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Risk Taking in Selection Contests

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Author Info
Hvide, H.K.
Kristiansen, E.G.

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Abstract

We study selection contests in which the strategic variable is degree of risk rather than amount of effort. The selection efficiency of such contests is examined. We show that the selection efficiency of a contest may be improved by limiting the competition in two ways; a) by having a small number of contestants, and b) by restricting contestant quality. The results may contribute to the understanding of phenomena like promotion processes in large firms, selection of fund managers and research tournaments.

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Publisher Info
Paper provided by Tel Aviv in its series Papers with number 5-99.

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Length: 19 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:teavfo:5-99

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Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Phone: 972-3-640-9255
Fax: 972-3-640-5815
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Web page: http://econ.tau.ac.il/research/foerder.asp
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Related research
Keywords: RISK ; STATISTICAL ANALYSIS ; ENTERPRISES;

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Find related papers by JEL classification:
C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
D29 - Microeconomics - - Production and Organizations - - - Other
J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

Cited by:
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  2. Christian Grund & Oliver Gürtler, 2005. "An empirical study on risk-taking in tournaments," Applied Economics Letters, Taylor and Francis Journals, vol. 12(8), pages 457-461, June. [Downloadable!] (restricted)
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  3. Johannes Münster, 2006. "Selection Tournaments, Sabotage, and Participation," Discussion Papers 118, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  4. Sudipto Bhattacharya & Charles A. E. Goodhart & Pojanart Sunirand & Dimitrios P. Tsomocos, 2006. "Banks, Relative Performance, and Sequential Contagion," OFRC Working Papers Series 2006fe10, Oxford Financial Research Centre. [Downloadable!]
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  6. Matthias Kräkel & Petra Nieken & Judith Przemeck, 2008. "Risk Taking in Winner-Take-All Competition," Discussion Papers 233, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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  7. Matthias Kräkel, 2007. "Optimal Risk Taking in an Uneven Tournament Game with Risk Averse Players," Discussion Papers 200, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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  8. Rob van der Noll, 2006. "Competition for a Prize," Tinbergen Institute Discussion Papers 06-013/1, Tinbergen Institute. [Downloadable!]
  9. Tor Eriksson & Sabrina Teyssier & Marie-Claire Villeval, 2006. "Self-Selection and the Efficiency of Tournaments," Working Papers 0603, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure. [Downloadable!]
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  10. José A. García Martínez, 2005. "Selection And Efficiency In Hierarchical Social Systems," Working Papers. Serie AD 2005-35, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  11. Tor Eriksson & Sabrina Teyssier & Marie-Claire Villeval, 2006. "Effort Self-Selection and the Efficiency of Tournaments," Post-Print halshs-00142876_v1, HAL. [Downloadable!]
  12. Nieken, Petra & Sliwka, Dirk, 2008. "Risk-Taking Tournaments: Theory and Experimental Evidence," IZA Discussion Papers 3400, Institute for the Study of Labor (IZA). [Downloadable!]
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