Template-type: ReDif-Paper 1.0
Author-Name: Becker Anke 
Author-Name: Deckers Thomas 
Author-Name: Dohmen Thomas 
Author-Name: Falk Armin 
Author-Name: Kosse Fabian 
Author-workplace-name: METEOR
Title: The Relationship Between Economic Preferences and Psychological Personality Measures
Abstract: Although both economists and psychologists seek to identify determinants of heterogeneity inbehavior, they use different concepts to capture them. In this review we first analyze theextent to which economic preferences and psychological concepts of personality - such as the BigFive and locus of control - are related. We analyze data from incentivized laboratory experimentsand representative samples and find only low degrees of association between economic preferencesand personality. We then regress life outcomes - such as labor market success, health status andlife satisfaction - simultaneously on preference and personality measures. The analysis revealsthat the two concepts are rather complementary when it comes to explaining heterogeneityin important life outcomes and behavior.
Keywords: microeconomics ; 
Series: Research Memoranda
Creation-Date: 2012
Number: 048
File-URL: http://digitalarchive.maastrichtuniversity.nl/fedora/objects/guid:e21cf089-b242-43ee-b28d-7c629ac53d18/datastreams/ASSET1/content
File-Format: application/pdf
File-Size: 668319
Handle: RePEc:unm:umamet:2012048