Is Tiger Woods Loss Averse? Persistent Bias in the Face of Experience, Competition, and High Stakes

被引：234

作者：

Pope, Devin G. ^{[1
]}

Schweitzer, Maurice E. ^{[2
]}

机构：

[1] Univ Chicago, Chicago, IL 60637 USA

[2] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA

来源：

AMERICAN ECONOMIC REVIEW | 2011年 / 101卷 / 01期

关键词：

REFERENCE-DEPENDENT PREFERENCES; YORK-CITY CABDRIVERS; MYOPIC LOSS AVERSION; PROSPECT-THEORY; RISK-TAKING; OVERCONFIDENCE; PERFORMANCE; TOURNAMENTS; INTERVIEW; ECONOMICS;

D O I：

10.1257/aer.101.1.129

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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)

引用

页码：129 / 157

页数：29