منابع مشابه
Tournament Rewards and Risk Taking∗
In a tournament, a principal sets a prize, and several agents then compete to attain the highest observed output, and win the prize. This paper departs from the existing literature on tournaments by assuming that agents can influence the spread of their distribution of output, in addition to the mean. We ask in which way risk taking and effort interacts in equilibrium. First, under standard tou...
متن کاملMutual fund tournament : Risk taking incentives induced by ranking objectives ∗
Mutual funds’ performance rankings are widely publicized in the media and have a strong impact on fund flows (see, e.g., Sirri and Tufano, 1998). In this paper, we study risk taking incentives of mutual fund managers who have ranking objectives (as in a tournament). First, in a two-period model, we analyze the game played by two risk-neutral fund managers with ranking objectives. We show that i...
متن کاملWhen performance and risk taking are related: Working for rewards is related to risk taking when the value of rewards is presented briefly.
Valuable monetary rewards can boost human performance on various effortful tasks even when the value of the rewards is presented too briefly to allow for strategic decision making. However, the mechanism by which briefly-presented reward information influences performance has remained unclear. One possibility is that performance after briefly-presented reward information is primarily boosted vi...
متن کاملLongitudinal changes in adolescent risk-taking: a comprehensive study of neural responses to rewards, pubertal development, and risk-taking behavior.
Prior studies have highlighted adolescence as a period of increased risk-taking, which is postulated to result from an overactive reward system in the brain. Longitudinal studies are pivotal for testing these brain-behavior relations because individual slopes are more sensitive for detecting change. The aim of the current study was twofold: (1) to test patterns of age-related change (i.e., line...
متن کاملOptimal risk taking in an uneven tournament game with risk averse players
Weanalyze the optimal choice of risk in a two-stage tournament gamebetween twoplayers that have different concave utility functions. At the first stage, both players simultaneously choose risk. At the second stage, both observe overall risk and simultaneously decide on effort or investment. The results show that those two effects which mainly determine risk taking – an effort effect and a likel...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1999
ISSN: 1556-5068
DOI: 10.2139/ssrn.183271