Mike makes risk-seeking pretty clear with an example: "You'd think a person would pay $1 for a 1% chance to win $100. But they don't. They're willing to pay $5.50! For a 10% chance of winning $100, they're willing to pay $18.60."
I've been looking for examples of risk-seeking behavior in the NFL for years, and although there are a few examples of coaches going for it on 4th down when they probably should kick or punt, these examples are extremely rare. In fact, coaches are so reliably risk-averse on 4th down, I use such counter-examples to identify bugs in the algorithm or errors in the NFL's data.
So I thought I'd throw it out to the smartest readership in football--you guys. Are there any examples of consistent risk-seeking behavior in football? What about in all of sports--soccer, cricket, rugby?...I know there are some diverse fans out there.
What about in finance?