Ranking Games and Gambling: When to Quit When You're Ahead
نویسندگان
چکیده
منابع مشابه
Ranking Games and Gambling: When to Quit When You're Ahead
It is common for rewards to be given on the basis of a rank ordering, so that relative performance amongst a cohort is the criterion. In this paper we formulate an equilibrium model in which an agent makes successive decisions on whether or not to gamble and is rewarded on the basis of a rank ordering of final wealth. This is a model of the behaviour of mutual fund managers who are paid dependi...
متن کاملOME WORKING PAPER SERIES Ranking games and gambling: When to quit when you’re ahead
It is common for rewards to be given on the basis of a rank ordering, so that relative performance amongst a cohort is the criterion. In this paper we formulate an equilibrium model in which an agent makes successive decisions on whether or not to gamble and is rewarded on the basis of a rank ordering of final wealth. This is a model of the behaviour of mutual fund managers who are paid dependi...
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ژورنال
عنوان ژورنال: Operations Research
سال: 2012
ISSN: 0030-364X,1526-5463
DOI: 10.1287/opre.1120.1091