{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,6]],"date-time":"2026-01-06T13:47:30Z","timestamp":1767707250207,"version":"3.48.0"},"reference-count":41,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"},{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/legal\/tdmrep-license"},{"start":{"date-parts":[[2025,11,21]],"date-time":"2025-11-21T00:00:00Z","timestamp":1763683200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["elsevier.com","sciencedirect.com"],"crossmark-restriction":true},"short-container-title":["Mathematical Social Sciences"],"published-print":{"date-parts":[[2026,1]]},"DOI":"10.1016\/j.mathsocsci.2025.102477","type":"journal-article","created":{"date-parts":[[2025,11,21]],"date-time":"2025-11-21T17:21:03Z","timestamp":1763745663000},"page":"102477","update-policy":"https:\/\/doi.org\/10.1016\/elsevier_cm_policy","source":"Crossref","is-referenced-by-count":0,"special_numbering":"C","title":["Less risk, more effort: How overconfidence reshapes tournament strategies"],"prefix":"10.1016","volume":"139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0006-4037-7373","authenticated-orcid":false,"given":"No\u00ebmi","family":"Jacober","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1083-6154","authenticated-orcid":false,"given":"Lu\u00eds","family":"Santos-Pinto","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"78","reference":[{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b1","doi-asserted-by":"crossref","first-page":"289","DOI":"10.1007\/s00199-010-0523-4","article-title":"The nature of tournaments","volume":"51","author":"Akerlof","year":"2012","journal-title":"Econom. Theory"},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b2","doi-asserted-by":"crossref","first-page":"1547","DOI":"10.1093\/qje\/qjt023","article-title":"Managerial miscalibration","volume":"128","author":"Ben-David","year":"2013","journal-title":"Q. J. Econ."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b3","doi-asserted-by":"crossref","first-page":"871","DOI":"10.1162\/003355302760193913","article-title":"Self-confidence and personal motivation","volume":"117","author":"B\u00e9nabou","year":"2002","journal-title":"Q. J. Econ."},{"key":"10.1016\/j.mathsocsci.2025.102477_b4","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1093\/oso\/9780199251063.003.0008","article-title":"Self-knowledge and self-regulation: An economic approach","volume":"1","author":"B\u00e9nabou","year":"2003","journal-title":"Psychol. Econ. Decis."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b5","doi-asserted-by":"crossref","first-page":"1347","DOI":"10.3982\/ECTA9466","article-title":"Identifying technology spillovers and product market rivalry","volume":"81","author":"Bloom","year":"2013","journal-title":"Econometrica"},{"year":"1986","series-title":"Strategic Behavior in Tournaments","author":"Bronars","key":"10.1016\/j.mathsocsci.2025.102477_b6"},{"issue":"6","key":"10.1016\/j.mathsocsci.2025.102477_b7","doi-asserted-by":"crossref","first-page":"1167","DOI":"10.1086\/516389","article-title":"Risk taking by mutual funds as a response to incentives","volume":"105","author":"Chevalier","year":"1997","journal-title":"J. Political Econ."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b8","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1257\/jep.29.4.61","article-title":"Overconfident investors, predictable returns, and excessive trading","volume":"29","author":"Daniel","year":"2015","journal-title":"J. Econ. Perspect."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b9","doi-asserted-by":"crossref","first-page":"749","DOI":"10.1016\/j.jmoneco.2005.02.001","article-title":"Morale hazard","volume":"52","author":"Fang","year":"2005","journal-title":"J. Monet. Econ."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b10","doi-asserted-by":"crossref","first-page":"453","DOI":"10.1093\/rof\/rfm022","article-title":"The positive effects of biased self-perceptions in firms","volume":"11","author":"Gervais","year":"2007","journal-title":"Rev. Financ."},{"issue":"6","key":"10.1016\/j.mathsocsci.2025.102477_b11","doi-asserted-by":"crossref","first-page":"2737","DOI":"10.1111\/j.1540-6261.2008.01412.x","article-title":"Overconfidence, CEO selection, and corporate governance","volume":"63","author":"Goel","year":"2008","journal-title":"J. Financ."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b12","doi-asserted-by":"crossref","first-page":"135","DOI":"10.1002\/jcaf.22470","article-title":"CEO overconfidence and corporate risk taking: Evidence from pension policy","volume":"31","author":"Goldberg","year":"2020","journal-title":"J. Corp. Account. Financ."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b13","doi-asserted-by":"crossref","first-page":"349","DOI":"10.1086\/261153","article-title":"A comparison of tournaments and contracts","volume":"91","author":"Green","year":"1983","journal-title":"J. Political Econ."},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b14","doi-asserted-by":"crossref","first-page":"251","DOI":"10.1007\/s00199-006-0121-7","article-title":"The dynamic evolution of preferences","volume":"32","author":"Heifetz","year":"2007","journal-title":"Econom. Theory"},{"key":"10.1016\/j.mathsocsci.2025.102477_b15","doi-asserted-by":"crossref","first-page":"31","DOI":"10.1016\/j.jet.2005.05.013","article-title":"What to maximize if you must","volume":"133","author":"Heifetz","year":"2007","journal-title":"J. Econom. Theory"},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b16","doi-asserted-by":"crossref","first-page":"1457","DOI":"10.1111\/j.1540-6261.2012.01753.x","article-title":"Are overconfident CEOs better innovators?","volume":"67","author":"Hirshleifer","year":"2012","journal-title":"J. Financ."},{"issue":"1","key":"10.1016\/j.mathsocsci.2025.102477_b17","doi-asserted-by":"crossref","first-page":"315","DOI":"10.3982\/QE834","article-title":"Worker overconfidence: Field evidence and implications for employee turnover and returns from training","volume":"11","author":"Hoffman","year":"2020","journal-title":"Quant. Econ."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b18","doi-asserted-by":"crossref","first-page":"877","DOI":"10.1086\/342041","article-title":"Tournament rewards and risk taking","volume":"20","author":"Hvide","year":"2002","journal-title":"J. Labor Econ."},{"issue":"11","key":"10.1016\/j.mathsocsci.2025.102477_b19","doi-asserted-by":"crossref","first-page":"1219","DOI":"10.1016\/j.jmateco.2008.02.002","article-title":"Optimal risk taking in an uneven tournament game with risk averse players","volume":"44","author":"Kr\u00e4kel","year":"2008","journal-title":"J. Math. Econom."},{"issue":"1","key":"10.1016\/j.mathsocsci.2025.102477_b20","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1111\/j.1465-6485.2004.00096.x","article-title":"Risk taking in asymmetric tournaments","volume":"5","author":"Kr\u00e4kel","year":"2004","journal-title":"Ger. Econ. Rev."},{"issue":"5","key":"10.1016\/j.mathsocsci.2025.102477_b21","doi-asserted-by":"crossref","first-page":"841","DOI":"10.1086\/261010","article-title":"Rank-order tournaments as optimum labor contracts","volume":"89","author":"Lazear","year":"1981","journal-title":"J. Political Econ."},{"issue":"6","key":"10.1016\/j.mathsocsci.2025.102477_b22","doi-asserted-by":"crossref","first-page":"2661","DOI":"10.1111\/j.1540-6261.2005.00813.x","article-title":"CEO overconfidence and corporate investment","volume":"60","author":"Malmendier","year":"2005","journal-title":"J. Financ."},{"issue":"1","key":"10.1016\/j.mathsocsci.2025.102477_b23","doi-asserted-by":"crossref","first-page":"20","DOI":"10.1016\/j.jfineco.2007.07.002","article-title":"Who makes acquisitions? CEO overconfidence and the market\u2019s reaction","volume":"89","author":"Malmendier","year":"2008","journal-title":"J. Financ. Econ."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b24","doi-asserted-by":"crossref","first-page":"37","DOI":"10.1257\/jep.29.4.37","article-title":"Behavioral CEOs: The role of managerial overconfidence","volume":"29","author":"Malmendier","year":"2015","journal-title":"J. Econ. Perspect."},{"issue":"7","key":"10.1016\/j.mathsocsci.2025.102477_b25","doi-asserted-by":"crossref","first-page":"1753","DOI":"10.1016\/j.euroecorev.2005.08.001","article-title":"The impact of experience on risk taking, overconfidence, and herding of fund managers: Complementary survey evidence","volume":"50","author":"Menkhoff","year":"2006","journal-title":"Eur. Econ. Rev."},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b26","doi-asserted-by":"crossref","first-page":"502","DOI":"10.1037\/0033-295X.115.2.502","article-title":"The trouble with overconfidence","volume":"115","author":"Moore","year":"2008","journal-title":"Psychol Rev"},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b27","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1177\/0092070303261582","article-title":"Sales contest effectiveness: an examination of sales contest design preferences of field sales forces","volume":"32","author":"Murphy","year":"2004","journal-title":"J. Acad. Mark. Sci."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b28","doi-asserted-by":"crossref","first-page":"282","DOI":"10.1287\/deca.1100.0178","article-title":"How riskily do I invest? The role of risk attitudes, risk perceptions, and overconfidence","volume":"7","author":"Nosi\u0107","year":"2010","journal-title":"Decis. Anal."},{"year":"1996","series-title":"Compensation Incentives and Risk Taking Behavior: evidence from Mutual Funds","author":"Orphanides","key":"10.1016\/j.mathsocsci.2025.102477_b29"},{"issue":"1","key":"10.1016\/j.mathsocsci.2025.102477_b30","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1007\/s11238-010-9200-0","article-title":"Overconfidence in tournaments: Evidence from the field","volume":"69","author":"Park","year":"2010","journal-title":"Theory and Decision"},{"key":"10.1016\/j.mathsocsci.2025.102477_b31","doi-asserted-by":"crossref","first-page":"565","DOI":"10.1016\/j.jesp.2006.05.011","article-title":"Valuing thoughts, ignoring behavior: The introspection illusion as a source of the bias blind spot","volume":"43","author":"Pronin","year":"2007","journal-title":"J. Exp. Soc. Psychol."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b32","doi-asserted-by":"crossref","first-page":"369","DOI":"10.1177\/0146167202286008","article-title":"The bias blind spot: Perceptions of bias in self versus others","volume":"28","author":"Pronin","year":"2002","journal-title":"Pers. Soc. Psychol. Bull."},{"key":"10.1016\/j.mathsocsci.2025.102477_b33","series-title":"Handbook of Industrial Organization","doi-asserted-by":"crossref","first-page":"849","DOI":"10.1016\/S1573-448X(89)01017-4","article-title":"The timing of innovation: Research, development, and diffusion","volume":"vol. 1","author":"Reinganum","year":"1989"},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b34","doi-asserted-by":"crossref","first-page":"429","DOI":"10.1016\/j.geb.2011.04.001","article-title":"Overconfidence and moral hazard","volume":"73","author":"De la Rosa","year":"2011","journal-title":"Games Econom. Behav."},{"issue":"531","key":"10.1016\/j.mathsocsci.2025.102477_b35","doi-asserted-by":"crossref","first-page":"1315","DOI":"10.1111\/j.1468-0297.2008.02171.x","article-title":"Positive self-image and incentives in organisations","volume":"118","author":"Santos-Pinto","year":"2008","journal-title":"Econ. J."},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b36","doi-asserted-by":"crossref","first-page":"475","DOI":"10.1111\/j.1468-2354.2010.00589.x","article-title":"Positive self-image in tournaments","volume":"51","author":"Santos-Pinto","year":"2010","journal-title":"Internat. Econom. Rev."},{"year":"2022","series-title":"Overconfidence in Tullock contests","author":"Santos-Pinto","key":"10.1016\/j.mathsocsci.2025.102477_b37"},{"key":"10.1016\/j.mathsocsci.2025.102477_b38","doi-asserted-by":"crossref","DOI":"10.1016\/j.jmateco.2024.103069","article-title":"How confidence heterogeneity shapes effort and performance in tournaments and contests","volume":"116","author":"Santos-Pinto","year":"2025","journal-title":"J. Math. Econom."},{"issue":"3","key":"10.1016\/j.mathsocsci.2025.102477_b39","doi-asserted-by":"crossref","first-page":"615","DOI":"10.1007\/s00199-004-0590-5","article-title":"Equilibrium and mistaken self-perception","volume":"23","author":"Squintani","year":"2006","journal-title":"Econom. Theory"},{"issue":"2","key":"10.1016\/j.mathsocsci.2025.102477_b40","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1016\/0001-6918(81)90005-6","article-title":"Are we all less risky and more skillful than our fellow drivers?","volume":"47","author":"Svenson","year":"1981","journal-title":"Acta Psychol."},{"issue":"4","key":"10.1016\/j.mathsocsci.2025.102477_b41","doi-asserted-by":"crossref","first-page":"1137","DOI":"10.1257\/jel.41.4.1137","article-title":"The economic design of sporting contests","volume":"41","author":"Szymanski","year":"2003","journal-title":"J. Econ. Lit."}],"container-title":["Mathematical Social Sciences"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0165489625000927?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0165489625000927?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2026,1,6]],"date-time":"2026-01-06T13:44:16Z","timestamp":1767707056000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0165489625000927"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,1]]},"references-count":41,"alternative-id":["S0165489625000927"],"URL":"https:\/\/doi.org\/10.1016\/j.mathsocsci.2025.102477","relation":{},"ISSN":["0165-4896"],"issn-type":[{"type":"print","value":"0165-4896"}],"subject":[],"published":{"date-parts":[[2026,1]]},"assertion":[{"value":"Elsevier","name":"publisher","label":"This article is maintained by"},{"value":"Less risk, more effort: How overconfidence reshapes tournament strategies","name":"articletitle","label":"Article Title"},{"value":"Mathematical Social Sciences","name":"journaltitle","label":"Journal Title"},{"value":"https:\/\/doi.org\/10.1016\/j.mathsocsci.2025.102477","name":"articlelink","label":"CrossRef DOI link to publisher maintained version"},{"value":"article","name":"content_type","label":"Content Type"},{"value":"\u00a9 2025 The Authors. Published by Elsevier B.V.","name":"copyright","label":"Copyright"}],"article-number":"102477"}}