent towards Japanese regional banks?," MPRA Paper 30500, University Library of Munich, Germany.

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