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Toward the Integration of Personality Theory and Decision Theory in the Explanation of Economic and Health Behavior

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Author Info

  • Rustichini, Aldo

    ()
    (University of Minnesota)

  • DeYoung, Colin G.

    ()
    (University of Minnesota)

  • Anderson, Jon E.

    ()
    (University of Minnesota, Morris)

  • Burks, Stephen V.

    ()
    (University of Minnesota, Morris)

Abstract

Trait-based personality psychology and economics have taken different approaches to understanding individual differences, with the former emphasizing variables derived from the factor analysis of trait assessments, and the latter emphasizing variables derived from formal decision theory. In a data set on trainee truckers in a large US company, we provide a systematic initial assessment of the empirical pattern of relationships between the elements from these two approaches by comparing the predictive power of measurements derived from personality theory and decision theory for several individual characteristics and outcomes, and relating the two sets of measurements to each other. We show that personality traits have a comparable or stronger predictive power than do economic preferences for several dependent variables, including credit score, job persistence, and heavy truck accidents. They also have strong predictive power for Body Mass Index (BMI) and smoking status. Further, decision theory and personality variables are meaningfully related. For example, we confirm that cognitive ability explains a substantial part of time preferences, and find that Neuroticism and cognitive ability together explain attitudes toward risk. In addition, Agreeableness and cognitive ability explain aspects of other-regarding behavior in a strategic setting.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6750.

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Length: 59 pages
Date of creation: Jul 2012
Date of revision:
Handle: RePEc:iza:izadps:dp6750

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Keywords: personality theory; decision theory; strategic behavior; credit score; smoking; obesity; prisoners' dilemma; job performance; heavy truck accident; truckload; turnover; trucker;

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References

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  1. Burks, Stephen & Carpenter, Jeffrey & Goette, Lorenz, 2009. "Performance pay and worker cooperation: Evidence from an artefactual field experiment," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 70(3), pages 458-469, June.
  2. David Schmeidler, 1989. "Subjective Probability and Expected Utility without Additivity," Levine's Working Paper Archive 7662, David K. Levine.
  3. Burks, Stephen V. & Carpenter, Jeffrey P. & Götte, Lorenz & Rustichini, Aldo, 2011. "Which Measures of Time Preference Best Predict Outcomes? Evidence from a Large-Scale Field Experiment," IZA Discussion Papers 5808, Institute for the Study of Labor (IZA).
  4. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  5. Gneezy, Uri & Rustichini, Aldo & Vostroknutov, Alexander, 2010. "Experience and insight in the Race game," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 75(2), pages 144-155, August.
  6. Stephen V. Burks & Jeffrey Carpenter & Lorenz Götte & Kristen Monaco & Kay Porter & Aldo Rustichini, 2008. "Using Behavioral Economic Field Experiments at a Firm: The Context and Design of the Truckers and Turnover Project," NBER Chapters, in: The Analysis of Firms and Employees: Quantitative and Qualitative Approaches, pages 45-106 National Bureau of Economic Research, Inc.
  7. Rabin, Matthew & Weizsäcker, Georg, 2007. "Narrow Bracketing and Dominated Choices," IZA Discussion Papers 3040, Institute for the Study of Labor (IZA).
  8. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
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Cited by:
  1. Almlund, Mathilde & Duckworth, Angela Lee & Heckman, James J. & Kautz, Tim, 2011. "Personality Psychology and Economics," IZA Discussion Papers 5500, Institute for the Study of Labor (IZA).
  2. Burks, Stephen V. & Cowgill, Bo & Hoffman, Mitchell & Housman, Michael, 2013. "The Value of Hiring through Referrals," IZA Discussion Papers 7382, Institute for the Study of Labor (IZA).
  3. Lundberg, Shelly, 2014. "Skill Disparities and Unequal Family Outcomes," IZA Discussion Papers 8346, Institute for the Study of Labor (IZA).

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