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dc.contributor.authorKräkel, Matthiasen_US
dc.contributor.authorNieken, Petraen_US
dc.contributor.authorPrzemeck, Judithen_US
dc.date.accessioned2008-12-10en_US
dc.date.accessioned2009-08-06T12:40:58Z-
dc.date.available2009-08-06T12:40:58Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27168-
dc.description.abstractWe analyze a two-stage game between two heterogeneous players. At stage one, 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 - a discouragement effect, a cost effect and a likelihood effect. For the likelihood effect, risk taking and investmentsare clearly in line with theory. Pairwise comparison shows that the cost effect seems to be more relevant than the discouragement effect when taking risk.en_US
dc.language.isoengen_US
dc.publisherGraduate School of Economics Bonnen_US
dc.relation.ispartofseriesBonn econ discussion papers 2008,7en_US
dc.subject.jelM51en_US
dc.subject.jelC91en_US
dc.subject.jelD23en_US
dc.subject.ddc330en_US
dc.subject.keywordTournamentsen_US
dc.subject.keywordCompetitionen_US
dc.subject.keywordRisk-Takingen_US
dc.subject.stwRisikopräferenzen_US
dc.subject.stwExtensives Spielen_US
dc.subject.stwWettbewerben_US
dc.subject.stwSpieltheorieen_US
dc.titleRisk taking in winner-take-all competitionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587681020en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn

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