Advisor Choice: Influences of Personality Traits, General Attitudes and Suggested Biases

Katarina Kostelić

Eurasian Journal of Business and Management, 2019, vol. 7, issue 1, 31-43

Abstract: While decision-making process and influences are extensively researched, linking those insights to real-life choices opens various research questions that have yet to be answered. The purpose of this paper is to examine the correlation of personality traits to advisory first-choice in two context situations: solving a financial and a legal issue. The goal is to identify individual’s choices, as well as personality traits that correlate to specific advisory choice and offer theoretical and practical insights, as well as to implicitly examine the base for further research regarding the connection of personality traits and general attitudes to biases. Personality traits, value scales and advisory choice preferences were collected online and analyzed using logistic binomial regression models to determine statistically significant variables and possibility of choice prediction. Respondents’ answers are also observed regarding biases occurrence, where overconfidence, anchoring, familiarity and trust biases are discussed. Although advisor first–choice models offer a correlation of the personality traits and general attitudes with moderate and high prediction, which enables specific and practical implications; they also indicate a theoretical contribution: it is not possible to outline generalization of influencing variables on similar observed choices. This can mean that two seemingly similar questions represent completely different decision-making contexts for individuals. Theoretical and practical implications are discussed.

Keywords: Advisory Choice; Personality Traits; General Attitudes; Biases (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ejn:ejbmjr:v:7:y:2019:i:1:p:31-43

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