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Leading-effect vs. Risk-taking in Dynamic Tournaments - Evidence from a Real-life Randomized Experiment

MPG-Autoren
http://pubman.mpdl.mpg.de/cone/persons/resource/persons51229

Mueller-Langer,  Frank
MPI for Intellectual Property and Competition Law, Max Planck Society;

http://pubman.mpdl.mpg.de/cone/persons/resource/persons39436

Andreoli-Versbach,  Patrick
MPI for Intellectual Property and Competition Law, Max Planck Society;

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Zitation

Mueller-Langer, F., & Andreoli-Versbach, P. (2013). Leading-effect vs. Risk-taking in Dynamic Tournaments - Evidence from a Real-life Randomized Experiment. Munich Discussion Paper, No. 2013-6.


Zitierlink: http://hdl.handle.net/11858/00-001M-0000-0013-77FB-2
Zusammenfassung
Two “order effects” may emerge in dynamic tournaments with information feedback. First, participants adjust effort across stages, which could advantage the leading participant who faces a larger “effective prize” after an initial victory (leading-effect). Second, participants lagging behind may increase risk at the final stage as they have “nothing to lose” (risk-taking). We use a randomized natural experiment in professional two-game soccer tournaments where the treatment (order of a stage-specific advantage) and team characteristics, e.g. ability, are independent. We develop an identification strategy to test for leading-effects controlling for risk-taking. We find no evidence of leading-effects and negligible risk-taking effects.