The Relationship Between Economic Preferences and Psychological Personality Measures
Author: Anke Becker
Publisher:
Published: 2012
Total Pages: 41
ISBN-13:
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Personality Psychology and Economics
Author: Mathilde Almlund
Publisher:
Published: 2011
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKThis paper explores the power of personality traits both as predictors and as causes of academic and economic success, health, and criminal activity. Measured personality is interpreted as a construct derived from an economic model of preferences, constraints, and information. Evidence is reviewed about the "situational specificity" of personality traits and preferences. An extreme version of the situationist view claims that there are no stable personality traits or preference parameters that persons carry across different situations. Those who hold this view claim that personality psychology has little relevance for economics. The biological and evolutionary origins of personality traits are explored. Personality measurement systems and relationships among the measures used by psychologists are examined. The predictive power of personality measures is compared with the predictive power of measures of cognition captured by IQ and achievement tests. For many outcomes, personality measures are just as predictive as cognitive measures, even after controlling for family background and cognition. Moreover, standard measures of cognition are heavily influenced by personality traits and incentives. Measured personality traits are positively correlated over the life cycle. However, they are not fixed and can be altered by experience and investment. Intervention studies, along with studies in biology and neuroscience, establish a causal basis for the observed effect of personality traits on economic and social outcomes. Personality traits are more malleable over the life cycle compared to cognition, which becomes highly rank stable around age 10. Interventions that change personality are promising avenues for addressing poverty and disadvantage.
Are Economists' Preferences Psychologists' Personality Traits?
Author: Tomáš Jagelka
Publisher:
Published: 2020
Total Pages:
ISBN-13:
DOWNLOAD EBOOKThis paper proposes a method for empirically mapping psychological personality traits to economic preferences. Careful modelling of random components of decision making is crucial to establishing the long supposed but empirically elusive link between economic and psychological systems for understanding differences in individuals' behavior. 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, of their individual-level stability, and of people's propensity to make mistakes. I explain up to 50% of the variation in both average risk and time preferences and in individuals' capacity to make consistent rational choices using four factors related to cognitive ability and three of the Big Five personality traits. True differences in desired outcomes are related to differences in personality whereas actual mistakes in decisions are related to cognitive skill.
Social Psychology and Economics
Author: David De Cremer
Publisher: Psychology Press
Published: 2013-09-05
Total Pages: 348
ISBN-13: 1135811075
DOWNLOAD EBOOKThis book combines chapters written by leading social psychologists and economists, illuminating the developing trends in explaining and understanding economic behavior in a social world. It provides insights from both fields, communicated by eloquent scholars, and demonstrates through recent research and theory how economic behaviors may be more effectively examined using a combination of both fields. Social Psychology and Economics comes at a particularly fitting time, as a psychological approach to economics has begun to flourish in recent years, and papers exploring the intersection of these two disciplines have appeared in peer-reviewed journals, opening a dynamic dialogue between previously separated fields. This volume, the first in the Society for Judgment and Decision Making Series since acquired by Psychology Press, includes chapters by economists and psychologists. It addresses a variety of economic phenomena within a social context, such as scarcity and materialism, emphasizing the importance of integrating social psychology and economics. Social Psychology and Economics is arranged in seven parts that discuss: an introduction to the topic; preferences, utility, and choice; emotions; reciprocity, cooperation, and fairness; social distance; challenges to social psychology and economics; and collaborative reflections and projections. The market for this book is students, researchers, and professionals in the disciplines of economics, psychology, business, and behavioral decision making. Graduate students and upper-level undergraduate students will consider it a useful supplemental text.
The Psychology of Economic Decisions
Author: Isabelle Brocas
Publisher: Oxford University Press, USA
Published: 2003
Total Pages: 259
ISBN-13: 0199257221
DOWNLOAD EBOOKThis volume brings together contributions to the burgeoning research area of behavioral economics from a number of well-known international scholars in the field. Topics covered include 'irrational' conducts; imperfect self-knowledge; imperfect memory; time and utility; and experimental practices in psychology, economics, and finance. This book will provide a point of entry to anyone wishing to discover what the intellectual terrain between economics and psychology looks like.
Some Contributions of Economics to the Study of Personality
Author: James Joseph Heckman
Publisher:
Published: 2019
Total Pages: 76
ISBN-13:
DOWNLOAD EBOOKThis paper synthesizes recent research in economics and psychology on the measurement and empirical importance of personality skills and preferences. They predict and cause important life outcomes such as wages, health, and longevity. Skills develop over the life cycle and can be enhanced by education, parenting, and environmental influences to different degrees at different ages. Economic analysis clarifies psychological studies by establishing that personality is measured by performance on tasks which depends on incentives and multiple skills. Identification of any single skill therefore requires isolation of confounding factors, accounting for measurement error using rich data and application of appropriate statistical techniques. Skills can be inferred not only by questionnaires and experiments but also from observed behavior. Economists advance the analysis of human differences by providing anchored measures of economic preferences and studying their links to personality and cognitive skills. Connecting the research from the two disciplines promotes understanding of the number and nature of skills and preferences required to characterize essential differences.
Personality and Cognition in Economic Decision Making
Author: Aurora García-Gallego
Publisher: Frontiers Media SA
Published: 2017-08-22
Total Pages: 234
ISBN-13: 2889452360
DOWNLOAD EBOOKPsychologists studying cognitive processes and personality have increasingly benefited from the wealth of theory, methodology, and decision making paradigms used in economics and game theory. Similarly, for the economists, personality traits and basic cognitive processes offer a set of coherent explanatory constructs in economic behavior. Given the debate on preference invariance and behavioral consistency across contexts and domains, the papers in this topic shed light on the existence and effect of stable sets of idiosyncratic features on economic decision-making. While the effects of personality and cognition on economic decisions remain under-explored, the papers contributed in this topic offer more than a stimulus for further research. The general message could be that personality and cognitive processes offer the stable idiosyncratic ground on which individual decisions are made.
Elicitation of Preferences
Author: Baruch Fischhoff
Publisher: Springer Science & Business Media
Published: 2013-03-14
Total Pages: 268
ISBN-13: 9401714061
DOWNLOAD EBOOKEconomists and psychologists have, on the whole, exhibited sharply different perspectives on the elicitation of preferences. Economists, who have made preference the central primitive in their thinking about human behavior, have for the most part rejected elicitation and have instead sought to infer preferences from observations of choice behavior. Psychologists, who have tended to think of preference as a context-determined subjective construct, have embraced elicitation as their dominant approach to measurement. This volume, based on a symposium organized by Daniel McFadden at the University of California at Berkeley, provides a provocative and constructive engagement between economists and psychologists on the elicitation of preferences.
Some Contributions of Economics to the Study of Personality
Author: James Joseph Heckman
Publisher:
Published: 2019
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKThis paper synthesizes recent research in economics and psychology on the measurement and empirical importance of personality skills and preferences. They predict and cause important life outcomes such as wages, health, and longevity. Skills develop over the life cycle and can be enhanced by education, parenting, and environmental influences to different degrees at different ages. Economic analysis clarifies psychological studies by establishing that personality is measured by performance on tasks which depends on incentives and multiple skills. Identification of any single skill therefore requires isolation of confounding factors, accounting for measurement error using rich data and application of appropriate statistical techniques. Skills can be inferred not only by questionnaires and experiments but also from observed behavior. Economists advance the analysis of human differences by providing anchored measures of economic preferences and studying their links to personality and cognitive skills. Connecting the research from the two disciplines promotes understanding of the number and nature of skills and preferences required to characterize essential differences.
10th International Conference on Theory and Application of Soft Computing, Computing with Words and Perceptions - ICSCCW-2019
Author: Rafik A. Aliev
Publisher: Springer Nature
Published: 2019-11-19
Total Pages: 997
ISBN-13: 3030352498
DOWNLOAD EBOOKThis book presents the proceedings of the 10th Conference on Theory and Applications of Soft Computing, Computing with Words and Perceptions, ICSCCW 2019, held in Prague, Czech Republic, on August 27–28, 2019. It includes contributions from diverse areas of soft computing and computing with words, such as uncertain computation, decision-making under imperfect information, neuro-fuzzy approaches, deep learning, natural language processing, and others. The topics of the papers include theory and applications of soft computing, information granulation, computing with words, computing with perceptions, image processing with soft computing, probabilistic reasoning, intelligent control, machine learning, fuzzy logic in data analytics and data mining, evolutionary computing, chaotic systems, soft computing in business, economics and finance, fuzzy logic and soft computing in earth sciences, fuzzy logic and soft computing in engineering, fuzzy logic and soft computing in material sciences, soft computing in medicine, biomedical engineering, and pharmaceutical sciences. Showcasing new ideas in the field of theories of soft computing and computing with words and their applications in economics, business, industry, education, medicine, earth sciences, and other fields, it promotes the development and implementation of these paradigms in various real-world contexts. This book is a useful guide for academics, practitioners and graduates.
