Antecedents of Attitudes Towards Risky Career Choices

31 Pages Posted: 5 Dec 2012

See all articles by Verena Jung

Verena Jung

EBS Universität für Wirtschaft und Recht - Institute for Sports, Business & Society

Sascha L. Schmidt

EBS Universität für Wirtschaft und Recht - Institute for Sports, Business & Society

Benno Torgler

Queensland University of Technology; CREMA; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Date Written: December 1, 2012

Abstract

We explore the attitude towards risky career choices of young people in highly competitive environments. We empirically test which factors influence young elite athletes’ tendency towards choosing a high-risk career option over a lower risk one; looking at the attitudes, of close to 1000 soccer players in the German “Bundesliga” professional clubs’ Youth Academies, towards making real- life decisions. Generally, they face the decision early on as to whether or not they should risk quitting school to solely focus on a professional soccer career. Our study confirms that elements of expected utility, assessment of the likelihood of achievement of the aspired career as well as the potential benefit derived from this decision, explain risk-taking in competitive environments. The longer an individual survives the continuous selection process in the competitive environment, the more he thinks that he will eventually succeed - despite the increasing opportunity costs of quitting a low-risk alternative career. Initial success in the selection processes is a key trigger for the tendency to choose a career in winner-take-all markets.

Keywords: Career choices, risk attitude, risk perception, professional athletes

Suggested Citation

Jung, Verena and Schmidt, Sascha L. and Torgler, Benno, Antecedents of Attitudes Towards Risky Career Choices (December 1, 2012). EBS Business School Research Paper No. 12-10. Available at SSRN: https://ssrn.com/abstract=2185429 or http://dx.doi.org/10.2139/ssrn.2185429

Verena Jung

EBS Universität für Wirtschaft und Recht - Institute for Sports, Business & Society ( email )

Gustav-Stresemann-Ring 3
65189 Wiesbaden, Hessen 65189
Germany

Sascha L. Schmidt (Contact Author)

EBS Universität für Wirtschaft und Recht - Institute for Sports, Business & Society ( email )

Gustav-Stresemann-Ring 3
65189 Wiesbaden, Hessen 65189
Germany
0611 7102 2064 (Phone)

Benno Torgler

Queensland University of Technology ( email )

GPO Box 2434
2 George Street
Brisbane, Queensland 4001
Australia

CREMA

Gellertstrasse 18
Basel
Zurich, CH 8006
Switzerland

CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Poschinger Str. 5
Munich, DE-81679
Germany

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