Risk and risk aversion effects in contests with contingent payments

被引：9

作者：

Liu, Liqun ^{[1
]}

Meyer, Jack ^{[2
]}

Rettenmaier, Andrew J. ^{[1
]}

Saving, Thomas R. ^{[1
]}

机构：

[1] Texas A&M Univ, Private Enterprise Res Ctr, College Stn, TX 77843 USA

[2] Michigan State Univ, Dept Econ, E Lansing, MI 48824 USA

来源：

JOURNAL OF RISK AND UNCERTAINTY | 2018年 / 56卷 / 03期

关键词：

Risk aversion; Contests; Contingent payments; Self-protection; Ross risk aversion; Downside risk aversion; SELF-PROTECTION; DOWNSIDE RISK; RENT-SEEKING; OPTIMAL PREVENTION; STRONGER MEASURES; PRUDENCE; INSURANCE; ORDER; INCREASES; IMPACT;

D O I：

10.1007/s11166-018-9283-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Contests by their very nature involve risk, winning and losing are both possible, and the gain from winning can itself be uncertain. The participants in a contest use resources to increase their chance of winning. The main focus of this analysis is on the effects of risk aversion and risk in contests where only winners pay for resources used to compete. When payment is contingent on winning, the effect of risk aversion is in the opposite direction of what occurs when costs are paid by both winners and losers. A number of contests observed in the marketplace that exhibit this contingent payment property are discussed.

引用

页码：289 / 305

页数：17

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