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Title:The relationship between economic preferences and psychological personality measures PDF Logo
Authors:Becker, Anke
Deckers, Thomas
Dohmen,Thomas
Falk, Armin
Kosse, Fabian
Issue Date:2012
Series/Report no.:CESifo working paper: Behavioural Economics 3785
Abstract:Although both economists and psychologists seek to identify determinants of heterogeneity in behavior, they use different concepts to capture them. In this review we first analyze the extent to which economic preferences and psychological concepts of personality - such as the Big Five and locus of control - are related. We analyze data from incentivized laboratory experiments and representative samples and find only low degrees of association between economic preferences and personality. We then regress life outcomes - such as labor market success, health status and life satisfaction - simultaneously on preference and personality measures. The analysis reveals that the two concepts are rather complementary when it comes to explaining heterogeneity in important life outcomes and behavior.
Subjects:risk preference
time preference
social preferences
locus of control
Big Five
JEL:C91
D01
D80
D90
I00
J30
J62
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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