Affiliation:
1. Department of Economics, Universitat Pompeu Fabra, Ramon Trias Fargas, 08005 Barcelona, Spain.
2. Department of Management, London School of Economics, Houghton Street, London WC2A 2AE, United Kingdom.
Abstract
Emotions can have important effects on performance and socioeconomic outcomes. We study a natural experiment where two teams of professionals compete in a tournament taking turns in a sequence. As the sequential order is determined by the random outcome of a coin flip, the treatment and control groups are determined via explicit randomization. Hence, absent any psychological effects, both teams should have the same probability of winning. Yet, we find a systematic first-mover advantage. Further, professionals are self-aware of their own psychological effects and, when given the chance, they rationally react by systematically taking advantage of these effects. (JEL C93, D03, D82, L83)
Publisher
American Economic Association
Subject
Economics and Econometrics
Cited by
167 articles.
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