Personality, Well-being and Heterogeneous Valuations of Income and Work

Stefanie Schurer and Jongsay Yong
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Stefanie Schurer: Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

Melbourne Institute Working Paper Series from Melbourne Institute of Applied Economic and Social Research, The University of Melbourne

Abstract: Using Australian longitudinal data and a random coefficient approach, this paper investigates whether personality traits explain the heterogeneity in these valuations. We find that differences in subjective well-being are driven by Emotional Stability. Women's valuations of income depend on their score of Openness to Experience and men significantly differ in their valuations of work across the spectrum of Emotional Stability and Conscientiousness. Our study directly tests predictions of Self-Determination Theory and contributes to the debate on the assumption of homogeneous agents in economic theory.

Keywords: random coefficient model; personality traits; heterogeneity; subjective wellbeing; income and work; preferences (search for similar items in EconPapers)
JEL-codes: C23 D00 I31 (search for similar items in EconPapers)
Pages: 61 pages
Date: 2010-07
New Economics Papers: this item is included in nep-hap and nep-neu
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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