Risk Aversion in Contests
研究竞赛中风险厌恶程度对获胜概率的影响，发现有限责任下更风险厌恶者更易获胜，无有限责任时结果不确定，而按努力分享奖品时风险厌恶不影响结果。
In a contest, participants spend money or effort to increase their chances of winning a prize. We examine primarily the following question: Could the timid (the more risk averse) have a better chance of winning in contests? Under limited liability the answer is always positive. In the absence of limited liability there is no single answer, whereas when the prize is shared as a function of effort the outcome is independent of the contestants' risk aversion. We also relate our results to self-protection and examine some other implications of risk aversion.