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Collectors: Personality between consumption and investment

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  • Kleine, Jens
  • Peschke, Thomas
  • Wagner, Niklas

Abstract

Collecting is an inherent economic behavior that is neither purely characterized as consumption nor investment. We analyze demographics and Big Five global personality traits of individuals who consider themselves as collectors. We split collector motivation into three categories, namely consumption, investing and pure collecting, and define corresponding utility functions. Based on a survey with 4042 participants, thereof 1601 owners of collectibles, we find that collectors tend to have larger financial resources as well as higher levels of education. Generally, high Openness paired with low Neuroticism significantly relates to the likelihood of possessing collectibles. Consumption-orientated collector personality is similar to that of non-collectors, except for higher Openness. Investor collectors show low Agreeableness and Conscientiousness, which relates to a competitive and spontaneous personality. Pure collectors in contrast exhibit high Conscientiousness and thereby a goal-driven and systematic personality. Overall, our results underpin that personality shapes utility and economic behavior.

Suggested Citation

  • Kleine, Jens & Peschke, Thomas & Wagner, Niklas, 2021. "Collectors: Personality between consumption and investment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    • Handle: RePEc:eee:beexfi:v:32:y:2021:i:c:s2214635021001106
    DOI: 10.1016/j.jbef.2021.100566
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    More about this item

    Keywords

    Big Five model; Collecting; Collectibles; Collectors’ utility; Non-standard utility functions; Personality;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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