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

Aldo Rustichini, Colin G. DeYoung (), Jon E. Anderson () and Stephen Burks
Additional contact information
Colin G. DeYoung: University of Minnesota
Jon E. Anderson: University of Minnesota, Morris

No 6750, IZA Discussion Papers from Institute of Labor Economics (IZA)

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.

Keywords: heavy truck accident; job performance; prisoners' dilemma; obesity; smoking; credit score; strategic behavior; decision theory; personality theory; truckload; turnover; trucker (search for similar items in EconPapers)
JEL-codes: C72 C93 D83 (search for similar items in EconPapers)
Pages: 59 pages
Date: 2012-07
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-hea, nep-neu and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (63)

Published - revised version published as 'Toward the Integration of Personality Theory and Decision Theory in the Explanation of Economic Behavior' in: Journal of Behavioral and Experimental Economics, 2016, 64, 122-137

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