IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v120y2020icp638-643.html
   My bibliography  Save this article

Are identical twins more similar in their decision making styles than their fraternal counterparts?

Author

Listed:
  • Saad, Gad
  • Sejean, Richard
  • Greengross, Gil
  • Cherkas, Lynn

Abstract

Using a twin study paradigm, the genetic basis of decision making styles was explored using psychometric scales as well as actual choices. Study 1 compared monozygotic (MZ) and dizygotic (DZ) twins along the General Decision Making Scale (GDMS) and the Maximizing-Satisficing Inventory (MAX). MZ twins exhibited greater similarity than their DZ counterparts in terms of their overall GDMS scores, three of the GDMS subscales, and the MAX inventory. Study 2 measured key information processing metrics of actual choices that individuals made via a computerized informational display board. MZ twins are more similar to one another than DZ twins when it comes to the extent of information search prior to making a choice. There were no differences between the two groups of twins in terms of the selectivity and pattern of searches. The results of the two studies suggest that individuals' decision making styles are in part shaped by their genes.

Suggested Citation

  • Saad, Gad & Sejean, Richard & Greengross, Gil & Cherkas, Lynn, 2020. "Are identical twins more similar in their decision making styles than their fraternal counterparts?," Journal of Business Research, Elsevier, vol. 120(C), pages 638-643.
    • Handle: RePEc:eee:jbrese:v:120:y:2020:i:c:p:638-643
    DOI: 10.1016/j.jbusres.2019.03.049
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296319302322
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2019.03.049?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Fowler, James H. & Baker, Laura A. & Dawes, Christopher T., 2008. "Genetic Variation in Political Participation," American Political Science Review, Cambridge University Press, vol. 102(2), pages 233-248, May.
    2. Saad, Gad & Vongas, John G., 2009. "The effect of conspicuous consumption on men's testosterone levels," Organizational Behavior and Human Decision Processes, Elsevier, vol. 110(2), pages 80-92, November.
    3. Jonathan Levav & Nicholas Reinholtz & Claire Lin, 2012. "The Effect of Ordering Decisions by Choice-Set Size on Consumer Search," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 39(3), pages 585-599.
    4. Saad, Gad & Russo, J. Edward, 1996. "Stopping Criteria in Sequential Choice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 67(3), pages 258-270, September.
    5. Cronqvist, Henrik & Siegel, Stephan, 2014. "The genetics of investment biases," Journal of Financial Economics, Elsevier, vol. 113(2), pages 215-234.
    6. Ali Besharat & Daniel Ladik & François Carrillat, 2014. "Are maximizers blind to the future? When today’s best does not make for a better tomorrow," Marketing Letters, Springer, vol. 25(1), pages 77-91, March.
    7. Itamar Simonson & Aner Sela, 2011. "On the Heritability of Consumer Decision Making: An Exploratory Approach for Studying Genetic Effects on Judgment and Choice," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 37(6), pages 951-966.
    8. David Cesarini & Magnus Johannesson & Paul Lichtenstein & Örjan Sandewall & Björn Wallace, 2010. "Genetic Variation in Financial Decision‐Making," Journal of Finance, American Finance Association, vol. 65(5), pages 1725-1754, October.
    9. Wästlund, Erik & Otterbring, Tobias & Gustafsson, Anders & Shams, Poja, 2015. "Heuristics and resource depletion: eye-tracking customers’ in situ gaze behavior in the field," Journal of Business Research, Elsevier, vol. 68(1), pages 95-101.
    10. David Cesarini & Magnus Johannesson & Patrik K. E. Magnusson & Björn Wallace, 2012. "The Behavioral Genetics of Behavioral Anomalies," Management Science, INFORMS, vol. 58(1), pages 21-34, January.
    11. repec:cup:judgdm:v:3:y:2008:i::p:371-388 is not listed on IDEAS
    12. Nicos Nicolaou & Scott Shane & Lynn Cherkas & Janice Hunkin & Tim D. Spector, 2008. "Is the Tendency to Engage in Entrepreneurship Genetic?," Management Science, INFORMS, vol. 54(1), pages 167-179, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Konuk, Faruk Anıl & Otterbring, Tobias, 2024. "The dark side of going green: Dark triad traits predict organic consumption through virtue signaling, status signaling, and praise from others," Journal of Retailing and Consumer Services, Elsevier, vol. 76(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nicos Nicolaou & Scott Shane, 2019. "Common genetic effects on risk-taking preferences and choices," Journal of Risk and Uncertainty, Springer, vol. 59(3), pages 261-279, December.
    2. Xu, Yilan & Briley, Daniel A. & Brown, Jeffrey R. & Roberts, Brent W., 2017. "Genetic and environmental influences on household financial distress," Journal of Economic Behavior & Organization, Elsevier, vol. 142(C), pages 404-424.
    3. Hyytinen, Ari & Ilmakunnas, Pekka & Johansson, Edvard & Toivanen, Otto, 2013. "Heritability of Lifetime Income," MPRA Paper 46326, University Library of Munich, Germany.
    4. Ari Hyytinen & Pekka Ilmakunnas & Edvard Johansson & Otto Toivanen, 2019. "Heritability of lifetime earnings," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 17(3), pages 319-335, September.
    5. Cardella, Eric & Kalcheva, Ivalina & Shang, Danjue, 2018. "Financial markets and genetic variation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 64-89.
    6. Henrik Cronqvist & Florian Münkel & Stephan Siegel, 2014. "Genetics, Homeownership, and Home Location Choice," The Journal of Real Estate Finance and Economics, Springer, vol. 48(1), pages 79-111, January.
    7. Turna Cebeci, Gizem, 2024. "Intergenerational transmission of financial biases," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 111(C).
    8. Dreber, Anna & Rand, David G. & Wernerfelt, Nils & Garcia, Justin R. & Lum, J. Koji & Zeckhauser, Richard, 2011. "The Dopamine Receptor D4 Gene (DRD4) and Self-Reported Risk Taking in the Economic Domain," Working Paper Series rwp11-042, Harvard University, John F. Kennedy School of Government.
    9. David Cesarini & Magnus Johannesson & Patrik K. E. Magnusson & Björn Wallace, 2012. "The Behavioral Genetics of Behavioral Anomalies," Management Science, INFORMS, vol. 58(1), pages 21-34, January.
    10. Peijnenburg, Kim & Parise, Gianpaolo, 2017. "Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities," CEPR Discussion Papers 11900, C.E.P.R. Discussion Papers.
    11. Gutiérrez-Nieto, Begoña & Ortiz, Cristina & Vicente, Luis, 2023. "A bibliometric analysis of the disposition effect: Origins and future research avenues," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    12. Kettlewell, Nathan & Tymula, Agnieszka & Yoo, Hong Il, 2023. "The Heritability of Economic Preferences," IZA Discussion Papers 16633, Institute of Labor Economics (IZA).
    13. Su H. Shin & Dean R. Lillard & Jay Bhattacharya, 2019. "Understanding the Correlation between Alzheimer’s Disease Polygenic Risk, Wealth, and the Composition of Wealth Holdings," NBER Working Papers 25526, National Bureau of Economic Research, Inc.
    14. DeVault, Luke & Sias, Richard, 2017. "Hedge fund politics and portfolios," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 80-97.
    15. Marco Pleßner, 2017. "The disposition effect: a survey," Management Review Quarterly, Springer, vol. 67(1), pages 1-30, February.
    16. Cronqvist, Henrik & Siegel, Stephan, 2014. "The genetics of investment biases," Journal of Financial Economics, Elsevier, vol. 113(2), pages 215-234.
    17. Meißner, Martin & Oppewal, Harmen & Huber, Joel, 2020. "Surprising adaptivity to set size changes in multi-attribute repeated choice tasks," Journal of Business Research, Elsevier, vol. 111(C), pages 163-175.
    18. repec:cup:judgdm:v:11:y:2016:i:2:p:126-146 is not listed on IDEAS
    19. Loock, Moritz & Hinnen, Gieri, 2015. "Heuristics in organizations: A review and a research agenda," Journal of Business Research, Elsevier, vol. 68(9), pages 2027-2036.
    20. Greene, Francis J. & Han, Liang & Martin, Sean & Zhang, Song & Wittert, Gary, 2014. "Testosterone is associated with self-employment among Australian men," Economics & Human Biology, Elsevier, vol. 13(C), pages 76-84.
    21. Misuraca, Raffaella & Fasolo, Barbara, 2018. "Maximizing versus satisficing in the digital age: disjoint scales and the case for “construct consensus”," LSE Research Online Documents on Economics 84324, London School of Economics and Political Science, LSE Library.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:120:y:2020:i:c:p:638-643. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.