When organizational structures and contractual arrangements face agents with a significant risk of termination in the … to study how risk of termination in the short term affects the decision of coaches. Because letting a rookie play … higher termination risk might lead to lower rookie participation. Consistent with this hypothesis, we find that, during the …

pitch type in Major League Baseball and whether to run or pass in the National Football League. We observe more than three … million pitches in baseball and 125,000 play choices for football. We find systematic deviations from minimax play in both … data sets. Pitchers appear to throw too many fastballs; football teams pass less than they should. In both sports, there is …

The market for sports gambling is structured very differently than the typical financial market. In sports betting … course of an NFL season, I demonstrate that this peculiar price-setting mechanism allows bookmakers to achieve substantially … deviate from the market clearing price. While this strategy exposes the bookmaker to risk on any particular game, in aggregate …

payoffs, our model provides a novel and unified account of many empirical phenomena, including frequent risk-seeking behavior …

between the maximum daily return over the past one month (MAX) and expected stock returns. Average raw and risk …