The Relationship Between Economic Preferences and Psychological Personality Measures

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 c...

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Published in:Annual review of economics 2012-01, Vol.4 (1), p.453-478
Main Authors: Becker, Anke, Deckers, Thomas, Dohmen, Thomas, Falk, Armin, Kosse, Fabian
Format: Article
Language:English
Subjects:
Agreeableness
Altruism
Conscientiousness
Correlations
Datasets
Experimental data
Locus of control
Personality psychology
Personality traits
Risk preferences
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creator Becker, Anke
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description 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.
doi_str_mv 10.1146/annurev-economics-080511-110922
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source JSTOR Archival Journals and Primary Sources Collection
subjects Agreeableness
Altruism
Conscientiousness
Correlations
Datasets
Experimental data
Locus of control
Personality psychology
Personality traits
Risk preferences
title The Relationship Between Economic Preferences and Psychological Personality Measures
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