Models of reference-dependent preferences propose that individuals evaluate outcomes as gains or losses relative to a neutral reference point. We test for reference dependence in a large dataset of marathon finishing times (n = 9,524,071). Models of reference-dependent preferences such as...

Models of reference-dependent preferences propose that individuals evaluate outcomes as gains or losses relative to a neutral reference point. We test for reference dependence in a large dataset of marathon finishing times (n = 9,524,071). Models of reference-dependent preferences such as...

We examine the strategies adopted by people completing a well-defined but difficult task: running a marathon. We find that men relative to women, undertake riskier running strategies, which increases the likelihood of a fast finish time but also increases the risk of a very poor race outcome. We...

We examine whether marathon runners exhibit behavior consistent with the assumptions of prospect theory. We test whether round number finishing times (three hours, four hours, etc.) are used as reference points and whether runners increase their effort at the end of the race to avoid the...

We examine the strategies adopted by people completing a well-defined but challenging task: running a marathon. We investigate whether the goal of a non-binding round number finish time (e.g., 3:00 hours) motivates runners to engage in more optimal running strategies to improve their performance...

This study examines the deferred tax disclosures of a sample of venture capital backed IPOs with net operating loss (NOL) carryforwards. I find that 82 percent of these firms record an allowance that reduces the associated deferred tax asset to zero. I show that the size of a firm's NOL, and...