Unfairness in Penalty. Modeling the Psychological Advantage of Starting the Shootouts

Seminar paper from the year 2016 in the subject Economics - Statistics and Methods, grade: 1,7, University of Duisburg-Essen, language: English, abstract: Despite it's name, the field of game theory has had for a long time a somewhat weaker relationship with sports and games in general - although it has always been more advanced than other fields in economics with regards to its closeness to sports and games. In its early days, game theory was mostly occupied with big and more serious topics than sports and games, such as industrial organization in economics, wars and other military issues in political sciences. The reason behind this development in the early days of game theory might be due the fact that this field kind of been developed through turbulent times of World War II and Cold War - for example (e.g.) "prisoner's dilemma" within the nuclear arms race between USA and Russia (back then USSR). Lately though there has been some development in the game theory within other fields, like sports and games, especially football, books like "The economics of football" (2001) and "Soccernomics" (2012) are good starting points into the subject. While these books generally inquire help from economics to explain football's issues, Apesteguia and Palacios-Huerta (2010) (and Palacios-Huerta (2014)) gives priority to illustrate how football can help economics (the other way around).