Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/31363
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Personality and economic choices
Author(s): Boyce, Christopher
Czajkowski, Mikołaj
Hanley, Nick
Keywords: Personality
Preference heterogeneity
Hybrid choice models
Stated preferences
Choice models
Issue Date: Mar-2019
Citation: Boyce C, Czajkowski M & Hanley N (2019) Personality and economic choices. Journal of Environmental Economics and Management, 94, pp. 82-100. https://doi.org/10.1016/j.jeem.2018.12.004
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.
DOI Link: 10.1016/j.jeem.2018.12.004
Rights: Accepted refereed manuscript of: Boyce C, Czajkowski M & Hanley N (2019) Personality and economic choices. Journal of Environmental Economics and Management, 94, pp. 82-100. https://doi.org/10.1016/j.jeem.2018.12.004 © 2018, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Licence URL(s): http://creativecommons.org/licenses/by-nc-nd/4.0/

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