@TechReport{iza:izadps:dp3400,
            	author={Nieken, Petra and Sliwka, Dirk},
            	title={Risk-Taking Tournaments: Theory and Experimental Evidence},
            	year={2008},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={3400},
            	url={https://www.iza.org/publications/dp3400},
	abstract={We study risk-taking behavior in a simple two person tournament in a theoretical model as well as a laboratory experiment. First, a model is analyzed in which two agents simultaneously decide between a risky and a safe strategy and we allow for all possible degrees of correlation between the outcomes of the risky strategies. We show that risk-taking behavior crucially depends on this correlation as well as on the size of a potential lead of one of the contestants. We find that the experimental subjects acted mostly quite well in line with the derived theoretical predictions.},
	keywords={risk-taking;competition;tournaments;experiment},
            }