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Personality and Economic Choices

Author

Listed:
  • Christopher Boyce

    () (University of Stirling, Stirling Management School)

  • Mikołaj Czajkowski

    () (Faculty of Economic Sciences, University of Warsaw)

  • Nick Hanley

    () (University of St Andrews, School of Geography and Geosciences)

Abstract

In this paper, we undertake the first examination of the effects of personality on individual economic choices over public environmental goods, using a stated preference approach. Based on three data sets from three separate choice modelling studies, we examine the effects of personality on preferences for the status quo, for changes in environmental quality, and over the costs of investing in environmental improvement. Using a hybrid choice framework, we show that incorporating personality research into economic models can provide valuable behavioural insights, enriching explanations of why the demand for environmental goods varies across people.

Suggested Citation

  • Christopher Boyce & Mikołaj Czajkowski & Nick Hanley, 2017. "Personality and Economic Choices," Working Papers 2017-11, Faculty of Economic Sciences, University of Warsaw.
  • Handle: RePEc:war:wpaper:2017-11
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    File URL: https://www.wne.uw.edu.pl/index.php/download_file/3515/
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    References listed on IDEAS

    as
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    Cited by:

    1. Andreas Ziegler, 2020. "New Ecological Paradigm meets behavioral economics: On the relationship between environmental values and economic preferences," MAGKS Papers on Economics 202020, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Michela Faccioli & Mikołaj Czajkowski & Klaus Glenk & Julia Martin-Ortega, 2018. "Environmental attitudes and place identity as simultaneous determinants of preferences for environmental goods," Working Papers 2018-08, Faculty of Economic Sciences, University of Warsaw.
    3. Zawojska, Ewa & Bartczak, Anna & Czajkowski, Mikołaj, 2019. "Disentangling the effects of policy and payment consequentiality and risk attitudes on stated preferences," Journal of Environmental Economics and Management, Elsevier, vol. 93(C), pages 63-84.

    More about this item

    Keywords

    personality; preference heterogeneity; hybrid choice models; stated preferences; choice models;

    JEL classification:

    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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