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Personality and Economic Choices

Christopher Boyce (), Mikolaj Czajkowski () and Nick Hanley ()
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Christopher Boyce: University of Stirling, Stirling Management School, Economics Divisio

Discussion Papers in Environment and Development Economics from University of St. Andrews, School of Geography and Sustainable Development

Abstract: In this paper, we undertake the first examination of the effects of personality on individual economic choices over public environmental goods, using a stated preference approach. Based on three data sets from three separate choice modelling studies, we examine the effects of personality on preferences for the status quo, for changes in environmental quality, and over the costs of investing in environmental improvement. Using a hybrid choice framework, we show that incorporating personality research into economic models can provide valuable behavioural insights, enriching explanations of why the demand for environmental goods varies across people.

Keywords: personality; preference heterogeneity; hybrid choice models; stated preferences; choice models (search for similar items in EconPapers)
JEL-codes: C35 D03 D12 D61 Q25 Q51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-cbe and nep-env
Date: 2017-03
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https://www.st-andrews.ac.uk/media/dept-of-geograp ... 0Boyce%20et%20al.pdf

Related works:
Journal Article: Personality and economic choices (2019) Downloads
Working Paper: Personality and Economic Choices (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:sss:wpaper:2017-08

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