IDEAS home Printed from https://ideas.repec.org/a/ejn/ejbmjr/v7y2019i1p31-43.html
   My bibliography  Save this article

Advisor Choice: Influences of Personality Traits, General Attitudes and Suggested Biases

Author

Listed:
  • Katarina Kostelic

    (Juraj Dobrila University of Pula, Croatia)

Abstract

While decision-making process and influences are extensively researched, linking those insights to real-life choices opens various research questions that have yet to be answered. The purpose of this paper is to examine the correlation of personality traits to advisory first-choice in two context situations: solving a financial and a legal issue. The goal is to identify individual’s choices, as well as personality traits that correlate to specific advisory choice and offer theoretical and practical insights, as well as to implicitly examine the base for further research regarding the connection of personality traits and general attitudes to biases. Personality traits, value scales and advisory choice preferences were collected online and analyzed using logistic binomial regression models to determine statistically significant variables and possibility of choice prediction. Respondents’ answers are also observed regarding biases occurrence, where overconfidence, anchoring, familiarity and trust biases are discussed. Although advisor first–choice models offer a correlation of the personality traits and general attitudes with moderate and high prediction, which enables specific and practical implications; they also indicate a theoretical contribution: it is not possible to outline generalization of influencing variables on similar observed choices. This can mean that two seemingly similar questions represent completely different decision-making contexts for individuals. Theoretical and practical implications are discussed.

Suggested Citation

  • Katarina Kostelic, 2019. "Advisor Choice: Influences of Personality Traits, General Attitudes and Suggested Biases," Eurasian Journal of Business and Management, Eurasian Publications, vol. 7(1), pages 31-43.
    • Handle: RePEc:ejn:ejbmjr:v:7:y:2019:i:1:p:31-43
    as

    Download full text from publisher

    File URL: https://eurasianpublications.com/wp-content/uploads/2021/02/EJBM-7.1.4.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. R. Benabou & J. Tirole, 1999. "Self-Confidence and Social Interactions," Princeton Economic Theory Papers 00s2, Economics Department, Princeton University.
    2. Calcagno, Riccardo & Giofré, Maela & Urzì-Brancati, Maria Cesira, 2017. "To trust is good, but to control is better: How investors discipline financial advisors’ activity," Journal of Economic Behavior & Organization, Elsevier, vol. 140(C), pages 287-316.
    3. Hermansson, Cecilia & Song, Han-Suck, 2016. "Financial advisory services meetings and their impact on saving behavior – A difference-in-difference analysis," Journal of Retailing and Consumer Services, Elsevier, vol. 30(C), pages 131-139.
    4. Rader, Christina A. & Soll, Jack B. & Larrick, Richard P., 2015. "Pushing away from representative advice: Advice taking, anchoring, and adjustment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 130(C), pages 26-43.
    5. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
    6. Morando, Federico & Iemma, Raimondo & Raiteri, Emilio, 2014. "Privacy evaluation: what empirical research on users' valuation of personal data tells us," Internet Policy Review: Journal on Internet Regulation, Alexander von Humboldt Institute for Internet and Society (HIIG), Berlin, vol. 3(2), pages 1-12.
    7. Louviere,Jordan J. & Hensher,David A. & Swait,Joffre D. With contributions by-Name:Adamowicz,Wiktor, 2000. "Stated Choice Methods," Cambridge Books, Cambridge University Press, number 9780521788304.
    8. Tirole, Jean & Bénabou, Roland, 2000. "Self-Confidence & Social Interactions," CEPR Discussion Papers 2579, C.E.P.R. Discussion Papers.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fehr, Ernst & Falk, Armin, 2002. "Psychological foundations of incentives," European Economic Review, Elsevier, vol. 46(4-5), pages 687-724, May.
    2. Franz Hackl & Martin Halla & Gerald Pruckner, 2012. "Volunteering and the state," Public Choice, Springer, vol. 151(3), pages 465-495, June.
    3. Emma McIntosh, 2006. "Using Discrete Choice Experiments within a Cost-Benefit Analysis Framework," PharmacoEconomics, Springer, vol. 24(9), pages 855-868, September.
    4. Kondo, Ayako & Shoji, Masahiro, 2019. "Peer effects in employment status: Evidence from housing lotteries," Journal of Urban Economics, Elsevier, vol. 113(C).
    5. Cheptea Madalina, 2012. "The Present Global Economic And Financial Crisis A Mask For A More Profound Existential, Moral One?," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 133-136, March.
    6. Niels Vermeer, 2016. "Age Anchors and the Expected Retirement Age: An Experimental Study," De Economist, Springer, vol. 164(3), pages 255-279, September.
    7. Mark J. Koetse & Roy Brouwer, 2016. "Reference Dependence Effects on WTA and WTP Value Functions and Their Disparity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 65(4), pages 723-745, December.
    8. Sällström, Susanna & Sjogren, Anna, 2002. "Trapped, Delayed and Handicapped," CEPR Discussion Papers 3335, C.E.P.R. Discussion Papers.
    9. Mahmoodi, Jasmin & Prasanna, Ashreeta & Hille, Stefanie & Patel, Martin K. & Brosch, Tobias, 2018. "Combining “carrot and stick” to incentivize sustainability in households," Energy Policy, Elsevier, vol. 123(C), pages 31-40.
    10. Bruno S. Frey & Reto Jegen, "undated". "Motivation Crowding Theory: A Survey Of Empirical Evidence, Revised Version," IEW - Working Papers 049, Institute for Empirical Research in Economics - University of Zurich.
    11. Haghani, Milad & Bliemer, Michiel C.J. & Hensher, David A., 2021. "The landscape of econometric discrete choice modelling research," Journal of choice modelling, Elsevier, vol. 40(C).
    12. Charles Collet & Pascal Gastineau & Benoit Chèze & Pierre-Alexandre Mahieu & Frederic Martinez, 2022. "Combining economics and psychology: Does CO2 framing strengthen pro-environmental behaviors?," Working Papers hal-03321706, HAL.
    13. Mandy Ryan & Fernando San Miguel, 2003. "Revisiting the axiom of completeness in health care," Health Economics, John Wiley & Sons, Ltd., vol. 12(4), pages 295-307, April.
    14. Benedetto Gui, 2005. "Brennan, G. and Pettit, P.: The Economy of Esteem. An Essay on Civil and Political Society," Journal of Economics, Springer, vol. 86(2), pages 183-191, November.
    15. Aubert, Cècile & Bardhan, Pranab & Dayton-Johnson, Jeff, 2003. "Artfilms, Handicrafts and Other Cultural Goods: The Case for Subsidy," Department of Economics, Working Paper Series qt62n4f3bh, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    16. Marini, Annalisa, 2016. "Cultural Beliefs, Values and Economics: A Survey," MPRA Paper 69747, University Library of Munich, Germany.
    17. Mathies, Christine & Gudergan, Siegfried P., 2011. "The role of fairness in modelling customer choice," Australasian marketing journal, Elsevier, vol. 19(1), pages 22-29.
    18. Holmes, Thomas P. & Boyle, Kevin J., 2004. "Dynamic Learning And Context-Dependence In Sequential, Attribute-Based Contingent Valuation," 2004 Annual meeting, August 1-4, Denver, CO 20014, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    19. Bouscasse, Hélène & Joly, Iragaël & Peyhardi, Jean, 2019. "A new family of qualitative choice models: An application of reference models to travel mode choice," Transportation Research Part B: Methodological, Elsevier, vol. 121(C), pages 74-91.
    20. Vincenzina Caputo & Jayson L Lusk & Rodolfo M Nayga, 2020. "Am I Getting a Good Deal? Reference‐DependentDecision Making When the Reference Price Is Uncertain," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(1), pages 132-153, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ejn:ejbmjr:v:7:y:2019:i:1:p:31-43. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Esra Barakli (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.