Always doing your best? Effort and performance in dynamic settings
Jean-Philippe Nicolaï () and
Marie Claire Villeval ()
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Jean-Philippe Nicolaï: ETH Zürich, Chair of Integrative Risk Management and Economics, Zurichbergstrasse 18, 8032 Zürich
No 1736, Working Papers from Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon
Achieving an ambitious goal frequently requires succeeding in a sequence of intermediate tasks, some being critical for the final outcome, and others not. However, individuals are not always able to provide a level of effort sufficient to guarantee success in all such intermediate tasks. The ability to manage effort throughout the sequence of tasks is therefore critical when resources are limited. In this paper we propose a criterion that defines the importance of a task and identifies how an individual should optimally allocate a limited stock of exhaustible efforts over tasks. We test this importance criterion in a laboratory experiment that reproduces the main features of a tennis match. We show that our importance criterion is able to predict the individuals’ performance and it outperforms the Morris importance criterion that defines the importance of a point in terms of its impact on the probability of achieving the final outcome. We also find no evidence of choking under pressure and stress, as proxied by electrophysiological measures.
Keywords: Critical ability; choking under pressure; Morris-importance; Skin Conductance Responses; experiment (search for similar items in EconPapers)
JEL-codes: C72 C92 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe and nep-exp
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Working Paper: Always doing your best? Effort and performance in dynamic settings (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:gat:wpaper:1736
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