Increasing Downside or Outer Risk? The Challenge of Measuring Competitive Imbalance in Closed and Open Leagues
Jean-Pascal Gayant
(1)
,
Nicolas Le Pape
(2)
Jean-Pascal Gayant
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- IdRef : 058603131
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Nicolas Le Pape
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Résumé
In two seminal articles, Menezes, Geiss, and Tressler (1980) and Menezes and Wang (2005) have defined the concepts of increases in downside and in outer risk. Such notions are useful to give intrinsic characterizations of the notions of prudence and temperance. In this article, we explore a new application about higher-order risk preferences: the measurement of competitive imbalance in sports leagues. We show that desirable properties for the measurement of imbalance are the inclination to any increase in downside risk in the context of closed leagues, and the aversion to any increase in outer risk in the context of open leagues.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Increasing Downside or Outer Risk? The Challenge of Measuring Competitive Imbalance in Closed and Open Leagues
|
Résumé |
en
In two seminal articles, Menezes, Geiss, and Tressler (1980) and Menezes and Wang (2005) have defined the concepts of increases in downside and in outer risk. Such notions are useful to give intrinsic characterizations of the notions of prudence and temperance. In this article, we explore a new application about higher-order risk preferences: the measurement of competitive imbalance in sports leagues. We show that desirable properties for the measurement of imbalance are the inclination to any increase in downside risk in the context of closed leagues, and the aversion to any increase in outer risk in the context of open leagues.
|
Auteur(s) |
Jean-Pascal Gayant
1
, Nicolas Le Pape
2
1
GAINS -
Groupe d'Analyse des Itinéraires et des Niveaux Salariaux
( 198500 )
- Université du Maine - Avenue Olivier Messiaen - 72085 Le Mans cedex 9
- France
2
CREM -
Centre de recherche en économie et management
( 894 )
- 7 place Hoche, BP 86514
35065 RENNES CEDEX
- France
|
Page/Identifiant |
774-795
|
Langue du document |
Anglais
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2017
|
Volume |
83
|
Numéro |
3
|
Nom de la revue |
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Mots-clés |
en
competitive imbalance, open league
|
DOI | 10.1002/soej.12184 |
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