TY  - RPRT
        AU  - Grove, Wayne A.
AU  - Jetter, Michael
AU  - Papps, Kerry L.
        TI  - Career Lotto: Labor Supply in Winner-Take-All Markets
        PY  - 2018/Dec/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 12012
        UR  - https://www.iza.org/index.php/publications/dp12012
        AB  - Are people prone to selecting occupations with highly skewed income distributions despite minuscule chances of success? Assembling a comprehensive pool of potential teenage entrants into professional tennis (a typical winner-take-all market), we construct objective measures of relative ability and earnings projections. We find that prospective tennis professionals are attracted to right-skewed earnings distributions, independent of mean and variance. If skewness in prize money fell to zero, males would be 23% and females 5% less likely to continue pursuing a professional career, on average. Thus, winner-take-all labor markets appear to systematically encourage those with modest talents to pursue long-shot careers.
        KW  - winner-take-all markets
KW  - superstar markets
KW  - labor supply
KW  - human capital
KW  - gender differences
KW  - skewness preferences
        ER  -