E. Muñoz-Muñoz , E. Crespo-Cebada , A.S. Mirón-Sanguino , C. Díaz-Caro
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引用次数: 0
Abstract
According to behavioral economics, investors’ decisions are influenced by factors beyond rational reasoning, such as an investor's personality. This paper explores the relationships between personality, using the Big Five personality traits framework, and the willingness to invest in assets that contribute to achieving sustainable development goals (SDGs), more specifically, sustainable finances. The study also analyzes the relationship between personality traits and risk aversion. To this end, 1,357 investors in Spain were surveyed through an online questionnaire combining a choice experiment and a personality assessment. The main conclusion of our study is that personality traits are associated with the characteristics of investment products preferred by the sampled investors.. This relationship is quantified through the analysis of a willingness to pay (WTP) for various investment attributes. While all personality traits are linked to risk aversion and a willingness to invest in sustainable companies, our WTP analysis highlights differences in the extent to which investors are willing to forgo profitability to contribute to the SDGs. Although we find heterogeneous behavior among investors, the agreeableness trait emerges as the most concerned with sustainability.
期刊介绍：
The Journal of Behavioral and Experimental Economics (formerly the Journal of Socio-Economics) welcomes submissions that deal with various economic topics but also involve issues that are related to other social sciences, especially psychology, or use experimental methods of inquiry. Thus, contributions in behavioral economics, experimental economics, economic psychology, and judgment and decision making are especially welcome. The journal is open to different research methodologies, as long as they are relevant to the topic and employed rigorously. Possible methodologies include, for example, experiments, surveys, empirical work, theoretical models, meta-analyses, case studies, and simulation-based analyses. Literature reviews that integrate findings from many studies are also welcome, but they should synthesize the literature in a useful manner and provide substantial contribution beyond what the reader could get by simply reading the abstracts of the cited papers. In empirical work, it is important that the results are not only statistically significant but also economically significant. A high contribution-to-length ratio is expected from published articles and therefore papers should not be unnecessarily long, and short articles are welcome. Articles should be written in a manner that is intelligible to our generalist readership. Book reviews are generally solicited but occasionally unsolicited reviews will also be published. Contact the Book Review Editor for related inquiries.
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