Decision Making in 700 Milliseconds: Penalty Kicks Based on Behavioral Economics

The economic concepts of game theory and matching pennies really demonstrate the utilities each decision could bring to the players in a penalty. Behavioral economics also gave football fans a new perspective by introducing the phenomenon of action bias in the keeper's thought process in an attempt to block the shot.

In conclusion, economic concepts can be applied to understand how decisions are made in a penalty kick. This analysis of penalty kicks based on behavioral economics tells us that -- just like every other sport -- luck is a factor we need to take into account. Even when succeeding to pick the right side, John Terry's slip in the Champions League final match-deciding penalty shot against Manchester United in 2008 proved the importance of good luck - one which could've gotten him a major trophy. When shooting a penalty, ultimately it comes back to how much players have prepared mentally and technically in shooting from the spot. Now, it's time for us to wait and see as the World Cup unfolds. Fingers crossed. Eu sou Brasileiro.

Michael Abimanyu Kaeng | Undergraduate Economics Student at the University of Indonesia | Trainee of Economic Studies Division at Kanopi FEB UI

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