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Personality and gender differences in revealed risk preference: evidence from Ghana

Author

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  • Priscilla Twumasi Baffour
  • Ibrahim Mohammed
  • Wassiuw Abdul Rahaman

Abstract

Purpose - The purpose of this paper is to investigate gender differences in risk aversion and determine the effect of personality traits on risk aversion from an African country context. Design/methodology/approach - The study combined both descriptive and analytical designs, and employedt-test, Pearson’sχ2and binary logistic regression as the main analytical techniques. Data for the analysis were obtained from the World Bank’s Skills toward Employment and Productivity survey on Ghana. Findings - Results of the study revealed systematic differences in personality and gender and their associations with risk aversion. Specifically, women were found to be more risk averse than men. Differences in personality also showed that females reported higher levels of personality in all but one of the Big Five personality traits – extraversion. In addition to gender, age and education, the personality traits of conscientiousness and stability were the main predictors of the likelihood of being risk averse. Although personality differences existed between male and female, the interaction terms between gender and personality factors were not statistically significant. Originality/value - The paper departs from the extant literature on developed countries and western cultures to add to the understanding on how individual differences account for variation in revealed risk preferences.

Suggested Citation

  • Priscilla Twumasi Baffour & Ibrahim Mohammed & Wassiuw Abdul Rahaman, 2019. "Personality and gender differences in revealed risk preference: evidence from Ghana," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 46(5), pages 631-647, January.
  • Handle: RePEc:eme:ijsepp:ijse-07-2018-0346
    DOI: 10.1108/IJSE-07-2018-0346
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    Citations

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    Cited by:

    1. Antonín PavlÃ­Ä ek & Aneta BobeniÄ HintoÅ¡ová & FrantiÅ¡ek Sudzina, 2021. "Impact of Personality Traits and Demographic Factors on Risk Attitude," SAGE Open, , vol. 11(4), pages 21582440211, December.
    2. S. Ananda & Raghavendra Prasanna Kumar & Tamanna Dalwai, 2024. "Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 843-854, September.
    3. Charles Stephen Tundui & Christopher Shiganza, 2021. "Determinants of entrepreneurial behaviour in the public sector in Tanzania: a case of water services provision," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 11(1), pages 189-199, December.

    More about this item

    Keywords

    Gender; Risk; Aversion; Binary logit;
    All these keywords.

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