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An Empirical Study on Risk Taking in Tournaments

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  • Christian Grund
  • Oliver Gürtler

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Abstract

Individuals faced by a tournament can oftentimes 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. In this paper we analyze risk taking behavior of professional soccer coaches. We find that risk taking concerning the kind of observed substitutions is, indeed, relevant. However, risk taking does not pay off.

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File URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonedp/bgse6_2005.pdf
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Bibliographic Info

Paper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse6_2005.

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Length: 13
Date of creation: Feb 2005
Date of revision:
Handle: RePEc:bon:bonedp:bgse6_2005

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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de

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References

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  1. Hvide, H.K. & Kristiansen, E.G., 1999. "Risk Taking in Selection Contests," Papers 5-99, Tel Aviv.
  2. 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.
  3. 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.
  4. Chevalier, J. & Ellison, G., 1996. "Risk Taking by Mutual Funds as a Response to Incentives," Working papers 96-3, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. 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).
  6. Hvide, H.K., 1999. "Tournament Rewards and Risk Taking," Papers 32-99, Tel Aviv.
  7. Matthias Kräkel & Dirk Sliwka, 2001. "Risk Taking in Asymmetric Tournaments," Bonn Econ Discussion Papers bgse33_2001, University of Bonn, Germany.
  8. Ronald G. Ehrenberg & Michael L. Bognanno, 1988. "Do Tournaments Have Incentive Effects?," NBER Working Papers 2638, National Bureau of Economic Research, Inc.
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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. B Frick & R Simmons, 2007. "The allocation of rewards in athletic contests," Working Papers 591160, Lancaster University Management School, Economics Department.
  3. 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.
  4. Kondo, Kazumine, 2011. "Have credit rating agencies become more stringent towards Japanese regional banks?," MPRA Paper 30500, University Library of Munich, Germany.
  5. repec:lan:wpaper:3570 is not listed on IDEAS
  6. 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.
  7. Kräkel, Matthias, 2007. "Optimal Risk Taking in an Uneven Tournament Game with Risk Averse Players," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 200, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  8. repec:lan:wpaper:3963 is not listed on IDEAS
  9. 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).
  10. repec:lan:wpaper:3678 is not listed on IDEAS

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