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Personality, decision-making styles and investments

Author

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  • Gambetti, Elisa
  • Giusberti, Fiorella

Abstract

Three hundred and sixty-two participants completed the Sixteen Personality Factor Questionnaire and the General Decision-Making Styles Inventory, together with a survey considering investment perceptions and decisions. The results showed that anxious people tended to save money and avoid investments, perceiving high risks and low control and returns, whereas individuals with high Extroversion, Independence and Self-Control were more likely to make investments. Finally, rational and avoidant decision-making styles mediated, respectively, the influence of Self-Control and Anxiety on the decision to invest. These findings extend the knowledge of the relationship between individual differences in personality and decisional styles and investment perceptions and decisions.

Suggested Citation

  • Gambetti, Elisa & Giusberti, Fiorella, 2019. "Personality, decision-making styles and investments," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 80(C), pages 14-24.
    • Handle: RePEc:eee:soceco:v:80:y:2019:i:c:p:14-24
    DOI: 10.1016/j.socec.2019.03.002
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    Citations

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    Cited by:

    1. Daniel M. V. Bernaola & Gizelle D. Willows & Darron West, 2021. "The relevance of anger, anxiety, gender and race in investment decisions," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 20(1), pages 1-21, June.
    2. Carlos M Parra & Ranjita Poudel & Matthew Sutherland, 2021. "Towards an Understanding of Low-Income Individuals’ Financial Resiliency: Exploration of Risk Preferences, Personality Traits, and Savings Behavior," Journal of Economics and Behavioral Studies, AMH International, vol. 13(5), pages 32-54.
    3. Hirmas, Alejandro & Engelmann, Jan B., 2023. "Impulsiveness moderates the effects of exogenous attention on the sensitivity to gains and losses in risky lotteries," Journal of Economic Psychology, Elsevier, vol. 95(C).
    4. Bajo, Emanuele & Cecchini, Marco & Oliver, Barry, 2023. "Psychological profile and investment decisions," Finance Research Letters, Elsevier, vol. 58(PA).
    5. Thomas Dudek & Eric R. Ulm & Ilan Noy, 2021. "Demand for Multi-Year Catastrophe Insurance Contracts: Experimental Evidence for Mitigating the Insurance Gap," CESifo Working Paper Series 9442, CESifo.
    6. Agnieszka Szczepańska & Rafał Kaźmierczak, 2022. "The Theoretical Model of Decision-Making Behaviour Geospatial Analysis Using Data Obtained from the Games of Chess," IJERPH, MDPI, vol. 19(19), pages 1-25, September.
    7. Sekścińska, Katarzyna & Rudzinska-Wojciechowska, Joanna & Jaworska, Diana, 2021. "Self-control and financial risk taking," Journal of Economic Psychology, Elsevier, vol. 85(C).
    8. Chang Liu & Maoyong Fan, 2024. "Stock market and the psychological health of investors," The Financial Review, Eastern Finance Association, vol. 59(3), pages 561-587, August.
    9. Elisa Gambetti & Micaela Maria Zucchelli & Raffaella Nori & Fiorella Giusberti, 2022. "Default rules in investment decision-making: trait anxiety and decision-making styles," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-26, December.
    10. Yogita Singh & Mohd. Adil & S. M. Imamul Haque, 2023. "Personality traits and behaviour biases: the moderating role of risk-tolerance," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(4), pages 3549-3573, August.
    11. Muhammad Arsalan Hashmi & M Abdullah & Tariq Jalees & Ume Amen & Muhammad Arsalan, 2023. "Do Personality Traits and Cultural Norms Influence Investment Decisions? The Role of Financial Literacy and Investor Overconfidence," Journal of Economic Impact, Science Impact Publishers, vol. 5(1), pages 106-113.
    12. Harris Borman & Anna Leontjeva & Luiz Pizzato & Max Kun Jiang & Dan Jermyn, 2024. "Do LLM Personas Dream of Bull Markets? Comparing Human and AI Investment Strategies Through the Lens of the Five-Factor Model," Papers 2411.05801, arXiv.org.

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