International Journal of

Business & Management Studies

ISSN 2694-1430 (Print), ISSN 2694-1449 (Online)
DOI: 10.56734/ijbms
Loss Aversion in Women’s Professional Golf: Results from the 2023 U.S. Open at Pebble Beach, California


There have been three significant loss-aversion studies involving professional golfers; all focused exclusively on men. Each study found significant loss aversion in these real-world settings, in response to suggestions that loss aversion would disappear if the stakes were high enough and decision makers had a chance to learn from previous mistakes. Together, these three studies cast significant doubts on the validity of those caveats. But they also beg the question: How would results for professional women golfers compare? The current study focuses on loss aversion in women’s professional golf in what was the highest-staked competition in Ladies Professional Golf Association (LPGA) history: the 2023 U.S. Women’s Open at Pebble Beach, California. Results from that within-subject study, reported herein, show similar levels of loss aversion, and at a highly significant level. Implications are discussed.