Kevin,
Good post. Rather than use par to benchmark volatility I would use player volatility relative to the field -- or, for the case of measuring volatility of individual holes, and therefore "half par-ness," distribution of scores for a particular hole on a particular day. That's a better benchmark as it incorporates the play of the day, taking into account tee and hole locations, weather conditions, etc.
On that score, a true beta is not a naive distribution (variance / st dev) but rather the measure of a player's volatility relative to the field.
Congrats for using The Players to bring up this topic as hopefully it will generate some light. Normally it comes up Masters week and sparks fun discussions, eg: http://www.golfclubatlas.com/forum/index.php/topic,34103.0.html
I see from your link that you have done quite a bit of quantitative analysis, far beyond the level I have performed. Thinking about TPC Sawgrass vs. Augusta, I'm not sure there is as much of a "Risk / Reward" ratio to analyze at Sawgrass. Rather, there may be a "Penalty / Difficulty Ratio." For example, the ratio of Birdies / Bogeys on #17 isn't a function of risk vs. reward, as opposed to the severity of penalty weighed against a relatively short hole.
I did do some analysis on the Volatility at the Players (as well as Masters / PGA) relative to the rest of the field (instead of vs. Par). I didn't attempt to measure in terms of Standard Deviation - rather I simply calculated the average Absolute Variance of each player's score vs. the Field Average for that particular day. To weed out the "strugglers" from Day 1/2 who missed the cut, I only used the scores for people who played all 4 rounds (helps provide better apples-to-apples comparison between Round 1/2 vs Round 3/4).
Sawgrass:Round 1: Field Average 70.41 Average Variance: 1.80
Round 2: Field Average 70.60 Average Variance: 1.86
Round 3: Field Average 71.55 Average Variance: 2.37
Round 4: Field Average 71.85 Average Variance: 2.35
All Rounds: Field Average 71.10 Average Variance: 2.09
Augusta:Round 1: Field Average 71.04 Average Variance: 1.92
Round 2: Field Average 70.53 Average Variance: 1.70
Round 3: Field Average 72.08 Average Variance: 2.21
Round 4: Field Average 71.67 Average Variance: 2.20
All Rounds: Field Average 71.33 Average Variance: 2.01
Whistling Straits:Round 1: Field Average 71.65 Average Variance: 1.59
Round 2: Field Average 70.38 Average Variance: 1.68
Round 3: Field Average 70.96 Average Variance: 2.16
Round 4: Field Average 73.62 Average Variance: 2.13
All Rounds: Field Average 71.65 Average Variance: 1.89
I'm not sure what all that means, but I find the following interesting:
- The Volatility increased in all cases quite a bot for the weekend rounds. Is this a function of weekend pressure or "riskier" Course Set-up?
- Whistling Straits had the lowest volatility of the last 3 courses. I suppose that makes sense, since there are less 1/2 par holes at WS and the hazards at WS rarely come into play (really, #5 is the only place where a penalty stroke occurs. Well, there plus random bunkers on #18).