The Distribution of Performance and Earnings in a Prize Economy
AbstractGolfer prize money is distributed by golfer performance (rank order of finish in tournaments), with payment per unit of output nonconstant. The golf economy is one of the few examples of a pure prize economy. In this article, Professional Golfers Association golfer prize money is shown to be linked to scoring average, which is normally distributed. The nonlinear prize structure is shown to be the source of the considerable inequality in prize earning.
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Bibliographic InfoArticle provided by in its journal Journal of Sports Economics.
Volume (Year): 3 (2002)
Issue (Month): 3 (August)
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Find related papers by JEL classification:
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
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- Stephen Shmanske, 2007. "Consistency or Heroics: Skewness, Performance, and Earnings on the PGA TOUR," Atlantic Economic Journal, International Atlantic Economic Society, vol. 35(4), pages 463-471, December.
- Douglas Coate & David Goldbaum, 2004. "Skills, Purses, and Performance in Professional Golf," Working Papers Rutgers University, Newark 2004-007, Department of Economics, Rutgers University, Newark.
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