An Empirical Study on Risk Taking in Tournaments

Christian Grund () and Oliver Gürtler ()

Bonn Econ Discussion Papers from University of Bonn, Germany

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.

Date: Written
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Journal Article: An empirical study on risk-taking in tournaments (2005)
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