Download or read book Risk taking behavior in tournaments evidence from the nba written by Christian Grund and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Incidence and Consequences of Risk Taking Behavior in Tournaments Evidence from the NBA written by Christian Grund and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We empirically explore the relevance and efficiency of risk-taking behavior in tournaments. We use data from the National Basketball Association (NBA) and measure risk-taking by the fraction of three-point shots in basketball games. We examine how point differences between teams during games affect their subsequent risk-taking behavior. It is found that teams that are trailing are more likely to increase their use of three-point shots. We additionally analyze the consequences of this change in behavior. Enhanced risk-taking is inefficient in the vast majority of cases and is only beneficial if a team is trailing by a rather large margin. We discuss possible explanations for these decision errors.
Download or read book Risk Taking in Competition written by Serkan Ozbeklik and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We test hypotheses regarding risk taking behavior of competitors in settings characterized by one-on-one, single elimination tournaments. We draw data from 579 professional golf matches and over 18,000 holes from 2003-2013 in tournaments where match-play scoring is used rather than stroke-play. Because of the uniqueness of the data, we are able to provide clean empirical tests of how risk taking is affected by horizon effects (holes remaining), peer effects arising from heterogeneity in player abilities, match status (whether behind or ahead), and the difficulty of the task/project (hole). The findings are applicable to corporate settings where only a few rivals compete for a prize, such as a winning bid, a promotion, market share dominance, patents, etc. Other applications include litigation contests and political elections.
Download or read book The Oxford Handbook of the Psychology of Competition written by Stephen M. Garcia and published by Oxford University Press. This book was released on 2024-01-19 with total page 689 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Psychology of Competition reviews and organizes the literature on the psychology of competition and brings together leading researchers studying competition across the field of psychology. This volume is a crucial interdisciplinary investigation into the variety of perspectives and approaches to the psychology of competition, facilitating new research and integration in the field.
Download or read book Risk Taking in Selection Contests written by Hans K. Hvide and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a tournament/contest where the strategic variable is degree of risk rather than amount of effort. The degree to which the most able contestants win (selection efficiency) is examined. We show that the selection efficiency of a contest may be improved by limiting the competition in two ways; a) by having a small number of contestants, and b) by restricting contestant quality. The results may contribute to our understanding of such diverse phenomena as promotion processes in large firms, selection of fund managers and research tournaments.
Download or read book Prize and Risk Taking Strategy in Tournaments written by Jungmin Lee and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Business of Sports written by Dennis R. Howard and published by Bloomsbury Publishing USA. This book was released on 2008-06-30 with total page 936 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sports industry is large, visible, and growingand it has a huge impact on society. That's obvious to die-hard fans who not only watch sporting events but buy everything from balls to ties to paperweights with their favorite team's logo. But even sports haters can't escape the onslaught of professional sports: They are asked to chip in as taxpayers to build public stadiums, and their children are, like it or not, exposed to events sponsored by alcohol and tobacco companies, not to mention the juvenile antics of star athletes. Businesses, of course, take a hit in productivity when the Olympicsor World Series or Super Bowl or World Cuprolls around. Yet most of us love to watch, and play. The Business of Sports takes on this endlessly fascinating behemoth of an industry to make sense of it all. Yes, sports is big business. How big? Estimates of total annual U.S. spending on sporting goods and services range from $250 to $560 billion a year, and spending related to organized sport alone has been estimated at $200 billion per year. And it's getting bigger, casting an ever-larger shadow over the entire globe. The Business of Sports throws light on the subject by exploring the business and economic dynamics of the industry from a diverse array of perspectives that cover the industry's macroeconomic, management, and marketing/promotion issues. Volume 1, Perspectives on the Sports Industry, documents the current size, scope, and magnitude of the sports industry in the U.S. and abroadincluding the U.K. and China. It also examines the importance of the world's most visible sporting events, like the Olympics, and the impact of sporting events broadcast around the world. Volume 2, Economic Perspectives on Sport, takes an in-depth look at the sports industry from an economic perspective. The volume delves into the inner workings of leagues and teams, covering economic issues from the design of sports leagues to franchise financial valuations to salary caps to labor relations. Volume 3, Bridging Research and Practice, fills the gap between scholarly research on sport and practitioners working in the industry. Topics include evaluating talent, maintaining managerial efficiency, analyzing statistical performance indices, and assessing the noneconomic benefits of professional sports. Business and sports are a potent mix of two of the strongest forces moving our society today. And, as the stratospheric salaries of professional athletes indicate, the industry is going through major growth and change. To make sense of it all, it helps to understand the underlying economic principles driving the business decisions made daily by owners and managers in all corners of the world. The unique, multivolume format of The Business of Sports allows sports nuts, journalists, business people, and students to explore the wide variety of issues that fuel the world's crazy passion for all things athletic.
Download or read book Competition and Risk taking written by Oliver Gürtler and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many situations, agents take risks by choosing an action that increases their performance immediately, but that potentially leads to a large loss. The current paper studies how such risk-taking behavior depends on the level of competition that the agents face. We study a tournament model and we find that more intense competition, measured by the number of competitors as well as their relative standing, induces agents to take higher risks. We use a rich panel data set on professional biathlon competitions as well as survey data from professional biathletes to confirm the model predictions. Finally, we discuss managerial implications.
Download or read book Tournament Rewards and Risk Taking written by Hans K. Hvide and published by . This book was released on 2001 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: I consider two seemingly unrelated puzzles. 1.Why is relative performance evaluation (RPE) used less in CEO compensation than agency theory suggests? 2.Why is sometimes, e.g., for fund managers, a 'modest' performance more highly rewarded than 'very high' performances? I consider a simple tournament model where agents can influence the spread of output in addition to its mean. I show that standard tournament rewards induce risky and lazy behavior from the agents. This finding sheds light on Puzzle 1. Second, I consider a scheme that ranks agents according to their relative closeness to a benchmark k. I show that there exists intermediate values of k such that the risky-lazy problem of the standard tournament can be mitigated, and first best level of effort can be implemented. This result sheds light on Puzzle 2.
Download or read book Leading Effect Vs Risk Taking in Dynamic Tournaments written by Frank Mueller-Langer and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two “order effects” may emerge in dynamic tournaments with information feedback. First, participants adjust effort across stages, which could advantage the leading participant who faces a larger “effective prize” after an initial victory (leading-effect). Second, participants lagging behind may increase risk at the final stage as they have “nothing to lose” (risk-taking). We use a randomized natural experiment in professional two-game soccer tournaments where the treatment (order of a stage-specific advantage) and team characteristics, e.g. ability, are independent. We develop an identification strategy to test for leading-effects controlling for risk-taking. We find no evidence of leading-effects and negligible risk-taking effects.
Download or read book Competition and Subsequent Risk Taking Behaviour written by Antonio Filippin and published by . This book was released on 2017 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies if competition affects subsequent risk-taking behaviour by means of a laboratory experiment that manipulates the degree of competitiveness of the environment under equivalent monetary incentives. We find that competition increases risk aversion, especially for males, but not in a significant manner. When conditioning on the outcome, we find that males become significantly more risk averse after losing the tournament than after randomly earning the same low payoff. In contrast, males do not become more risk-seeking after winning the tournament, while females' average risk-taking behaviour is unaffected by tournament participation and outcomes. We interpret our findings in terms of males' reaction to negative outcomes driven by intrinsic motives, such as emotions or a shift in the locus of control from internal to external.
Download or read book Field Evidence on Individual Behavior Performance in Rank order Tournaments written by Kevin J. Boudreau and published by . This book was released on 2012 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of rank-order tournaments has shown that intensified competition leads to declining performance. Empirical research demonstrates that individuals in tournament-type contests perform less well on average in the presence of larger number of competitors in total and superstars. Particularly in field settings, studies often lack direct evidence about the underlying mechanisms, such as the amount of effort, that might account for these results. Here we exploit a novel dataset on algorithmic programming contests that contains data on individual effort, risk taking, and cognitive errors that may underlie tournament performance outcomes. We find that competitors on average react negatively to an increase in the total number of competitors, and react more negatively to an increase in the number of superstars than non-superstars. We also find that the most negative reactions come from a particular subgroup of competitors: those that are highly skilled, but whose abilities put them near to the top of the ability distribution. For these competitors, we find no evidence that the decline in performance outcomes stems from reduced effort or increased risk taking. Instead, errors in logic lead to a decline in performance, which suggests a cognitive explanation for the negative response to increased competition. We also find that a small group of competitors, who are at the very top of the ability distribution (non-superstars), react positively to increased competition from superstars. For them, we find some evidence of increased effort and no increase in errors of logic, consistent with both economic and psychological explanations.
Download or read book Risk Taking in Contests and the Role of Carrots and Sticks written by Scott M. Gilpatric and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study contests in which contestants choose both work effort and the variance of output (risk). Winner-take-all contests generate incentives for contestants to engage in costly risk taking, which is inefficient if the contest organizer values the aggregate output of all contestants. The addition of a penalty for ranking last (retaining a prize for ranking first) enables the organizer to independently control contestants' incentives to exert productive effort and to increase output variance. In this way, the organizer can eliminate risk-seeking behavior in settings where it is wasteful, but also control risk seeking when it is desirable, such as in research tournaments.
Download or read book Risk Taking in Asymmetric Tournaments written by Matthias Kräkel and published by . This book was released on 2001 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Taking written by Zur Shapira and published by Russell Sage Foundation. This book was released on 1995-01-25 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical economic theory assumes that people in risk situations follow a course of action based on a rational, consistent assessment of likely outcomes. But as Zur Shapira demonstrates in Risk Taking, corporate managers consistently stray from the prescribed path into far more subjective territory. Risk Taking offers a critical assessment of the relationship between theory and action in managerial decision making. Shapira offers a definitive account of the classical conception of risky decision making, which derives behavioral prescriptions from a calculation of both the value and the likelihood of possible outcomes. He then demonstrates how theories in this vein have been historically at odds with empirical observations. Risk Taking reports the results of an extensive survey of seven hundred managers that probed their attitudes and beliefs about risk and examined how they had actually made decisions in the face of uncertainty. The picture that emerges is of a dynamic, flexible process in which each manager's personal expertise and perceptions play profound roles. Managerial strategies are continually modified to suit changing circumstances. Rather than formulating probability estimates, executives create potential scenarios based not only on the possible outcomes but also on the many arbitrary factors inherent in their own situations. As Shapira notes, risk taking propensities vary among managers, and the need to maintain control and avoid particularly dangerous results exercises a powerful influence. Shapira also examines the impact of organizational structure, long-term management objectives, and incentives on decision making. With perceptive observations of the cognitive, emotional, and organizational dimensions of corporate decision making, Risk Taking propels the study of managerial risk behavior into new directions. This volume signals the way toward improving managerial decision making by revealing the need for more inclusive choice models that augment classical theory with vital behavioral observations.
Download or read book Experimental Methods written by Daniel Friedman and published by Cambridge University Press. This book was released on 1994-01-28 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental economics is a rapidly growing field of inquiry, and there currently exist several textbooks and surveys describing the results of laboratory experiments in economics. This primer, however, is the first hands-on guide to the physical aspects of actually conducting experiments in economics. It tells researchers, teachers and students in economics how to deal with human subjects, how to design meaningful laboratory environments, how to design experiments, how to conduct experiments and how to analyse and report the data. It also deals with methodological issues. It can be used to structure an undergraduate or graduate course in experimental economics.
Download or read book You Are What You Risk written by Michele Wucker and published by Simon and Schuster. This book was released on 2021-04-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The #1 international bestselling author of The Gray Rhino offers a bold new framework for understanding and re-shaping our relationship with risk and uncertainty to live more productive and successful lives. What drives a sixty-four-year-old woman to hurl herself over Niagara Falls in a barrel? Why do we often create bigger risks than the risks we try to avoid? Why are corporate boards newly worried about risky personal behavior by CEOs? Why are some nations quicker than others to recognize and manage risks like pandemics, technological change, and climate crisis? The answers define each person, organization, and society as distinctively as a fingerprint. Understanding the often-surprising origins of these risk fingerprints can open your eyes, inspire new habits, catalyze innovation and creativity, improve teamwork, and provide a beacon in a world that seems suddenly more uncertain than ever. How you see risk and what you do about it depend on your personality and experiences. How you make these cost-benefit calculations depend on your culture, your values, the people in the room, and even unexpected things like what you’ve eaten recently, the temperature, the music playing, or the fragrance in the air. Being alert to these often-unconscious influences will help you to seize opportunity and avoid danger. You Are What You Risk is a clarion call for an entirely new conversation about our relationship with risk and uncertainty. In this ground-breaking, accessible and eminently timely book, Michele Wucker examines why it’s so important to understand your risk fingerprint and how to make your risk relationship work better in business, life, and the world. Drawing on compelling risk stories around the world and weaving in economics, anthropology, sociology, and psychology research, Wucker bridges the divide between professional and lay risk conversations. She challenges stereotypes about risk attitudes, re-frames how gender and risk are related, and shines new light on generational differences. She shows how the new science of “risk personality” is re-shaping business and finance, how healthy risk ecosystems support economies and societies, and why embracing risk empathy can resolve conflicts. Wucker shares insights, practical tools, and proven strategies that will help you to understand what makes you who you are –and, in turn, to make better choices, both big and small.
