IDEAS home Printed from https://ideas.repec.org/a/sae/jospec/v9y2008i5p504-519.html

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
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/1527002507313741
    Download Restriction: no
    File URL: https://libkey.io/10.1177/1527002507313741?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Thomas A. Rhoads, 2007. "Labor Supply on the PGA TOUR," Journal of Sports Economics, , vol. 8(1), pages 83-98, February.
    2. 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.
    3. Matthew Hood, 2006. "The Purse Is Not Enough," Journal of Sports Economics, , vol. 7(3), pages 289-308, August.
    4. 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.
    5. Hans K. Hvide, 2002. "Tournament Rewards and Risk Taking," Journal of Labor Economics, University of Chicago Press, vol. 20(4), pages 877-898, October.
    6. 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.
    7. Taylor, Jonathan, 2003. "Risk-taking behavior in mutual fund tournaments," Journal of Economic Behavior & Organization, Elsevier, vol. 50(3), pages 373-383, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Leye Li & Louise Yi Lu & Dongyue Wang, 2022. "External labour market competitions and stock price crash risk: evidence from exposures to competitor CEOs’ award‐winning events," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1421-1460, April.
    2. Eriksen, Kristoffer W. & Kvaløy, Ola, 2014. "Myopic risk-taking in tournaments," Journal of Economic Behavior & Organization, Elsevier, vol. 97(C), pages 37-46.
    3. Moul, Charles C. & Nye, John V.C., 2009. "Did the Soviets collude? A statistical analysis of championship chess 1940-1978," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 10-21, May.
    4. Debapriya Jojo Paul & Julia Henker & Sian Owen, 2019. "The aggregate impacts of tournament incentives in experimental asset markets," Experimental Economics, Springer;Economic Science Association, vol. 22(2), pages 441-476, June.
    5. Bai, Gang & Elyasiani, Elyas, 2013. "Bank stability and managerial compensation," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 799-813.
    6. Stéphane Robin & Kateřina Strážnická & Marie Claire Villeval, 2021. "Bubbles and incentives: an experiment on asset markets," Economic and Political Studies, Taylor & Francis Journals, vol. 9(1), pages 68-89, January.
    7. 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.
    8. Adams, Nathan R. & Waddell, Glen R., 2018. "Performance and risk taking under threat of elimination," Journal of Economic Behavior & Organization, Elsevier, vol. 156(C), pages 41-54.
    9. Hallahan, Terrence & Faff, Robert, 2009. "Tournament behavior in Australian superannuation funds: A non-parametric analysis," Global Finance Journal, Elsevier, vol. 19(3), pages 307-322.
    10. Kräkel, Matthias, 2008. "Optimal risk taking in an uneven tournament game with risk averse players," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1219-1231, December.
    11. Loranth Gyongyi & Sciubba Emanuela, 2006. "Relative Performance, Risk and Entry in the Mutual Fund Industry," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 6(1), pages 1-28, September.
    12. J. Atsu Amegashie, 2009. "American Idol: should it be a singing contest or a popularity contest?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 33(4), pages 265-277, November.
    13. Jose Apesteguia & Ignacio Palacios-Huerta, 2010. "Psychological Pressure in Competitive Environments: Evidence from a Randomized Natural Experiment," American Economic Review, American Economic Association, vol. 100(5), pages 2548-2564, December.
    14. Christian Grund & Jan Höcker & Stefan Zimmermann, 2013. "Incidence And Consequences Of Risk-Taking Behavior In Tournaments—Evidence From The Nba," Economic Inquiry, Western Economic Association International, vol. 51(2), pages 1489-1501, April.
    15. Daniel C. Hickman & Neil E. Metz, 2018. "Peer Effects In A Competitive Environment: Evidence From The Pga Tour," Economic Inquiry, Western Economic Association International, vol. 56(1), pages 208-225, January.
    16. Kräkel Matthias, 2004. "Risk Taking in Asymmetric Tournaments," German Economic Review, De Gruyter, vol. 5(1), pages 103-116, February.
    17. Bernd Frick & Oliver Gürtler & Joachim Prinz, 2008. "Anreize in Turnieren mit heterogenen Teilnehmern — Eine empirische Untersuchung mit Daten aus der Fußball-Bundesliga," Schmalenbach Journal of Business Research, Springer, vol. 60(4), pages 385-405, June.
    18. Migheli, Matteo, 2019. "Competing for promotion: Are “THE BEST” always the best?," Research in Economics, Elsevier, vol. 73(2), pages 149-161.
    19. Mueller-Langer, Frank & Andreoli-Versbach, Patrick, 2013. "Leading-effect vs. Risk-taking in Dynamic Tournaments: Evidence from a Real-life Randomized Experiment," Discussion Papers in Economics 15452, University of Munich, Department of Economics.
    20. Gürtler, Oliver & Struth, Lennart & Thon, Max, 2023. "Competition and risk-taking," European Economic Review, Elsevier, vol. 160(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:jospec:v:9:y:2008:i:5:p:504-519. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.