Kudos to Brian for being willing to rethink his conclusion. This is not always easy to do, especially once your work is public.* And I take him at his word that he did not hype his prior conclusion to journalists. But this paper is a great example of a serious problem with sports analysis by academics today: you will get a lot more attention if you find an ineffeciency in a sport. That's interesting, and allows writers to sound sophisticated and reference "Moneyball" (maybe even run a picture of Brad Pitt). If Brian's paper had concluded "NBA players shoot exactly when they should," I think media interest would have been much less, probably close to zero. And so researchers face a strong incentive that can bias their research, and certainly biases publication -- go find inefficiencies. (Similarly, when looking for signs of racial bias in sports, there is a strong incentive to find bias -- a study finding that "NBA Referees Not Racially Biased" doesn't get attention in the NYT.)After thinking about the model some more since the time the paper was accepted for publication, I think I'm ready to say that I have very little confidence in the conclusion that NBA players "undershoot".
I'm not suggesting we should go back to the days when papers aren't made public until published in a refereed journal. We shouldn't have to wait 3 years to see research like this, and in any case journal referees likely wouldn't have spotted the problems mentioned here. (Lesson for young academics: use the Internet to get good feedback from subject-matter experts for free!) But I do think that journalists need to be more conscious of the bias in favor of this kind of finding. Get subject-matter experts to review this kind of paper BEFORE you write your article about it. The fact is, sports is in general a highly-efficient arena. Most findings of inefficiency will be wrong. In this case, it is highly unlikely (though possible) that teams systematically shoot too late. As long as there were some variance in how aggressive teams were, those who shot earlier would tend to win. That would encourage them to shoot still earlier, and other teams to emulate them. It's hard to imagine a league of professionals not finding the right equilibrium rather quickly.
* See: Berri, David.