English, Article, Journal or magazine article edition: Optimal Risk Taking in an Uneven Tournament Game with Risk Averse Players Matthias Kräkel

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Bookmark: http://trove.nla.gov.au/version/52662
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal Risk Taking in an Uneven Tournament Game with Risk Averse Players
Author
  • Matthias Kräkel
Physical Description
  • preprint
Notes
  • RePEc:bon:bonedp:bgse4_2007
  • We analyze the optimal choice of risk in a two-stage tournament game between two players that have different concave utility functions. At the first stage, both players simultaneously choose risk. At the second stage, both observe overall risk and simultaneously decide on effort or investment. The results show that those two effects which mainly determine risk taking — an effort effect and a likelihood effect — are strictly interrelated. This finding sharply contrasts with existing results on risk taking in tournament games with symmetric equilibrium efforts where such linkage can never arise. Hence, previous findings based on symmetry at the effort stage turn out to be nongeneric.
  • asymmetric equilibria, rank-order tournaments, risk taking
  • RePEc:trf:wpaper:200
Language
  • English
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