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Accounting for Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits

Author

Listed:
  • Thomas Dohmen
  • Tomáš Jagelka
Abstract
We measure both revealed and self-reported reliability of individuals’ answers on self-reports of latent characteristics. We propose a straightforward survey question that allows one to distinguish individuals who give highly reliable answers from those who do not. Our novel indicator can be used to cost-effectively reduce attenuation bias in estimates of cognitive and noncognitive determinants of key life outcomes. Without requiring panel data or repeated measurements, the achieved correction is similar to the most effective reduced-form theory-based approaches in the existing literature. Finally, we clarify the role of effort and self-knowledge in generating measurement error and propose a simple model that rationalizes our findings.

Suggested Citation

  • Thomas Dohmen & Tomáš Jagelka, 2024. "Accounting for Individual-Specific Reliability of Self-Assessed Measures of Economic Preferences and Personality Traits," Journal of Political Economy Microeconomics, University of Chicago Press, vol. 2(3), pages 399-462.
    • Handle: RePEc:ucp:jpemic:doi:10.1086/727559
    DOI: 10.1086/727559
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    Cited by:

    1. Li, Haizheng & Liu, Qinyi & Xu, Yiting, 2024. "Noncognitive Human Capital and Misreporting Behavior in Online Surveys," IZA Discussion Papers 17332, Institute of Labor Economics (IZA).

    More about this item

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access

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