Personality and economic choices

Boyce, C., Czajkowski, M. and Hanley, N. (2019) Personality and economic choices. Journal of Environmental Economics and Management, 94, pp. 82-100. (doi:10.1016/j.jeem.2018.12.004)

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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.

Item Type:Articles
Additional Information:The data used in this study was collected within the project “Good environmental status through regional coordination and capacity building” (GES-REG) funded by the Central Baltic INTERREG IV A Programme 2007–2013 and the Environmental Investment Center of Estonia. MC gratefully acknowledges the support of the National Science Centre of Poland (project 2015/19/D/HS4/01972).
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Hanley, Professor Nicholas
Authors: Boyce, C., Czajkowski, M., and Hanley, N.
College/School:College of Medical Veterinary and Life Sciences > Institute of Biodiversity Animal Health and Comparative Medicine
Journal Name:Journal of Environmental Economics and Management
Publisher:Elsevier
ISSN:0095-0696
ISSN (Online):1096-0449
Published Online:24 December 2018
Copyright Holders:Copyright © 2018 Elsevier Inc.
First Published:First published in Journal of Environmental Economics and Management 94: 82-100
Publisher Policy:Reproduced in accordance with the publisher copyright policy

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