Abstract
In professional boxing, a higher-ranked boxer chooses his opponent among challengers varying in popularity and strength. We build a three-stage model of a professional boxing fight between the chooser and a challenger to examine the strategic incentives of a chooser in sharing the purse and exerting a proper level of effort. More importantly, we endogenize the choice of the opponent and the purse to be generated. We found that an older chooser who is ready to cash in his reputation tends to choose a stronger opponent with little effort, while a young rising “star” prefers a match against weaker opponents.