Personality Psychology and Economics

This paper explores the power of personality traits both as predictors and as causes of academic and economic success, health, and criminal activity. Measured personality is interpreted as a construct derived from an economic model of preferences, constraints, and information. Evidence is reviewed about the "situational specificity" of personality traits and preferences. An extreme version of the situationist view claims that there are no stable personality traits or preference parameters that persons carry across different situations. Those who hold this view claim that personality psychology has little relevance for economics. The biological and evolutionary origins of personality traits are explored. Personality measurement systems and relationships among the measures used by psychologists are examined. The predictive power of personality measures is compared with the predictive power of measures of cognition captured by IQ and achievement tests. For many outcomes, personality measures are just as predictive as cognitive measures, even after controlling for family background and cognition. Moreover, standard measures of cognition are heavily influenced by personality traits and incentives. Measured personality traits are positively correlated over the life cycle. However, they are not fixed and can be altered by experience and investment. Intervention studies, along with studies in biology and neuroscience, establish a causal basis for the observed effect of personality traits on economic and social outcomes. Personality traits are more malleable over the life cycle compared to cognition, which becomes highly rank stable around age 10. Interventions that change personality are promising avenues for addressing poverty and disadvantage.personality, behavioral economics, cognitive traits, wages, economic success, human development, person-situation debate

Factors Affecting Spectators\u27 Decision in in Attending Minor League Baseball Home Games

There are many reasons as to why fans attend home game events. This study examined what motivates individuals to attend Lake County Captains Baseball events. Managers have some influence over many of the factors that affect attendance at the minor league baseball (MiLB) games such as budgeting, concessions, cleanliness or attractiveness of the stadium, and promotional activities. However, there are some factors that managers cannot control (e.g., weather and city population). Two hundred Lake County Captains fans participated in this study. Participants completed a two-sided survey questionnaire that has six different dimensions (29 items): Residual Preferences (6 items), Economics (5 items), Social Aspects (4 items), Enjoyment (5 items), Team Identification (4 items) and Team Affiliation (5 items). The survey questions are based on a 5-point Likert Scale, measuring factors that affect attendance from “strongly disagree,” “neutral,” to “strongly agree.” The survey is also designed using ordinal and nominal scales for the demographic information of the participants in the survey. An exploratory factor analysis was used to examine the factor structure and items of the survey. Descriptive statistics were used to analyze all the demographic factors and items on the survey. Factorial MANOVAs were used to examine the mean vector scores of perfectionisms between the demographics and the seven factors. Significant age differences were found in Residual Preference-Environment and Team-Affiliation based on attendance, whereas significant annual household income differences were found in Economics and Enjoyment based on attendance. Likewise, significant education levels differences were found in Team-Affiliation. The spectators agreed that all factors played a huge role in motivating them to attend the Lake County Captains Minor League Baseball. Age, household income, and education levels had the most significant effects on attendance. When arranging a plan to increase attendance, it is essential to focus on the 25-36 age group, individuals who earned $40,000-$59,000 a year, and participants who obtained bachelor’s and master’s degrees, the largest groups in attendance at the game. It appears that the primary motivating factors for the adolescents would be socialization and enjoymen

Eye quietness and quiet eye in expert and novice golf performance: an electrooculographic analysis

Quiet eye (QE) is the final ocular fixation on the target of an action (e.g., the ball in golf putting). Camerabased eye-tracking studies have consistently found longer QE durations in experts than novices; however, mechanisms underlying QE are not known. To offer a new perspective we examined the feasibility of measuring the QE using electrooculography (EOG) and developed an index to assess ocular activity across time: eye quietness (EQ). Ten expert and ten novice golfers putted 60 balls to a 2.4 m distant hole. Horizontal EOG (2ms resolution) was recorded from two electrodes placed on the outer sides of the eyes. QE duration was measured using a EOG voltage threshold and comprised the sum of the pre-movement and post-movement initiation components. EQ was computed as the standard deviation of the EOG in 0.5 s bins from –4 to +2 s, relative to backswing initiation: lower values indicate less movement of the eyes, hence greater quietness. Finally, we measured club-ball address and swing durations. T-tests showed that total QE did not differ between groups (p = .31); however, experts had marginally shorter pre-movement QE (p = .08) and longer post-movement QE (p < .001) than novices. A group × time ANOVA revealed that experts had less EQ before backswing initiation and greater EQ after backswing initiation (p = .002). QE durations were inversely correlated with EQ from –1.5 to 1 s (rs = –.48 - –.90, ps = .03 - .001). Experts had longer swing durations than novices (p = .01) and, importantly, swing durations correlated positively with post-movement QE (r = .52, p = .02) and negatively with EQ from 0.5 to 1s (r = –.63, p = .003). This study demonstrates the feasibility of measuring ocular activity using EOG and validates EQ as an index of ocular activity. Its findings challenge the dominant perspective on QE and provide new evidence that expert-novice differences in ocular activity may reflect differences in the kinematics of how experts and novices execute skills

Managing Diversity in a Glocalizing World

Our daily lives are governed by products and images originating from all over the world, through the process of globalization. At the same time, however, globalization creates favourable conditions for all forms of particularization, localization and even fragmentation. While individuals and groups acquire mul-tiple identities, the resulting plurality gives rise to conflicts, controversies and variations, but also to attempts to live peacefully together, to co-ordinate activities, and to balance interests. The paper thus suggests (1) a plea for compatibility – instead of commonality - with regard to cultural values and (2) a strong emphasis on the interaction model in decision making, i.e. a model which does not advocate uniformity, but the compatibility of views, and in particular, practices. It concerns the coordination and combination of the proper interests of the various actors who have to depend on one another for the satisfaction of their demands or the realization of their objectives.Managing diversity, globalization, localization, glocalization, compatibility, interaction model

ILR Research in Progress 2003-04

The production of scholarly research continues to be one of the primary missions of the ILR School. During a typical academic year, ILR faculty members published or had accepted for publication over 25 books, edited volumes, and monographs, 170 articles and chapters in edited volumes, numerous book reviews. In addition, a large number of manuscripts were submitted for publication, presented at professional association meetings, or circulated in working paper form. Our faculty's research continues to find its way into the very best industrial relations, social science and statistics journals.Research_in_Progress_2003_04.pdf: 19 downloads, before Oct. 1, 2020

Neuroeconomics: How Neuroscience Can Inform Economics

Neuroeconomics uses knowledge about brain mechanisms to inform economic analysis, and roots economics in biology. It opens up the "black box" of the brain, much as organizational economics adds detail to the theory of the firm. Neuroscientists use many tools— including brain imaging, behavior of patients with localized brain lesions, animal behavior, and recording single neuron activity. The key insight for economics is that the brain is composed of multiple systems which interact. Controlled systems ("executive function") interrupt automatic ones. Emotions and cognition both guide decisions. Just as prices and allocations emerge from the interaction of two processes—supply and demand— individual decisions can be modeled as the result of two (or more) processes interacting. Indeed, "dual-process" models of this sort are better rooted in neuroscientific fact, and more empirically accurate, than single-process models (such as utility-maximization). We discuss how brain evidence complicates standard assumptions about basic preference, to include homeostasis and other kinds of state-dependence. We also discuss applications to intertemporal choice, risk and decision making, and game theory. Intertemporal choice appears to be domain-specific and heavily influenced by emotion. The simplified ß-d of quasi-hyperbolic discounting is supported by activation in distinct regions of limbic and cortical systems. In risky decision, imaging data tentatively support the idea that gains and losses are coded separately, and that ambiguity is distinct from risk, because it activates fear and discomfort regions. (Ironically, lesion patients who do not receive fear signals in prefrontal cortex are "rationally" neutral toward ambiguity.) Game theory studies show the effect of brain regions implicated in "theory of mind", correlates of strategic skill, and effects of hormones and other biological variables. Finally, economics can contribute to neuroscience because simple rational-choice models are useful for understanding highly-evolved behavior like motor actions that earn rewards, and Bayesian integration of sensorimotor information

Linking Research and Policy: Assessing a Framework for Organic Agricultural Support in Ireland

This paper links social science research and agricultural policy through an analysis of support for organic agriculture and food. Globally, sales of organic food have experienced 20% annual increases for the past two decades, and represent the fastest growing segment of the grocery market. Although consumer interest has increased, farmers are not keeping up with demand. This is partly due to a lack of political support provided to farmers in their transition from conventional to organic production. Support policies vary by country and in some nations, such as the US, vary by state/province. There have been few attempts to document the types of support currently in place. This research draws on an existing Framework tool to investigate regionally specific and relevant policy support available to organic farmers in Ireland. This exploratory study develops a case study of Ireland within the framework of ten key categories of organic agricultural support: leadership, policy, research, technical support, financial support, marketing and promotion, education and information, consumer issues, inter-agency activities, and future developments. Data from the Irish Department of Agriculture, Fisheries and Food, the Irish Agriculture and Food Development Authority (Teagasc), and other governmental and semi-governmental agencies provide the basis for an assessment of support in each category. Assessments are based on the number of activities, availability of information to farmers, and attention from governmental personnel for each of the ten categories. This policy framework is a valuable tool for farmers, researchers, state agencies, and citizen groups seeking to document existing types of organic agricultural support and discover policy areas which deserve more attention