Showing 1 - 10 of 13
There are at least two reasons why multiple prizes can be optimal in symmetric imperfectly discriminating contests. First, the introduction of multiple prizes reduces the standard deviation of contestants’ effort in asymmetric equilibria, when the majority of contestants actively participate...
Persistent link: https://www.econbiz.de/10005463534
We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...
Persistent link: https://www.econbiz.de/10010817299
The experimental literature and studies using survey data have established that people care a great deal about their relative economic position and not solely, as standard economic theory assumes, about their absolute economic position. Individuals are concerned about social comparisons....
Persistent link: https://www.econbiz.de/10005040817
People care a great deal about their relative economic position and not solely about their absolute economic position. However, behavioral evidence is rare. This paper provides evidence on how the relative income position affects professional sports performances. Our analysis suggests that if a...
Persistent link: https://www.econbiz.de/10005040820
In this paper we present a two period model, where the agent's preferences are described by prospect theory as proposed by Kahneman and Tversky. We solve for the agent's portfolio decision. Our findings are that the changes in portfolio weights depend crucially on the reference point and the...
Persistent link: https://www.econbiz.de/10005040821
The optimal contest architecture for symmetric imperfectly discriminating contests is shown to be generically the two-stage tournament (rather than the one-stage contest). In the first stage the contestants compete in several parallel divisions for the right to participate in the second stage....
Persistent link: https://www.econbiz.de/10005585610
studies have established that people care a great deal about their relative economic position and not solely, as standard economic theory assumes, about their absolute economic position. However, behavioral evidence is rare. This paper provides an empirical analysis on how individuals’...
Persistent link: https://www.econbiz.de/10005627827
The relative standard deviation of win percentages, the most widely used measure of within-season competitive balance, has an upper bound which is very sensitive to variation in the numbers of teams and games played. Taking into account this upper bound provides additional insight into...
Persistent link: https://www.econbiz.de/10010611215
This paper develops a new simulation-based measure of playoff uncertainty and investigates its contribution to modelling match attendance compared to other variants of playoff uncertainty in the existing literature. A model of match attendance that incorporates match uncertainty, playoff...
Persistent link: https://www.econbiz.de/10010611230
This paper re-examines the calculation of the relative standard deviation (RSD) measure of competitive balance in leagues in which draws are possible outcomes. Some key conclusions emerging from the exchange between Cain and Haddock (2006) and Fort (2007) are reversed. There is no difference,...
Persistent link: https://www.econbiz.de/10010611244