@TechReport{iza:izadps:dp4812,
            	author={Grund, Christian and Höcker, Jan and Zimmermann, Stefan},
            	title={Risk Taking Behavior in Tournaments: Evidence from the NBA},
            	year={2010},
	month={Mar},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={4812},
            	url={https://www.iza.org/publications/dp4812},
	abstract={We empirically explore the relevance of risk taking behavior in tournaments. We make use of data from the NBA season 2007/2008 and measure risk taking by the fraction of three-point shots. Current heterogeneity of teams is taken into account by intermediate results. It turns out that indeed teams who are behind increase the risk in terms of more three-point attempts. We additionally analyze the consequences of this change in behavior. Enhanced risk taking is inefficient for the vast majority of cases and only beneficial in terms of a higher winning probability if a team is behind with a rather large amount of points. We discuss possible explanations for these decision errors.},
	keywords={risk taking;NBA;basketball;tournaments},
            }