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Is Tiger Woods Loss Averse? Persistent Bias in the Face of Experience, Competition, and High Stakes
Open accessAbstract
Although experimental studies have documented systematic decision errors, many leading scholars believe that experience, competition, and large stakes will reliably extinguish biases. We test for the presence of a fundamental bias, loss aversion, in a high-stakes context: professional golfers' performance on the PGA Tour. Golf provides a natural setting to test for loss aversion because golfers are rewarded for the total number of strokes they take during a tournament, yet each individual hole has a salient reference point, par. We analyze over 2.5 million putts using precise laser measurements and find evidence that even the best golfers—including Tiger Woods—show evidence of loss aversion. (JEL D03, D81, L83).
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Koszegi, B., & Rabin, M. (2006) · The Quarterly Journal of Economics · doi:10.1093/qje/121.4.1133 · Cited by 2,728
Loss Aversion and Seller Behavior: Evidence from the Housing Market
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An Experiment on Risk Taking and Evaluation Periods
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Does Market Experience Eliminate Market Anomalies?
List, J. A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535144 · Cited by 1,183
The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test
Thaler, R. H., Tversky, A., Kahneman, D., & Schwartz, A. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555226 · Cited by 1,051
Stress, anxiety, and cognitive interference: reactions to tests
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Unobservable Selection and Coefficient Stability: Theory and Evidence
Oster, E. (2019) · Journal of Business & Economic Statistics · doi:10.1080/07350015.2016.1227711 · Cited by 5,367
Psychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Deciding for others reduces loss aversion
Andersson, O., Holm, H. J., Tyran, J.-R., & Wengström, E. (2016) · Management Science · doi:10.1287/mnsc.2014.2085 · Cited by 194
Chib, V. S., De Martino, B., Shimojo, S., & O'Doherty, J. P. (2012) · Neuron · doi:10.1016/j.neuron.2012.02.038 · Cited by 130
Sleep, health, and human capital: Evidence from daylight saving time
Jin, L., & Ziebarth, N. R. (2020) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2019.12.003 · Cited by 68
Metadata
- Authors
- Pope, D. G., & Schweitzer, M. E.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-02-01
- Volume
- 101
- Issue
- 1
- Pages
- 129-157
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2003596378
- Cited by
- 487
- References
- 8
- FWCI
- 15.54
- Type
- journal article
- Language
- en
- Open access
- green
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