Doing Your Best when Stakes are High? Theory and Experimental Evidence
| Autor: | Houy, Nicolas, Nicolaï, Jean-Philippe, Villeval, Marie Claire |
|---|---|
| Přispěvatelé: | Groupe d'analyse et de théorie économique (GATE Lyon Saint-Étienne), Centre National de la Recherche Scientifique (CNRS)-Université de Lyon-Université Jean Monnet [Saint-Étienne] (UJM)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université Lumière - Lyon 2 (UL2)-École normale supérieure - Lyon (ENS Lyon), Eidgenössische Technische Hochschule - Swiss Federal Institute of Technology [Zürich] (ETH Zürich), Dao, Taï, Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne (GATE Lyon Saint-Étienne), École normale supérieure de Lyon (ENS de Lyon)-Université Lumière - Lyon 2 (UL2)-Université Claude Bernard Lyon 1 (UCBL), Université de Lyon-Université de Lyon-Université Jean Monnet - Saint-Étienne (UJM)-Centre National de la Recherche Scientifique (CNRS) |
| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: |
050208 finance
C ritical ability experiment 05 social sciences choking under pressure JEL: D - Microeconomics/D.D9 - Intertemporal Choice/D.D9.D92 - Intertemporal Firm Choice Investment Capacity and Financing 050109 social psychology JEL: D - Microeconomics/D.D8 - Information Knowledge and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty Skin Conductance Responses [SHS.ECO]Humanities and Social Sciences/Economics and Finance Morr is - importance D81 critical ability C72 0502 economics and business ddc:330 C92 JEL: C - Mathematical and Quantitative Methods/C.C7 - Game Theory and Bargaining Theory/C.C7.C72 - Noncooperative Games 0501 psychology and cognitive sciences 050207 economics [SHS.ECO] Humanities and Social Sciences/Economics and Finance Morris-importance |
| Popis: | Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to manage effort throughout the sequence of tasks is therefore critical. In this paper we propose a criterion that defines the importance of a task and that 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 to achieve the final outcome. We also find no evidence of choking under pressure and stress, as proxied by electrophysiological measures. |
| Databáze: | OpenAIRE |
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