{"title":"Overconfidence and Preferences for Competition","authors":"ERNESTO REUBEN, PAOLA SAPIENZA, LUIGI ZINGALES","doi":"10.1111/jofi.13314","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>We study when preferences for competition are a positive economic trait among high earners and the extent to which this trait can explain the gender gap in income among a master's degree in business administration (MBAs). Consistent with the experimental evidence, preferences for competition are a positive economic trait only for individuals who are not overconfident. Preferences for competition correlate with income only at graduation when bonuses are guaranteed and not a function of performance. Overconfident competition-loving MBAs observe lower compensation and income growth, and experience greater exit from high-reward industries and more frequent job interruptions. Preferences for competition do not explain the gender pay gap among MBAs.</p></div>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 2","pages":"1087-1121"},"PeriodicalIF":7.6000,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jofi.13314","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
We study when preferences for competition are a positive economic trait among high earners and the extent to which this trait can explain the gender gap in income among a master's degree in business administration (MBAs). Consistent with the experimental evidence, preferences for competition are a positive economic trait only for individuals who are not overconfident. Preferences for competition correlate with income only at graduation when bonuses are guaranteed and not a function of performance. Overconfident competition-loving MBAs observe lower compensation and income growth, and experience greater exit from high-reward industries and more frequent job interruptions. Preferences for competition do not explain the gender pay gap among MBAs.
我们研究了竞争偏好在高收入者中何时成为一种积极的经济特质，以及这种特质在多大程度上可以解释工商管理硕士（MBA）收入中的性别差距。与实验证据一致的是，竞争偏好只对那些不过度自信的人来说是一种积极的经济特征。只有在毕业时，当奖金是有保证的，而不是业绩的函数时，竞争偏好才与收入相关。过度自信、喜欢竞争的 MBA 的薪酬和收入增长较低，从高回报行业退出的可能性更大，工作中断的频率更高。对竞争的偏好并不能解释 MBA 中的性别薪酬差距。
期刊介绍：
The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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