An empirical study on risk-taking in tournaments

Christian Grund and Oliver Gürtler

Applied Economics Letters, 2005, vol. 12, issue 8, 457-461

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.

Date: 2005
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DOI: 10.1080/13504850500109881

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