Economics assumes that behavior is based on rational expectations and market efficiency. However, previous research into professional sports indicates that there are cases where decisions are consistently made that do not conform to this. This article examines this issue within the context of...

Sprint finishes in professional cycling are fast, furious, and dangerous. A “red flag rule†(RFR) seeks to moderate the chaos of these finishes, but may induce moral hazard by removing the time penalty associated with crashing. To test for moral hazard, the authors use a 2005 rule...