Overconfidence and Preferences for Competition

• 成果类型: Article
• 署名作者: Reuben, Ernesto; Sapienza, Paola; Zingales, Luigi
• 署名单位: New York University; New York University Abu Dhabi; Northwestern University; University of Chicago; Northwestern University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13314
• 发表日期: 2024
• 页码: 1087-1121
• 关键词: gender-gap; performance; women; choices; shy

摘要

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.