Abstract
An attempt to add a psychological background into an analysis of human behaviour is made in the chapter. Behaviours are viewed in the context of human propensities. Problems connected with dependencies between personality types and chosen propensities are discussed. The main focus is put on differences in propensities with respect to personality orientations. To identify personality types, Rotter’s locus of control concept as well as Fromm’s personality theory is applied. Some methodological issues related to propensities are presented. In an empirical example the differences in propensity to risk, consume, invest and save with respect to personality features are analysed. The results obtained in the research are compared with the observations of Barber and Odean.
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Appendix
Appendix
Age: ….
Sex: …..
A. Next to each question choose an appropriate number expressing your opinion (1—I don’t agree, 2—hard to say, 3—I agree)
Only with luck you can be an efficient leader | 1–2–3 |
When I have plans I’m sure that I can realize them | 1–2–3 |
People with high incomes usually have more luck | 1–2–3 |
I believe that fortune and luck could matter | 1–2–3 |
Unfortunate events often arise from the fact that people have bad luck | 1–2–3 |
Achieving success is a matter of hard work, not luck | 1–2–3 |
Mainly genes determine an individual’s personality | 1–2–3 |
Work is what you make of it | 1–2–3 |
Making money is mostly a matter of luck | 1–2–3 |
I do not believe in fate, what matters are the decisions I make | 1–2–3 |
B. Next to each trait assign an appropriate number of points describing your attitude (1—doesn’t apply, 2—moderate, 3—to a large extent)
No. | Trait | Points | Trait | Points | Trait | Points | Trait | Points |
|---|---|---|---|---|---|---|---|---|
1 | Accepting | Active | Practical | Purposeful | ||||
2 | Passive | Exploitative | Unimaginative | Searching for opportunities | ||||
3 | Sensitive | Capable of initiative | Economical | Fond of change | ||||
4 | Often without opinion | Aggressive | Rather stingy | Little consistent | ||||
5 | Sacrificing | Able to make demands | Careful | Youthful | ||||
6 | Like to execute commands | Egocentric | Suspicious | Infantile | ||||
7 | Modest | Proud | With reserve | Planning | ||||
8 | Does not pay much attention to pride | Rather conceited | Not emotional | Don’t care about the past and the future | ||||
9 | Winsome | Impulsive | Patient | With an open mind | ||||
10 | Relying on others | Short-tempered | Lethargic | Attaching no attention to the rules |
C1. You participate in a lottery in which two results may appear: K or L (Tab. C1). For example, if you choose strategy A you might win 2000 PLN, if you choose strategy B you might win 1800 or 2800 PLN, if you choose strategy C you might win 1600 or 3200 PLN, and so on.
Which option you choose, if you do not know whether K or L will appear (check the appropriate box in Table C1)?
Table C1. Lottery results depending on the selected option (payment in PLN)
K | L | |
|---|---|---|
A | 2000 | 2000 |
B | 1800 | 2800 |
C | 1600 | 3200 |
D | 1200 | 3400 |
E | 400 | 3600 |
C2. You can get for sure 950 PLN or take part in a lottery where you can win 1000 PLN with a probability of 90 % and 500 PLN with a probability of 10 %. Would you take part in the lottery?
-
(a)
Yes.
-
(b)
No.
-
(c)
I don’t care.
C3. You have an additional 1000 PLN which you can spend as you wish. For consumption you will spend:
-
(a)
Not more than 200–300 PLN,
-
(b)
Not more than 500 PLN,
-
(c)
At most 700–800 PLN,
-
(d)
The whole amount.
C4. Suppose that after meeting your typical needs you have an additional 1000 PLN, which you can spend on savings (bank deposit) and/or investments (purchase of shares). A bank deposit gives a certain profit in the amount of 3 % per year. The acquisition of shares may provide a greater profit, but there is also a risk of losing at least part of the capital. Which of the following options best suits your preferences?
Savings (bank deposit) | Investments (purchase of shares) | |
|---|---|---|
A | 0 | 1000 |
B | 200 | 800 |
C | 400 | 600 |
D | 600 | 400 |
E | 800 | 200 |
F | 1000 | 0 |
C5. If you have an additional 500 PLN usually you save:
-
(a)
Nothing,
-
(b)
Not more than 100–150 zł,
-
(c)
Not more than 250 zł,
-
(d)
Not more than 350–400 zł,
-
(e)
The whole amount.
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Doszyń, M., Majewski, S. (2016). Is There Enough Psychology in Behavioural Economics? Personality Types and Human Propensities. In: Nermend, K., Łatuszyńska, M. (eds) Selected Issues in Experimental Economics. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-28419-4_17
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