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Lukas Schmid
Former Member
Title
Prof. Dr.
Last Name
Schmid
First name
Lukas
Phone
+41 41 229 58 50
Now showing
1 - 10 of 16
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PublicationDo Professionals Get It Right? Limited Attention and Risk-Taking BehaviourDoes information processing affect individual risk-taking behaviour? This article provides evidence that professional athletes suffer from a left-digit bias when dealing with signals about differences in performance. Using data from the highly competitive field of World Cup alpine skiing for the period of 1992–2014, we show that athletes misinterpret actual differences in race times by focusing on the leftmost digit, which results in increased risk-taking behaviour. For the estimation of causal effects, we exploit the fact that tiny time differences can be attributed to random shocks. We find no evidence that high-stakes situations or individual experience reduce the left-digit bias.
Scopus© Citations 10 -
PublicationMedia Attention and Betting MarketsThis paper investigates whether biased media attention affects perceptions about future events. We use data on World Cup tournaments in alpine skiing for the period of 1992–2014 and exploit close races as a source of randomness for ranking positions. Since the allocation of media attention is skewed towards the winner and athletes on the podium, we can estimate the causal effect of media attention. Our results document that ranking schemes generate sharp discontinuities in media attention even in close competitions. However, both regression discontinuity and instrumental variables estimates reveal that biased media attention neither affects prices nor quantities in the betting market. We conduct a series of robustness tests to explore the sensitivity of our results.Type: journal articleJournal: European Economic ReviewVolume: 87
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PublicationGenetic Distance as a Barrier to International Trade( 2016-12-16)We investigate the impact of genetic distance on international trade flows. Using a new data set covering the universe of global trade, we show that genetic differences are an important barrier to international trade in addition to transportation costs. Country pairs with a high genetic distance are less likely to trade with each other (extensive margin) and if they do trade, we find that genetic distance negatively affects the volume and number of goods traded (intensive margin). Our findings are robust to including a vast array of micro-geographic controls as well as linguistic and religious distance variables. The inverse relationship between trade flows and genetic distance constitutes an important channel through which genetic distance affects income differences across countries.Type: conference paper
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PublicationHuman Barriers to International Trade( 2017-09-10)Type: discussion paperJournal: University of St.Gallen Discussion PaperIssue: 2017-12
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PublicationType: presentation
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PublicationType: working paperIssue: 2017-18
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PublicationType: working paper