Personality and Preference: A Laboratory Study

Abstract

This paper attempts to explain the relationship between personality traits and commodity preferences. The norm-referenced test of personality has been used so as to infer economic behavior with a limited sample size. In this study, we use Lai’s Personality Inventory to measure introversion, extroversion, mental health, emotional stability and social adaptability of subjects.In addition to existing psychological measurements, we have also developed measurements for the rationale of decision-making over various commodities, based on the subjects’ behavior of selectivity and utility maximization. The results have shown that the behavior in the pursuit of utility is associated with a person's emotional stability and mental health. Emotional instability and poor mental health often result in a deviation from utility maximization.

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