Műhelytanulmányok
- László Csató, Alex Krumer
- Elmélet és kísérleti közgazdaságtan
- 1
The Swiss-system is an increasingly popular competition format as it provides a favourable trade-off between the number of matches and ranking accuracy. However, there is no empirical study on the potential unfairness of Swiss-system chess tournaments caused by the odd number of rounds played. To analyse this issue, our paper compares the number of points scored in the tournament between players who played one game more with the white pieces and players who played one game less with the white pieces. Using data from 28 highly prestigious competitions, we find that players with an extra white game score significantly more points. In particular, the advantage exceeds the value of a draw in the four Grand Swiss tournaments. A potential solution to this unfairness could be organising Swiss-system chess tournaments with an even number of rounds, and guaranteeing a balanced colour assignment for all players using a recently proposed pairing mechanism.
László Csató, Martin Becker, Karel Devriesere, Dries Goossens
MKE-WP-39297
- László Csató, Martin Becker, Karel Devriesere, Dries Goossens
- Elmélet és kísérleti közgazdaságtan
- 1
The group stage of a sports tournament is often made more appealing by introducing additional constraints in the group draw that promote an attractive and balanced group composition. For example, the number of intra-regional group matches is minimised in several World Cups. However, under such constraints, the traditional draw procedure may become non-uniform, meaning that the feasible allocations of the teams into groups are not equally likely to occur. Our paper quantifies this non-uniformity of the 2026 FIFA World Cup draw for the official draw procedure, as well as for 47 reasonable alternatives implied by all permutations of the four pots and two group labelling policies. We show why simulating with a recursive backtracking algorithm is intractable, and propose a workable implementation using integer programming. The official draw mechanism is found to be optimal based on four measures of non-uniformity. Nonetheless, non-uniformity can be more than halved if the organiser aims to treat the best teams drawn from the first pot equally.
László Csató, András Gyimesi
MKE-WP-39294
- László Csató, András Gyimesi
- Elmélet és kísérleti közgazdaságtan
- 1
Existing match classification models in the tournament design literature have two major limitations: a contestant is considered indifferent only if uncertain future results do never affect its prize, and competitive matches are not distinguished with respect to the incentives of the contestants. We propose a probabilistic framework to address both issues. For each match, our approach relies on simulating all other matches played simultaneously or later to compute the qualifying probabilities under the three main outcomes (win, draw, loss), which allows the classification of each match into six different categories. The suggested model is applied to the previous group stage and the new incomplete round-robin league, introduced in the 2024/25 season of UEFA club competitions. An incomplete round-robin tournament is found to contain fewer stakeless matches where both contestants are indifferent, and substantially more matches where both contestants should play offensively. However, the robustly higher proportion of potentially collusive matches can threaten with serious scandals.
László Csató, Dóra Gréta Petróczy
MKE-WP-39271
- László Csató, Dóra Gréta Petróczy
- Elmélet és kísérleti közgazdaságtan
- 1
Penalty shootouts play an important role in the knockout stage of major football tournaments, especially since the 2021/22 season, when the Union of European Football Associations (UEFA) scrapped the away goals rule in its club competitions. Inspired by this rule change, our paper examines whether the outcome of a penalty shootout can be predicted in UEFA club competitions. Based on all shootouts between 2000 and 2025, we find no evidence for the effect of the kicking order, the field of the match, or psychological momentum. In contrast to previous results, stronger teams, defined first by Elo ratings, do not perform better than their weaker opponents. Consequently, penalty shootouts seem to be close to a coin toss in top European club football.
Roberto Burguet and József Sákovics
MKE-WP-39220
- Roberto Burguet and József Sákovics
- Elmélet és kísérleti közgazdaságtan
- 1
We study lobbying as a seller's ploy to affect the buyer's learning process about the value of a singular good that he wishes to procure. In particular, we argue that a lobbying seller strategically distorts "soft" rather than private information. Our innovation is to model this as the seller "jamming" the buyer's signal -- not just by shifting its mean, but -- by skewing (increasing the third moment of) its distribution. An unobserved marginal increase in lobbying effort expands demand, thus, unless too expensive, the seller always lobbies, no matter how suspicious the buyer is. Crucially, even when correctly anticipated (in equilibrium), lobbying increases the price elasticity of the buyer's demand. This leads to a lower equilibrium price and increased efficiency. In the (skew-)normal learning model, in equilibrium the seller gains, the buyer loses as a result of lobbying. Nonetheless, the information gleaned during the process keeps the buyer from refusing to engage in it.
- Adam Szeidl, Ferenc Szucs
- Elmélet és kísérleti közgazdaságtan
- 2
We model populism as the dissemination of a false “alternative reality”, according to which the intellectual elite conspires against the populist for purely ideological reasons. If enough voters are receptive to it, this alternative reality—by discrediting the elite’s truthful message— reduces political accountability. Elite criticism, because it is more consistent with the alternative reality, strengthens receptive voters’ support for the populist. Alternative realities are endogenously conspiratorial to resist evidence better. Populists, to leverage or strengthen beliefs in the alternative reality, enact harmful policies that may disproportionately harm the non-elite. These results explain previously unexplained facts about populism.
- Rui Albuquerque, Adam Zawadowski
- Elmélet és kísérleti közgazdaságtan, Pénzügyek
- 1
A maturity wall occurs in private credit funds when the fund reaches its maturity date, where it can no longer roll over its loans. Unlike banks, which are not bound by a maturity wall, private credit funds can better incentivize borrowers, albeit at the cost of inefficient liquidation. Using a model, we show that private credit not only expands access to credit but also takes business away from banks. By stealing business, it removes riskier loans from banks' balance sheets. At the aggregate level, expected payoff increases but tail events become more severe due to the potential for excessive liquidation by private creditors.
- László Csató, Dóra Gréta Petróczy
- Elmélet és kísérleti közgazdaságtan
- 1
National teams from different continents can play against each other only in afew sports competitions. Therefore, a reasonable aim is maximising the number of intercontinental games in world cups, as done in basketball and football, in contrast to handball and volleyball. However, this objective requires additional draw constraints that imply the violation of equal treatment. In addition, the standard draw mechanism is non-uniformly distributed on the set of valid assignments, which may lead to further distortions. Our paper analyses this novel trade-off between attractiveness and fairness through the example of the 2025 World Men's Handball Championship. We introduce a measure of inequality, which enables considering 32 sets of reasonable geographical restrictions to determine the Pareto frontier. The proposed methodology can be used by policy-makers to select the optimal set of draw constraints.
László Csató, András Gyimesi
MKE-WP-39162
- László Csató, András Gyimesi
- Elmélet és kísérleti közgazdaságtan
- 2
A match played in a sports tournament can be called stakeless if at least one team is indifferent to its outcome because it already has qualified or has been eliminated. Such a game threatens fairness since teams may not exert full effort without incentives. This paper suggests a novel classification for stakeless matches according to their expected outcome: they are more costly if the indifferent team is more likely to win by playing honestly. Our approach is illustrated with the 2026 FIFA World Cup, the first edition of the competition with 48 teams. We propose a novel format based on imbalanced groups, which drastically reduces the probability of stakeless matches played by the strongest teams according to Monte Carlo simulations. The new design also increases the uncertainty of match outcomes and requires fewer matches. Governing bodies in sports are encouraged to consider our innovative idea in order to enhance the competitiveness of their tournaments.
- Barna Bakó, Antal Ertl, Hubert János Kiss
- Elmélet és kísérleti közgazdaságtan
- 3
This study investigates how present bias affects memory accuracy regarding earlier decisions in intertemporal decision-making. In a classroom experiment with university students, participants made choices between smaller, immediate rewards and larger, delayed rewards over two visits, followed by a third visit where they were asked to recall their prior decisions. Descriptive statistics reveal that participants with present bias exhibit lower memory accuracy compared to time-consistent peers, particularly in scenarios involving immediate rewards. Regression analysis confirms that motivated misremembering—recalling past decisions as more virtuous than they actually were—explains the reduced memory accuracy