Psychological traits and wages in the Czech Republic

Pavlína Vydrželová, Jiri Balcar and Lenka Johnson Filipová

Prague Economic Papers, 2024, vol. 2024, issue 1, 79-102

Abstract: Psychological traits have received significant attention in labour market research in recent decades. Unfortunately, empirical evidence remains limited for some psychological traits and their interactions. To address this gap, we conduct a representative survey of employees, assessing competitiveness, persistence, and risk tolerance using single-item scales. This comprehensive study sheds light on the connection between these traits and wages. Our results confirm that individuals possessing these traits tend to earn higher wages, even when we account for indirect factors, such as higher educational attainment and better job positions. It also suggests that competitiveness and risk tolerance are particularly valuable for individuals with middle and high incomes, while persistence is valuable for those with low and middle incomes. These findings support the systematic development of competitiveness, persistence, and risk tolerance through education and sporting activities.

Keywords: competitiveness; persistence; risk tolerance; wage; psychological traits (search for similar items in EconPapers)
JEL-codes: C21 C26 J24 J71 K31 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.18267/j.pep.853

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