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Why do professional athletes have different time preferences than non-athletes?

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Author Info

  • Alex Krumer
  • Tal Shavit
  • Mosi Rosenboim

Abstract

The objective of this paper is to measure and compare the subjective time discounting of professional athletes and non-athletes. By using a questionnaire, we found higher subjective discounting for professional athletes than for non-athletes. We also found that the professional athletes' win-orientation positively affected their present preferences. On the other hand, professional athletes' play- orientation, which reflects their attitude towards the game itself, negatively affected their present preferences. No such effects were found in non-athletes. We argue that the ``win-at-all-costs'' competitive approach that leads athletes to sacrifice everything in order to win may cause (or reflect) their higher preference for the present.

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Bibliographic Info

Article provided by Society for Judgment and Decision Making in its journal Judgment and Decision Making.

Volume (Year): 6 (2011)
Issue (Month): 6 (August)
Pages: 542-551

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Handle: RePEc:jdm:journl:v:6:y:2011:i:6:p:542-551

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Related research

Keywords: discounting; risk aversion; sports; athletes; play orientation; win orientation; time preference.;

References

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  1. Uri Ben-Zion & Ahmad Mahajna & Ravid Bogaire & TAL SHAVIT, 2007. "Subjective Discount Rates Among Israeli Arabs And Israeli Jews," Working Papers 0710, Ben-Gurion University of the Negev, Department of Economics.
  2. Uri Benzion & Amnon Rapoport & Joseph Yagil, 1989. "Discount Rates Inferred from Decisions: An Experimental Study," Management Science, INFORMS, vol. 35(3), pages 270-284, March.
  3. Lawrence DeBrock & Wallace Hendricks & Roger Koenker, 1994. "The Economics of Persistence: Graduation Rates of Athletes as Labor Market Choice," Working Papers _001, University of Illinois at Urbana-Champaign, revised 1996.
  4. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  5. Li-Wei Chao & Helena Szrek & Nuno Sousa Pereira & Mark V. Pauly, 2009. "Time preference and its relationship with age, health, and survival probability," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(1), pages 1-19, February.
  6. Loewenstein, George, 1987. "Anticipation and the Valuation of Delayed Consumption," Economic Journal, Royal Economic Society, vol. 97(387), pages 666-84, September.
  7. Rosenboim, Mosi & Shavit, Tal & Shoham, Amir, 2010. "Financial decision making in collective society--A field test on Israeli kibbutz members and city residents," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 30-36, January.
  8. Warneryd, Karl-Erik, 1996. "Risk attitudes and risky behavior," Journal of Economic Psychology, Elsevier, vol. 17(6), pages 749-770, December.
  9. Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207.
  10. Eyal Lahav & Uri Benzion & Tal Shavit, 2011. "The effect of military service on soldiers' time preferences - Evidence from Israel," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(2), pages 130-138, February.
  11. Loewenstein, George & Prelec, Drazen, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 573-97, May.
  12. Ariel Rubinstein, 2003. ""Economics and Psychology"? The Case of Hyperbolic Discounting," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(4), pages 1207-1216, November.
  13. Lawrence DeBrock & Wallace Hendricks & Roger Koenker, 1996. "The Economics of Persistence: Graduation Rates of Athletes as Labor Market Choice," Journal of Human Resources, University of Wisconsin Press, vol. 31(3), pages 513-539.
  14. Read, Daniel, 2001. " Is Time-Discounting Hyperbolic or Subadditive?," Journal of Risk and Uncertainty, Springer, vol. 23(1), pages 5-32, July.
  15. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
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Cited by:
  1. Verena Jung & Sascha L. Schmidt & Benno Torgler, . "Antecedents of Attitudes Towards Risky Career Choices," School of Economics and Finance Discussion Papers and Working Papers Series 297, School of Economics and Finance, Queensland University of Technology.

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