Strategic investment decisions in multi-stage contests with heterogeneous players

Abstract When heterogeneous players make strategic investment decisions in multi-stage contests, they might conserve resources a current contest to spend more subsequent contest, if the degree of heterogeneity (subsequent) is sufficiently large (small). We confirm these predictions using data from German professional soccer, which are subject one-match ban accumulate five yellow cards. Players with four cards facing risk being suspended for next match (i) less likely be fielded when increases and (ii) receive fifth card or but one (when return their ban) decreases.