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Loss Aversion and Learning in Professional Golf Putting
1College of Business Administration, Kookmin University, Seoul 02707, Republic of Korea.
Behavioral Sciences (Basel, Switzerland)
|March 28, 2026
Summary
Professional golfers exhibit loss aversion, prioritizing par-saving putts over birdie attempts. They also demonstrate short-run learning, improving performance on subsequent putts within the same hole.
Area of Science:
- Behavioral Economics
- Sports Science
- Psychology
Background:
- Loss aversion and short-run learning are key behavioral economics concepts.
- Professional golf offers a unique setting to study these behaviors due to its clear rules and high-stakes decisions.
Purpose of the Study:
- To investigate loss aversion and short-run learning in professional golfers using real-world performance data.
- To examine how golfers adjust putting behavior based on reference points and feedback.
Main Methods:
- Analysis of over 100,000 putts from the 2020 Korea Professional Golfers' Association (KPGA) Tour.
- Utilizing high-frequency performance data to assess putting success rates from equivalent distances for different scoring situations.
- Employing logistic regression models with player fixed effects and nonlinear distance controls.
Main Results:
- Professional golfers are more successful on par-saving putts than birdie putts from identical distances, indicating loss aversion.
- Players exhibit strategic self-regulation, adjusting putt aggressiveness to avoid costly errors.
- Significant improvement in putting accuracy is observed for second putts within the same hole, demonstrating short-run learning.
Conclusions:
- Behavioral biases like loss aversion and adaptive learning mechanisms interact in high-stakes professional sports.
- Professional golf data provides valuable insights for testing core theories in behavioral economics.
- Findings highlight the importance of reference points and immediate feedback in decision-making under pressure.
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