A game of status: gender asymmetry in loss aversion [Draft upon request]
Do men and women fight equally hard to hold their place in a hierarchy? I study gender differences in loss aversion over status using Grand Slam matches in professional tennis. Under the sport's rolling ranking system, ranking points expire after 52 weeks, so players must keep re-earning them to hold their ranking. Defending one's current ranking therefore provides a natural reference point, which I use to measure prospective status gains and losses. Using a regression discontinuity design, I estimate the causal effect of a potential status loss on match behavior and performance. The results reveal a clear gender difference. Men with status on the line play more aggressively and win more often than comparable men whose ranking is already secure, and the effect is stronger at salient ranking thresholds. Women show no comparable response around the reference point. Additional evidence suggests that men's loss aversion over status is stronger among players from countries with stronger masculinity norms.