Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/54966
Authors: 
Thiel, Hendrik
Thomsen, Stephan L.
Year of Publication: 
2011
Series/Report no.: 
ZEW Discussion Papers 09-076 [rev.]
Abstract: 
There is an increasing economic literature considering personality traits as a source of individual differences in labor market productivity and other outcomes. This paper provides an overview on the role of these skills regarding three main aspects: measurement, development over the life course, and outcomes. Based on the relevant literature from different disciplines, the common psychometric measures used to assess personality are discussed and critical assumptions for their application are highlighted. We sketch current research that aims at incorporating personality traits into economic models of decision making. A recently proposed production function of human capital which takes personality into account is reviewed in light of the findings about life cycle dynamics in other disciplines. Based on these foundations, the main results of the empirical literature regarding noncognitive skills are briefly summarized. Moreover, we discuss common econometric pitfalls that evolve in empirical analysis of personality traits and possible solutions.
Subjects: 
noncognitive skills
personality
human capital formation
psychometric measures
JEL: 
I20
I28
J12
J24
J31
Document Type: 
Working Paper

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