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Can personality type explain heterogeneity in probability distortions?


Capra, C Monica; Jiang, Bing; Engelmann, Jan B; Berns, Gregory S (2013). Can personality type explain heterogeneity in probability distortions? Journal of Neuroscience, Psychology and Economics, 6(3):151-166.

Abstract

There are two regularities we have learned from experimental studies of choice under risk. The
first is that the majority of people weigh objective probabilities nonlinearly. The second regularity,
although less commonly acknowledged, is that there is a large amount of heterogeneity in how
people distort probabilities. Despite this, little effort has been made to identify the source of
heterogeneity. We explore the possibility that personality type is linked to probability distortions.
Using validated psychological questionnaires, we clustered participants into distinct personality types: motivated, impulsive, and affective. We found that the motivated participants viewed gambling as more attractive, whereas the impulsive participants were the most capable of discriminating non-­‐‑extreme probabilities. Our results suggest that the observed heterogeneity in probability distortions may be explained by personality profiles, which can be elicited though standard psychological questionnaires.

Abstract

There are two regularities we have learned from experimental studies of choice under risk. The
first is that the majority of people weigh objective probabilities nonlinearly. The second regularity,
although less commonly acknowledged, is that there is a large amount of heterogeneity in how
people distort probabilities. Despite this, little effort has been made to identify the source of
heterogeneity. We explore the possibility that personality type is linked to probability distortions.
Using validated psychological questionnaires, we clustered participants into distinct personality types: motivated, impulsive, and affective. We found that the motivated participants viewed gambling as more attractive, whereas the impulsive participants were the most capable of discriminating non-­‐‑extreme probabilities. Our results suggest that the observed heterogeneity in probability distortions may be explained by personality profiles, which can be elicited though standard psychological questionnaires.

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3 citations in Web of Science®
4 citations in Scopus®
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Additional indexing

Item Type:Journal Article, not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2013
Deposited On:01 Nov 2013 14:24
Last Modified:05 Apr 2016 17:06
Publisher:American Psychological Association
ISSN:1937-321X
Additional Information:This article may not exactly replicate the final version published in the APA journal. It is not the copy of record.
Publisher DOI:https://doi.org/10.1037/a0033708

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