my guess is that it has an effect on how foul prone a player is and his shot selection (in the 4qtr). i didn't do research on it but i have the impression, that experienced players take the last shot more often. I also think that it has an effect on the allaroundperformance of the player but i am not sure how to find out how exactly...
this i can confirm, i had numerous times in my scrimmages, 40 year old scrubs who took last shots.
and for the initial question. What does experience do?
Well, we really don't know
