Competitive Dynamics in Forecasting: The Interaction of Skill and Uncertainty †

Volume: 26, Issue: 4, Pages: 375 - 384
Published: Oct 1, 2013
Abstract
The outcomes in many competitive tasks depend upon both skill and luck. Behavioral theories on risk taking in tournaments indicate that low-skilled individuals may have incentives to take more risks than high-skilled ones. We build on these theories and suggest, in addition, that when luck is more important in determining outcomes, the increase in risk taking is larger for low-skilled than high-skilled individuals. We test this hypothesis by...
Paper Details
Title
Competitive Dynamics in Forecasting: The Interaction of Skill and Uncertainty †
Published Date
Oct 1, 2013
Volume
26
Issue
4
Pages
375 - 384
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