Is risk propensity unique from the big five factors of personality? A meta-analytic investigation

Highhouse, Scott; Wang, Yi; Zhang, Don C.

doi:10.1016/j.jrp.2022.104206

Cited by 18 publications

(10 citation statements)

References 171 publications

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“…(Durand et al 2013: 125). Recent meta-analyses (Highhouse et al 2022) provide evidence of significant correlation between risk propensity and Big-5 personality traits 7 , similar to results using self-reported investment behaviours (Pinjisakikool 2018) and in trading behaviour in an experimental setting (Oehler et al 2018).…”

Section: Literaturementioning

confidence: 54%

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

Gerrans

Abisekaraj

Liu

2023

J. financ. lit. wellbeing

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The “Fear of Missing Out” or FoMO has become an accepted motivator of behaviours extending from the purchase of limited-edition sneaker brands to social media use and cryptocurrency investment. As a motivator of individual financial behaviours, such as cryptocurrency and stock investment, it is unclear how FoMO relates to consumer financial literacy and other consumer traits, including risk tolerance and personality. We propose, and assess, a model of reported investment behaviour and investment behaviour intention. We find a larger association between FoMO and crypto ownership, both current and intended, compared with stocks. FoMO has a small association with current stock ownership, relative to the association of financial literacy and risk tolerance. Context matters when measuring FoMO with the more context-specific measures having the largest associations with investment behaviour and investment intentions. Finally, our results suggest financial literacy is an antecedent of FoMO, more so for stocks.

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Section: Literaturementioning

confidence: 54%

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

Gerrans

Abisekaraj

Liu

2023

J. financ. lit. wellbeing

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“…Finally, the PI model does not consider the impact of individual differences on a trustor’s assessment of perceived task situation requirements and trustee influence. Results from a meta-analysis suggest that risk propensity is independent of the Five Factor Model (FFM) personality traits (Highhouse et al, 2022), suggesting the relationship between personality traits and perceived trustee influence could be reliably examined. Also, research has shown that intra-individual perceptions of risk may vary such that people may be willing to accept more risk in domains such as work or sports, but less risk in domains such as childcare or retirement savings (Blais & Weber, 2006; Weber et al, 2002).…”

Section: Discussionmentioning

confidence: 99%

The Perceived Influence Model of Trust: Toward a Multi-Trustee Theory

PytlikZillig,

Votruba,

Fleig-Palmer

et al. 2024

Group & Organization Management

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Prior research investigating situations involving one trustor and multiple trustees often examines how a trustor’s trust in one party affects their amount of trust in another party. This paper fills a gap by predicting the effects of trust. The Perceived Influence (PI) Model of Trust is an individual-level model focused on the perceptions of a trustor. It builds upon the Mayer et al. (1995) model by integrating insights from literature on task interdependence and expanding to two trustees. The PI model describes and explains three possibilities for how a trustor’s trust in two trustees may combine to form a sense of aggregate multi-trustee trust via: (1) additive effects, such that the trustor’s trust in each of the trustees has independent effects on the aggregate; (2) compulsory effects, such that increasing the amount of trust in one trustee increases the effect of trust in the other trustee; and (3) compensatory effects, such that increasing trust in one trustee decreases the effect of trust in the other trustee. We propose that the theoretical mechanism explaining which of these three possibilities takes place is the trustor’s perceived influence of the trustees, which is tightly linked to perceptions of task requirements necessary to attenuate the trustor’s risk. The PI model begins to fill an important gap in the literature pertaining to pervasive, but rarely considered, multi-trustee situations, and proposes the importance of trustor perceptions of trustee influence and task requirements for future models of trust.

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“…In a recent meta-analysis, Highhouse et al (2022) asked whether risk taking may be one of the rare non-cognitive constructs that is relatively orthogonal to the Big Five. They obtained low correlations overall, leading them to answer that question affirmatively.…”

Section: Risk Takingmentioning

confidence: 99%

Construct-Overlap in Trait Measures and the General Factor of Personality

van der Linden,

Dunkel,

Musek

et al. 2024

Preprint

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A range of stand-alone psychological trait measures have been shown to considerably overlap with the Big Five (Bainbridge et al., 2022). Recognizing such construct overlap is essential for consolidation. We propose, however, that the notion that many psychological scales are overlapping with the Big Five is valid, but incomplete. Accordingly, we suggest a key role herein of the General Factor of Personality (GFP), which emerges from the intercorrelations between specific personality traits and captures their socially desirable poles. We argue and show that the GFP is highly correlated to a wide range of constructs in individual differences research. We further postulate that it provides a parsimonious explanation for the overlap between individual differences measures. We discuss this idea in light of the ongoing debate on the GFP in which some scholars suggest the general factor to be largely substantive, whereas others consider it to reflect mainly artifacts or biases. Irrespective of whether the substantive or artifact explanation of the GFP is adopted, overlooking the presence of a common general factor in psychological measures may, respectively, either impede the development unifying theories of human behavior, or otherwise interfere with adequate measurement.

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Is risk propensity unique from the big five factors of personality? A meta-analytic investigation

Cited by 18 publications

References 171 publications

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance

The Perceived Influence Model of Trust: Toward a Multi-Trustee Theory

Construct-Overlap in Trait Measures and the General Factor of Personality

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