Gender differences in the use of high-variance strategies in tournament competition

We report on a series of experiments in which participants first completed a simple game of chance and then competed in a tournament based on a multiple cue probability learning task. The results show that men made riskier choices in the simple game of chance, but women adopted the high-variance strategy more frequently in the tournament. However, after controlling for differences in forecasting skill, we find no significant differences in the rates at which men and women adopted a high-variance strategy. Although altering the difficulty of the forecasting task produces differences in the rate at which participants selected the high-variance strategy, it did not produce a significant difference in the rate at which men and women selected the strategy. Thus, this paper suggests that although women are more risk-averse than men, women are no less likely to adopt a high-variance strategy in a tournament competition.