We are learning now that some of our great business leaders may fail to reach their true potential because of a fear of taking risks, although it is hard to imagine Bill Gates and Warren Buffett having more than they already have. The same may be said for our outstanding golf players.

But we are beginning to learn that Tiger Woods might possibly have accomplished more than he already has or may in the future if he could only overcome one issue.

Even the greatest golfers, including Tiger Woods, systematically miss the opportunity to score a birdie out of fear of making a bogey, a study by two University of Pennsylvania professors has shown.

However, playing it safe carries its own risks in both golf and business, professors Devin Pope and Maurice Schweitzer said in their paper entitled: “Is Tiger Woods Loss Averse? Persistent Bias in the Face of Experience, Competition, and High Stakes.”

The academics studied putts during pro golf tournaments and their research suggested the “agony of a bogey seems to outweigh the thrill of a birdie.”

They calculated that type of decision-making bias costs the average golfer about one stroke during a 72-hole tournament, translating to a combined loss of about US$1.2mil in prize money per year for the top 20 golfers.

The researchers found golfers avoid the possibility of loss by playing conservatively when they could do better than par, but will try harder if they are at risk of coming in above par. Pope said “loss aversion” is part of a growing field of behavioural economics, which explores how human psychology impacts markets and business.

In a business context, the professors said par might be equated to quarterly earnings or investors’ approach to selling or holding on to stocks depending on what they initially paid for the shares.

The professors said their work challenges theories that suggest bias in decision making does not persist in markets.

They used data from 230 PGA Tour golf tournaments between 2004 and 2009, concentrating on 2.5mil putts attempted by 412 golfers who each made at least 1,000 putts.

Pope, who does not play golf, and Schweitzer, who only occasionally plays, said the study showed even experts in a subject suffer from bias in high-stakes settings. And it may well be asked, if Tiger Woods is biased when he plays golf, what hope do the rest of us have?”

The top-ranked Woods has not taken a full swing since his final playoff hole at last June’s US Open, where he won his 14th Major despite leg pain to move within four of matching Jack Nicklaus’s all-time career record.

Subsequent knee surgery has kept him on the sidelines, although he has said he is “very confident” of playing at next April’s Masters.

Mickelson said his fellow American had done so much for golf that his absence had hurt the game.

“The reason why we all want Tiger back is because he drives the game of golf,” said Mickelson, who plays the Singapore Open this week after losing his world number two ranking to Sergio Garcia in Shanghai on Monday.

“He drives television ratings, the sponsors need him in their events and the fans turn out to see him, so we need him back as soon as possible.”

Mickelson added that Woods had broken through a barrier he thought would never be possible for a golfer — becoming the top athlete in the world.

“We’re very lucky in the sport of golf to have the number one athlete in the world,” he said. Miami dolphins tickets

“I never thought that would happen when I first came on tour, when we had some of the greatest players in history, whether it was Ben Hogan or Jack Nicklaus, nobody ever reached the status of the number one premier athlete in the world, and it’s in golf.

“I never thought that was possible, so he does so much for us on a national level in the United States and on an international level throughout the world, and we all miss him and want him back soon.”

While Woods is confident he will play next year’s Masters, he has set no concrete timetable for his return with the situation complicated by his wife expecting their second child.

“Next year,” Woods said when asked by ESPN last month when he will be swinging a club again.

“If I have six months off from surgery, that puts me into January, and another four months, that puts me at pretty much 10 months,” he added. “That’s a long time. I figure I can come back after 10 months.