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 Risk Taking Dynamics in Tournaments written by Todd McFall and published by . This book was released on 2016 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzing strategies in tournaments can be difficult to analyze given data limitations. We analyze golfers' risk taking strategies with a unique data-set from ten seasons of professional golf tournaments and present three major findings. First, as the value of taking on a risk rises, golfers become more likely to adopt risky strategies, a finding that aligns well with classic economic thinking. However, golfers exhibit signs of loss aversion as the total payouts increase. Second, golfers are influenced by a reference bias, which we measure as the difference in their standing in a tournament compared to their world ranking at the time of the tournament. This bias is dynamic throughout the tournament, as risk taking rises as payouts become more imminent. Last, in Tiger Woods's era of dominance (2004-2009 in our dataset), golfers took on more risk when Woods was in the field compared to events in which he was not. This finding suggests that the superstar forced his rivals to take on more risk than they would have liked, providing an explanation for the superstar effect found in Brown (2011).
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 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 Essays on Risk taking and Effort Provision in Tournaments written by Lena Neuberg and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Taking Tournaments written by Petra Nieken and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Tournaments and Project Selection Under Ambiguity A Bright Side of Risk Taking written by Birendra K. Rai and published by . This book was released on 2016 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes how ambiguity affects the tournament outcome and the project selection of a multi-business-unit organization. We consider a tournament model where business unit managers compete against each other for a promotion reward but are ambiguous about how relatively well their skills match with the project assigned by a headquarter (HQ). We show that while ambiguity adversely affects business unit managers' effort choices, project risk can partly offset the adverse effect of ambiguity and hence boost effort inputs from business unit managers. This is in sharp contrast with the standard tournament theory, predicting that greater risk reduces contestants' incentives to exert effort. Moreover, the equilibrium prize spread is shown to decrease with ambiguity and increase with project risk. Finally, while greater project risk is unequivocally suboptimal for the organization in the absence of ambiguity, it can be optimal for the organization in the presence of ambiguity. Our results thus highlight an unexplored bright side of risk-taking of organizations and provide novel policy implications for project management under ambiguity. The robustness of our results is also probed from several different perspectives.
Download or read book Risk Management for Meetings and Events written by Julia Rutherford Silvers and published by Routledge. This book was released on 2009-11-04 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Events of all types are produced every day for all manner of purposes, attracting all sorts of people. Creating and managing the environment in which these people will gather carries with it awesome responsibilities — legal, ethical, and financial. To provide a safe and secure setting and to operate in a manner that ensures the hosting organizations or individuals achieve their objectives in a proper and profitable way, event risk management must be fully integrated into all event plans and throughout the event management process. Risk Management for Meetings and Events examines the practices, procedures, and safeguards associated with the identification, analysis, response planning, and control of the risks surrounding events of all types. Written by an experienced author it: * Provides a solid, easy-to-read conceptual foundation based on proven risk management techniques * Includes ready-to-use templates designed specifically as learning exercises for students and professionals * Comprehensively discusses effective strategies for managing the risks associated with design, planning and production of public and private events Risk Management for Meetings and Events is a comprehensive and practical guide which supports academic and professional development programs that prepare individuals for entering or advancement in the meeting and event management industry.
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 Risk Preference Correlation Choice Sabotage and the Design of Promotion Tournaments written by Yuji Yumoto and published by . This book was released on 2003 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keywords: promotion, tournament, risk taking, correlation choice, sabotage, contest.
Download or read book Risk Taking and Performance in Multistage Tournaments written by Christos Genakos and published by . This book was released on 2009 with total page 64 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 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 Risk Management for Events written by Julia Rutherford Silvers and published by Routledge. This book was released on 2020-12-27 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk Management for Events is a comprehensive and practical guide that supports academic and professional development programs to prepare individuals for entering or advancement in the international events industry. Events of all types are produced every day for all manner of purposes, attracting all sorts of people. Creating and managing the environment in which these people will gather carries with it awesome responsibilities — legal, ethical, and financial. To provide a safe and secure setting and to operate in a manner that ensures that the hosting organizations or individuals achieve their objectives in a proper and profitable way, event risk management must be fully integrated into all event plans and throughout the event management process. This new edition has been revised and updated to include: New case studies and examples from a wide range of international destinations and different types of events. Updated statistics and data throughout. New content on emergent risk, on-site decision-making, terrorism, and public health, including the COVID-19 pandemic, and corruption within events. Updated online material, including a case study archive and weblinks to useful resources. This will be an invaluable resource for all those studying events management.
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.
