Confidence and economic attitudes

Christo Pirinsky

Journal of Economic Behavior & Organization, 2013, vol. 91, issue C, 139-158

Abstract: I utilize data from the World Values Survey to construct individual confidence measures for a large cross-section of individuals from 12 countries and study how confidence relates to basic economic attitudes. I find that more confident individuals (i) are more risk-taking and entrepreneurial; (ii) exhibit positive attitude toward competition; (iii) participate in more networks; and (iv) are more actively involved in cooperative interactions. The economic impact of confidence varies significantly across cultures. I also show that confidence increases with income and education and deceases with age; men are more confident than women; and confident people exhibit higher level of happiness. The results provide insights into the nature of competitive behavior, the origin of cooperation, and the evolution of confidence.

Keywords: Confidence; Risk attitude; Entrepreneurship; Competition; Networks; Cooperation (search for similar items in EconPapers)
JEL-codes: D03 G02 L26 M10 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:91:y:2013:i:c:p:139-158

DOI: 10.1016/j.jebo.2013.04.013

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