The Inimitable Tiff

In a working paper titled, “Is Tiger Woods Loss Averse? Persistent Bias in the Face of Experience, Competition, and High Stakes,” Wharton …professors … examine putts during pro golf tournaments and determine that even the best golfers systematically miss the opportunity to score a “birdie” — when a player sinks a ball in one stroke less than the number of expected strokes for a given hole — out of fear of having a “bogey” — or taking one stroke more than what is expected. According to the researchers, for many, the agony of a bogey seems to outweigh the thrill of a birdie.

The researchers calculate that this type of decision-making bias costs the average professional golfer about one stroke during a 72-hole tournament. For the top 20 golfers, that translates to a combined loss of about $1.2 million in prize money a year.