English, Article, Journal or magazine article edition: Risk Taking in Winner-Take-All Competition Matthias Kräkel; Matthias Kräkel; Petra Nieken; ...

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Bookmark: http://trove.nla.gov.au/version/52755
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Risk Taking in Winner-Take-All Competition
Author
  • Matthias Kräkel
  • Matthias Kräkel
  • Petra Nieken
  • Judith Przemeck
Physical Description
  • preprint
Notes
  • We analyze a two-stage game between two heterogeneous players. At stage one, common risk is chosen by one of the players. At stage two, both players observe the given level of risk and simultaneously invest in a winner-take-all competition. The game is solved theoretically and then tested by using laboratory experiments. We find three effects that determine risk taking at stage one - an effort effect, a likelihood effect and a reversed likelihood effect. For the likelihood effect, risk taking and investments are clearly in line with theory. Pairwise comparison shows that the effort effect seems to be more relevant than the reversed likelihood effect when taking risk.
  • RePEc:trf:wpaper:233
  • Tournaments; Competition; Risk-Taking; Experiment
  • RePEc:bon:bonedp:bgse7_2008
Language
  • English
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