Are Economists' Preferences Psychologists' Personality Traits? A Structural Approach

• 成果类型: Article
• 署名作者: Jagelka, Tomas
• 署名单位: University of Bonn; Institut Polytechnique de Paris; ENSAE Paris
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/726908
• 发表日期: 2024
• 页码: 910-970
• 关键词: risk-aversion; cognitive-ability; CHOICE; attitudes; BEHAVIOR; utility; people; MODEL

摘要

I propose a method for mapping psychological personality traits to economic preferences. I use factor analysis to extract information on individuals' cognitive ability and personality and embed it within a random preference model to estimate distributions of risk and time preferences and parameters related to choice inconsistency. I explain up to 60% of variation in average risk and time preferences and individuals' capacity to make consistent choices using factors related to cognitive ability and three of the Big Five personality traits. Differences in preferred outcomes are related to personality, whereas mistakes in decisions are related to cognitive skill.