The present thesis examines if and to what extent microeconomic theory can explain the observable behavior of individuals in competitive environments. On the basis of self-compiled datasets from (professional) sports competitions as well as a widely broadcasted TV quiz-show two research...

In this paper we relate individual risk attitude as elicited by binary lotteries and certainty equivalents to market behavior. By analyzing 26 independent markets with a total of 280 participants we show that binary lottery choices and certainty equivalents are poorly correlated. Only lottery...