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Personality Traits and the Perception of Macroeconomic Indicators – Survey Evidence

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  • Orland, Andreas

Abstract

I examine the determinants of both perceived inflation and unemployment in one single survey and include personality traits (BFI-S) in the analysis. This is the first survey on this topic in Germany. My sample consists of 1,771 students from different fields and levels. Using PhD students' estimates as a reference, I create categories for underestimation and overestimation of both variables. Multinomial logit regressions show that females overestimate both variables. Education and news consumption reduce misestimation. A higher level of Neuroticism is related with a higher probability to overestimate unemployment. Overstating (understating) one indicator is associated with overstating (understating) the other.

Suggested Citation

  • Orland, Andreas, 2013. "Personality Traits and the Perception of Macroeconomic Indicators – Survey Evidence," Ruhr Economic Papers 424, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    • Handle: RePEc:zbw:rwirep:424
    DOI: 10.4419/86788480
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    Cited by:

    1. Lena Dräger & Ulrich Fritsche, 2013. "Don't Worry, Be Right! Survey Wording Effects on In flation Perceptions and Expectations," Macroeconomics and Finance Series 201308, University of Hamburg, Department of Socioeconomics.
    2. Ana Rute Cardoso & Annalisa Loviglio & Lavinia Piemontese, 2016. "Misperceptions of unemployment and individual labor market outcomes," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 5(1), pages 1-22, December.
    3. Silveira, Jaylson Jair da & Lima, Gilberto Tadeu, 2021. "Can workers’ increased pessimism about the labor market conditions raise unemployment?," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 125-134.
    4. Hu Sun & Yun Wang, 2019. "Do On-lookers See Most of the Game? Evaluating Job-seekers' Competitiveness of Oneself versus of Others in a Labor Market Experiment," Working Papers 2019-07-11, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.

    More about this item

    Keywords

    survey; inflation perception; unemployment perception; personality traits; cross-sectional heterogeneity;
    All these keywords.

    JEL classification:

    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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