Accounting for Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits

Thomas Dohmen and Tomáš Jagelka

Journal of Political Economy Microeconomics, 2024, vol. 2, issue 3, 399 - 462

Abstract: We measure both revealed and self-reported reliability of individuals’ answers on self-reports of latent characteristics. We propose a straightforward survey question that allows one to distinguish individuals who give highly reliable answers from those who do not. Our novel indicator can be used to cost-effectively reduce attenuation bias in estimates of cognitive and noncognitive determinants of key life outcomes. Without requiring panel data or repeated measurements, the achieved correction is similar to the most effective reduced-form theory-based approaches in the existing literature. Finally, we clarify the role of effort and self-knowledge in generating measurement error and propose a simple model that rationalizes our findings.

Date: 2024
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Related works:
Working Paper: Accounting for Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits (2023)
Working Paper: Accounting for Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits (2023)
Working Paper: Accounting For Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits (2023)
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