When Falling Just Short is a Good Thing: The Effect of Past Performance on Improvement
Mariya Burdina and
Journal of Sports Economics, 2021, vol. 22, issue 7, 777-798
Models of reference-dependent preferences show that an individualâ€™s utility depends on the difference between the outcome and a â€œneutralâ€ reference point. Our paper investigates how distance from reference points affects future performance. We find that round numbers and personal bests motivate runners and that missing the goal by a small amount improves future performance. For those who achieve their goal, future performance suffers slightly. In empirical analysis, we use an extensive panel of marathon data, which contains a past running history for every runner in our sample and allows us to estimate runnersâ€™ ability and experience.
Keywords: reference dependence; round numbers; performance; marathons (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:jospec:v:22:y:2021:i:7:p:777-798
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