The role of character strengths in economic decision-making
We aggregated data from 28 studies (total N=13,386) to assess the relationship between individual differences in character strengths, as described by the VIA model of character, and economically-relevant behaviors and cognition. Factor analyzing the character strength inventory responses revealed fo...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2018-07-01
|
| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S1930297500009256/type/journal_article |
| _version_ | 1797702557994319872 |
|---|---|
| author | Matthew R. Jordan David G. Rand |
| author_facet | Matthew R. Jordan David G. Rand |
| author_sort | Matthew R. Jordan |
| collection | DOAJ |
| description | We aggregated data from 28 studies (total N=13,386) to assess the relationship between individual differences in character strengths, as described by the VIA model of character, and economically-relevant behaviors and cognition. Factor analyzing the character strength inventory responses revealed four factors – Caring, Leadership, Inquisitiveness, and Self-control – each of which correlated with a variety of measures. Caring was associated with the willingness to pay costs to benefit others, as well as reliance on intuitive decision-making; Leadership was associated with inefficient, anti-social behaviors, risk taking, and trusting one’s intuitions while also liking to reason; Inquisitiveness was associated with efficient behaviors in both the social and risk domains, and reliance on deliberative decision-making; and Self-control was associated with delaying gratification, risk aversion, and a reliance on reason. These results help shed light on the relationship between character – and personality more generally – and economic behaviors. In doing so, we give some indication of which types of people will be most successful in which decision-making contexts. |
| first_indexed | 2024-03-12T04:52:48Z |
| format | Article |
| id | doaj.art-538e545bc9b9480cb87263f21a26aea0 |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T04:52:48Z |
| publishDate | 2018-07-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-538e545bc9b9480cb87263f21a26aea02023-09-03T09:20:20ZengCambridge University PressJudgment and Decision Making1930-29752018-07-011338239210.1017/S1930297500009256The role of character strengths in economic decision-makingMatthew R. Jordan0David G. Rand1Yale University Department of Psychology, 2 Hillhouse Ave, New Haven, CT, 06511Department of Psychology, Department of Economics, and School of Management, Yale UniversityWe aggregated data from 28 studies (total N=13,386) to assess the relationship between individual differences in character strengths, as described by the VIA model of character, and economically-relevant behaviors and cognition. Factor analyzing the character strength inventory responses revealed four factors – Caring, Leadership, Inquisitiveness, and Self-control – each of which correlated with a variety of measures. Caring was associated with the willingness to pay costs to benefit others, as well as reliance on intuitive decision-making; Leadership was associated with inefficient, anti-social behaviors, risk taking, and trusting one’s intuitions while also liking to reason; Inquisitiveness was associated with efficient behaviors in both the social and risk domains, and reliance on deliberative decision-making; and Self-control was associated with delaying gratification, risk aversion, and a reliance on reason. These results help shed light on the relationship between character – and personality more generally – and economic behaviors. In doing so, we give some indication of which types of people will be most successful in which decision-making contexts.https://www.cambridge.org/core/product/identifier/S1930297500009256/type/journal_articlecharacterVIAeconomic behavior |
| spellingShingle | Matthew R. Jordan David G. Rand The role of character strengths in economic decision-making Judgment and Decision Making character VIA economic behavior |
| title | The role of character strengths in economic decision-making |
| title_full | The role of character strengths in economic decision-making |
| title_fullStr | The role of character strengths in economic decision-making |
| title_full_unstemmed | The role of character strengths in economic decision-making |
| title_short | The role of character strengths in economic decision-making |
| title_sort | role of character strengths in economic decision making |
| topic | character VIA economic behavior |
| url | https://www.cambridge.org/core/product/identifier/S1930297500009256/type/journal_article |
| work_keys_str_mv | AT matthewrjordan theroleofcharacterstrengthsineconomicdecisionmaking AT davidgrand theroleofcharacterstrengthsineconomicdecisionmaking AT matthewrjordan roleofcharacterstrengthsineconomicdecisionmaking AT davidgrand roleofcharacterstrengthsineconomicdecisionmaking |