Know when to fold 'em: The grit factor
Larbi Alaoui () and
Christian Fons-Rosen ()
Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra
This paper investigates the way di erent sides of grit in uence behavior. In addition to grit's upside in achieving economic success associated with not giving up, it might also have a downside associated with not letting go. We provide a stylized model that illustrates this potential downside. We split grit into two new categories, tenacity and diligence, and hypothesize that tenacity can lead individuals to go beyond their own intended plan of action when making a loss. We test the predictions with an experiment that elicits each individual's plan of action which we compare to actual choice in a game of luck. Consistent with our priors, grittier individuals have a higher tendency to overplay, and tenacity alone captures the difficulty in respecting ex-ante preferences when this means accepting defeat. We then discuss the external validity of our findings.
Keywords: noncognitive skills; grit; tenacity; diligence. (search for similar items in EconPapers)
JEL-codes: C91 D03 I20 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-neu
Date: 2016-04, Revised 2019-03
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Working Paper: Know when to Fold 'em: The Grit Factor (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1521
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