The burden of glory: Competing for nonmonetary incentives in rank‐order tournaments

Kali, Raja; Pastoriza, David; Plante, Jean‐François

doi:10.1111/jems.12233

Cited by 14 publications

(9 citation statements)

References 71 publications

(100 reference statements)

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“…Our estimates for these joint effects are precise and mostly small (less than 0.1 strokes) for round-level effects. However, the joint effect for all of Round 3 starting with a tournament score substantially above or below par is around 0.2 strokes, which is similar to the round-level effects found by PS, Brown (2011), and Kali, Pastoriza, and Plante (2015).…”

supporting

confidence: 59%

“…By comparison, the mean round-level effects found by Brown (2011) and Kali, Pastoriza, and Plante (2015) were both around 0.2 strokes, and PS's estimate was 0.25 strokes per round. Our estimates are in the same ballpark (somewhat smaller for round effects but larger, per hole, for half-round effects).…”

Section: Table 12]mentioning

confidence: 99%

“…Brown (2011) finds that the presence of Tiger Woods de-motivated other top players (who otherwise would have been more likely to win the championship), causing them to perform worse by 0.8 strokes per tournament. Kali, Pastoriza, and Plante (2015) study the effects of non-monetary incentives on performance and find that players perform worse when these incentives (Ryder Cup points) are higher. They find effects that range from 0.29 to 0.81 strokes per tournament.…”

Section: Related Literaturementioning

confidence: 99%

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Reference Points, Prospect Theory, and Momentum on the PGA Tour

Stone

Arkes

2016

Journal of Sports Economics

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Pope and Schweitzer (AER, 2011) study predictions of prospect theory for the reference point of par on the current hole in professional golf. We study prospect theory predictions for three other plausible reference points: par for recent holes, for the round, and for the tournament. A potentially competing force is momentum in quality of play, i.e., the hot or cold hand. While prospect theory predicts negative serial correlation in better (worse)-than-average performance across holes, the hot (cold) hand implies the opposite.We find evidence that, for each of the reference points we study, when scores are better than par, hot hand effects are dominated by prospect theory effects. These effects can occur via two mechanisms, greater conservatism or less effort; we find evidence that the former (latter) dominates for scores closer to (further from) the reference point. We also find evidence of prospect theory effects (greater risk-seeking) when scores are worse than par for the round in Round 1, and of cold hand effects for scores worse than par for the tournament in Round 3. The magnitudes of some of the joint effects are comparable to those found by Pope and Schweitzer and other related papers. We conclude by discussing how, rather than compete, prospect theory and cold hand forces might also cause one another.

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confidence: 59%

Section: Table 12]mentioning

confidence: 99%

Section: Related Literaturementioning

confidence: 99%

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Reference Points, Prospect Theory, and Momentum on the PGA Tour

Stone

Arkes

2016

Journal of Sports Economics

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“…Within the study of golf, for example, Hickman and Metz (2015) analyze how the amount of money riding on a particular putt impacts the likelihood that putt is made. Kali, Pastoriza, and Plante (2018) study tournament round scores and find that nonmonetary incentives (Ryder Cup qualifying points) impact performance in an adverse manner. Brown (2011) finds that playing in a tournament with superstars can also cause performance to decline.…”

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confidence: 99%

Rank and Performance in Dynamic Tournaments: Evidence From the PGA Tour

Hickman

Kerr

Metz

2018

Journal of Sports Economics

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Using data from the final round of golf tournaments, we analyze the effect of player rank on performance. The identification of varying levels of pressure is possible due to the detailed nature of the data set, which allows us to determine the rank of each player just prior to teeing off on each hole. We find that players in the lead tend to underperform, especially near the very end of the tournament and when the lead is closely contested. We also create a measure to rank individual golfers based on how their performance is affected by high-pressure situations.

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“…Using tennis data, Cohen-Zada et al (2017) found that males choke consistently under pressure and to a larger extent than females. 1 Interestingly, recent evidence has also shown that people may choke even under the pressure of non-monetary incentives (Kali et al (2017)).…”

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confidence: 99%

Always doing your best? Effort and performance in dynamic settings

2020

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Achieving an ambitious goal frequently requires succeeding in a sequence of intermediate tasks, some being critical for the final outcome, and others not. However, individuals are not always able to provide a level of effort sufficient to guarantee success in all such intermediate tasks. The ability to manage effort throughout the sequence of tasks is therefore critical when resources are limited. In this paper we propose a criterion that defines the importance of a task and identifies how an individual should optimally allocate a limited stock of exhaustible efforts over tasks. We test this importance criterion in a laboratory experiment that reproduces the main features of a tennis match. We show that our importance criterion is able to predict the individuals' performance and it outperforms the Morris importance criterion that defines the importance of a point in terms of its impact on the probability of achieving the final outcome. We also find no evidence of choking under pressure and stress, as proxied by electrophysiological measures. AbstractAchieving an ambitious goal frequently requires succeeding in a sequence of intermediate tasks, some being critical for the final outcome, and others not. However, individuals are not always able to provide a level of effort sufficient to guarantee success in all such intermediate tasks. The ability to manage effort throughout the sequence of tasks is therefore critical when resources are limited. In this paper we propose a criterion that defines the importance of a task and identifies how an individual should optimally allocate a limited stock of exhaustible efforts over tasks. We test this importance criterion in a laboratory experiment that reproduces the main features of a tennis match. We show that our importance criterion is able to predict the individuals' performance and it outperforms the Morris importance criterion that defines the importance of a point in terms of its impact on the probability of achieving the final outcome. We also find no evidence of choking under pressure and stress, as proxied by electrophysiological measures. JEL Classification: C72, C92, D81.

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The burden of glory: Competing for nonmonetary incentives in rank‐order tournaments

Cited by 14 publications

References 71 publications

Reference Points, Prospect Theory, and Momentum on the PGA Tour

Reference Points, Prospect Theory, and Momentum on the PGA Tour

Rank and Performance in Dynamic Tournaments: Evidence From the PGA Tour

Always doing your best? Effort and performance in dynamic settings

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