Personality and economic choices |
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| Institution: | 1. University of Stirling, Stirling Management School, Economics Division, UK;2. University of Warsaw, Faculty of Economic Sciences, Dluga 44/50, 00-241 Warsaw, Poland;3. University of Glasgow, Institute of Biodiversity, Animal Health and Comparative Medicine, Scotland, UK;1. Department of Agricultural and Resource Economics, University of Maryland, 2200 Symons Hall, College Park, MD 20742, USA;2. NOAA Fisheries, Northeast Fisheries Science Center, 166 Water Street, MB 19, Woods Hole, MA 02543, USA;1. The World Bank, United States;2. Georgetown University, United States;1. Department of Economics, University of Hagen, Universitätsstr. 41, 58097 Hagen, Germany;2. Department of Economics, University of Siegen, Unteres Schloss 3, 57072 Siegen, Germany;1. Norwegian School of Economics (NHH), Department of Economics, Helleveien 30, 5045, Bergen, Norway;2. Natural Resources Institute Finland (Luke), Latokartanonkaari 9, 00790, Helsinki, Finland |
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| Abstract: | There is substantial variation in individual preferences for public goods, yet much of that variation remains poorly understood. However, simple measures of personality can help to explain economic values and choices in a systematic way. In this paper, we examine the effects of personality on individual economic choices over public environmental goods. Based on three datasets from three separate stated preference studies, we use a hybrid choice econometric framework to examine the effects of personality on preferences for the status quo, changes in environmental quality, and costs of investing in environmental improvements. We find effects that are consistent across all datasets. Personality, a stable feature of an individual's character that is simple to measure, enriches explanations of why the demand for environmental goods varies across people, provides an indication of how different people are likely to react to the introduction of environmental policies, and explains substantial differences in Willingness to Pay. |
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| Keywords: | Personality Preference heterogeneity Hybrid choice models Stated preferences Choice models C35 D03 D12 D61 Q25 Q51 |
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