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Antecedents of Attitudes Towards Risky Career Choices

  • Verena Jung

    ()

    (EBS Business School)

  • Sascha L. Schmidt

    ()

    (EBS Business School)

  • Benno Torgler

    ()

    (QUT)

We explore the attitude towards risky career choices of young people in highly competitive environments. We empirically test which factors influence young elite athletes’ tendency towards choosing a high-risk career option over a lower risk one; looking at the attitudes, of close to 1000 soccer players in the German “Bundesliga” professional clubs’ Youth Academies, towards making real-life decisions. Generally, they face the decision early on as to whether or not they should risk quitting school to solely focus on a professional soccer career. Our study confirms that elements of expected utility, assessment of the likelihood of achievement of the aspired career as well as the potential benefit derived from this decision, explain risk-taking in competitive environments. The longer an individual survives the continuous selection process in the competitive environment, the more he thinks that he will eventually succeed - despite the increasing opportunity costs of quitting a low-risk alternative career. Initial success in the selection processes is a key trigger for the tendency to choose a career in winner-take-all markets.

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File URL: http://external-apps.qut.edu.au/business/documents/discussionPapers/2012/WP297.pdf
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Paper provided by School of Economics and Finance, Queensland University of Technology in its series School of Economics and Finance Discussion Papers and Working Papers Series with number 297.

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Length: 30 pages
Date of creation:
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Handle: RePEc:qut:dpaper:297
Contact details of provider: Postal: GPO Box 2434, BRISBANE QLD 4001
Web page: http://www.bus.qut.edu.au/faculty/economics/
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  1. Alan B. Krueger, 2005. "The Economics of Real Superstars: The Market for Rock Concerts in the Material World," Journal of Labor Economics, University of Chicago Press, vol. 23(1), pages 1-30, January.
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  5. Frey, Bruno S., 1988. "Ipsative and objective limits to human behavior," Journal of Behavioral Economics, Elsevier, vol. 17(4), pages 229-248.
  6. Alex Krumer & Tal Shavit & Mosi Rosenboim, 2011. "Why do professional athletes have different time preferences than non-athletes?," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(6), pages 542-551, August.
  7. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279.
  8. Caner, Asena & Okten, Cagla, 2010. "Risk and career choice: Evidence from Turkey," Economics of Education Review, Elsevier, vol. 29(6), pages 1060-1075, December.
  9. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December.
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