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Consistency on the PGA Tour

Author

Listed:
  • Matthew Hood

    (University of Southern Mississippi)

Abstract

Consistency is sought after by professional golfers and commended by analysts, but tournament theory predicts that inconsistency is beneficial when the reward scheme is top heavy. Simulating a typical tournament and adjusting each player's standard deviation, the author finds that all players earn more prize money and win more tournaments when they are less consistent—even with a slightly worse average score. Players are found to have some control over the variability of their scores: playing safer with a substantial lead and playing riskier when in danger of missing the cut. Inconsistency is not appreciated, but it is rewarding.

Suggested Citation

  • Matthew Hood, 2008. "Consistency on the PGA Tour," Journal of Sports Economics, , vol. 9(5), pages 504-519, October.
    • Handle: RePEc:sae:jospec:v:9:y:2008:i:5:p:504-519
    DOI: 10.1177/1527002507313741
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    References listed on IDEAS

    as
    1. Hans K. Hvide, 2002. "Tournament Rewards and Risk Taking," Journal of Labor Economics, University of Chicago Press, vol. 20(4), pages 877-898, October.
    2. Stephen Shmanske, 2007. "Consistency or Heroics: Skewness, Performance, and Earnings on the PGA TOUR," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 35(4), pages 463-471, December.
    3. Ronald G. Ehrenberg & Paul J. Pieper & Rachel A. Willis, 1998. "Do Economics Departments With Lower Tenure Probabilities Pay Higher Faculty Salaries?," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 503-512, November.
    4. Taylor, Jonathan, 2003. "Risk-taking behavior in mutual fund tournaments," Journal of Economic Behavior & Organization, Elsevier, vol. 50(3), pages 373-383, March.
    5. Ehrenberg, Ronald G & Bognanno, Michael L, 1990. "Do Tournaments Have Incentive Effects?," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1307-1324, December.
    6. Thomas A. Rhoads, 2007. "Labor Supply on the PGA TOUR," Journal of Sports Economics, , vol. 8(1), pages 83-98, February.
    7. Matthew Hood, 2006. "The Purse Is Not Enough," Journal of Sports Economics, , vol. 7(3), pages 289-308, August.
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    Cited by:

    1. Ilhyeok Park & Young Hoon Lee, 2012. "Efficiency Comparison of International Golfers in the LPGA," Journal of Sports Economics, , vol. 13(4), pages 378-392, August.
    2. Harold Fried & Loren Tauer, 2011. "The impact of age on the ability to perform under pressure: golfers on the PGA tour," Journal of Productivity Analysis, Springer, vol. 35(1), pages 75-84, February.
    3. Craig A. Depken II & Matthew Hood & Ernest King, 2017. "Consistency and Momentum in NASCAR," Journal of Sports Economics, , vol. 18(6), pages 601-621, August.
    4. Ozbeklik, Serkan & Smith, Janet Kiholm, 2017. "Risk taking in competition: Evidence from match play golf tournaments," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 506-523.
    5. Peter A. Groothuis & Jana D. Groothuis & Kurt W. Rotthoff, 2011. "Time on Camera," Journal of Sports Economics, , vol. 12(5), pages 561-570, October.

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