Red Dragon
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I'm at work and don't have time to dig up any statistical data or analyses, but I am pretty sure that the odds heavily favor going for it on 4th down anytime one is between midfield and the opponent's 35-yard line (and there are less than, say, eight yards to go for the first down. Obviously, you would not go for it on 4th-and-20.)
At any range beyond 35 yards, a field goal is iffy, and if you punt, you're likely to just get a touchback, or the opposing offense (in today's offense-friendly NFL) is likely to just march the ball back upfield, rendering your punt largely meaningless. On the other hand, going for it means you likely get into much better field goal range, or even enhance your odds for a touchdown.
At any range beyond 35 yards, a field goal is iffy, and if you punt, you're likely to just get a touchback, or the opposing offense (in today's offense-friendly NFL) is likely to just march the ball back upfield, rendering your punt largely meaningless. On the other hand, going for it means you likely get into much better field goal range, or even enhance your odds for a touchdown.