Noncognitive skills in economics: Models, measurement, and empirical evidence

Hendrik Thiel and Stephan Thomsen

ZEW Discussion Papers from ZEW - Leibniz Centre for European Economic Research

Abstract: There is an increasing economic literature considering personality traits as a source of individual differences in labor market productivity and other outcomes. This paper provides an overview on the role of these skills regarding three main aspects: measurement, development over the life course, and outcomes. Based on the relevant literature from different disciplines, the common psychometric measures used to assess personality are discussed and critical assumptions for their application are highlighted. We sketch current research that aims at incorporating personality traits into economic models of decision making. A recently proposed production function of human capital which takes personality into account is reviewed in light of the findings about life cycle dynamics in other disciplines. Based on these foundations, the main results of the empirical literature regarding noncognitive skills are briefly summarized. Moreover, we discuss common econometric pitfalls that evolve in empirical analysis of personality traits and possible solutions.

Keywords: noncognitive skills; personality; human capital formation; psychometric measures (search for similar items in EconPapers)
JEL-codes: I20 I28 J12 J24 J31 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-cbe and nep-neu
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Noncognitive skills in economics: Models, measurement, and empirical evidence (2013)
Working Paper: Noncognitive Skills in Economics: Models, Measurement, and Empirical Evidence (2009)
Working Paper: Noncognitive skills in economics: Models, measurement, and empirical evidence (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewdip:09076r

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