I examine the incentives of professional mixed martial artists and how they influence the strategies of the fighters in high profile competitions. Using data collected from hundreds of professional fights, I examine the effects of 1st and 2nd round performance together on 3rd round performance and on risky behavior, in bouts lasting three rounds. Using probability logistic regressions to calculate performance, and linear regressions to estimate risk taking, we find that 1st and 2nd round performance together have little effect on third round performance. However, a good (bad) performance in...