I consider an in nite-period race where players choose between low-and highvariance motion technologies.I provide suf cient conditions under which, in equilibrium, the leader chooses a safe technology and the laggard a risky one, thus formalizing the sports intuition that the laggard has nothing to lose.Various examples and empirical implications are presented.
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Luı́s Cabral (2003) studied this question.
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