Individuals faced by a tournament can often not only choose their effort level, but also the risk level of their strategy. There are some theoretical contributions on risk-taking in tournaments, which mainly point out disadvantages with respect to exerted effort. Empirical evidence is rare. This letter analyses the risk-taking behaviour of professional soccer coaches. It is found that risk-taking concerning the kind of observed substitutions is, indeed, relevant. However, risk-taking does not pay off. Acknowledgements Financial support by the Deutsche Forschungsgemeinschaft (DFG), SFB-TR 15 (Governance and the efficiency of economic systems), is gratefully acknowledged.
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Grund et al. (2005) studied this question.
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