Parreiras, Sérgio O. (contributor); … - 2005
-ante comparative strengths
of contestants: their perceived desire to win and the degree of their risk
aversion; consequently, these are … natural explanation for the drop-out and race-to-the-bottom effects is
risk-aversion. In a symmetric model, Fibich, Gavious …, and Sela (2004) show
that a small increase in the risk-aversion parameter makes low valuations
contestants exert less …