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Can having internal locus of control insure against negative shocks? Psychological evidence from panel data
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Buddelmeyer, Hielke and Powdthavee, Nick (2016) Can having internal locus of control insure against negative shocks? Psychological evidence from panel data. Journal of Economic Behavior & Organization, 122 . pp. 88-109. doi:10.1016/j.jebo.2015.11.014
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Official URL: http://dx.doi.org/10.1016/j.jebo.2015.11.014
Abstract
We investigate whether the intensity of emotional pain following a negative shock is different across the distribution of a person's locus of control – the extent to which individuals believe that their actions can influence future outcomes. Using panel data from Australia, we show that individuals with strong internal locus of control are psychologically insured against own and others’ serious illness or injury, close family member detained in jail, becoming a victim of property crime and death of a close friend, but not against the majority of other life events. The buffering effects vary across gender. Our findings thus add to the existing literature on the benefits of internal locus of control.
| Item Type: | Journal Article | ||||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HA Statistics |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Locus of control , Resilience (Personality trait) , Well-being -- Australia, Happiness -- Australia | ||||||||
| Journal or Publication Title: | Journal of Economic Behavior & Organization | ||||||||
| Publisher: | Elsevier BV | ||||||||
| ISSN: | 0167-2681 | ||||||||
| Official Date: | February 2016 | ||||||||
| Dates: |
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| Volume: | 122 | ||||||||
| Page Range: | pp. 88-109 | ||||||||
| DOI: | 10.1016/j.jebo.2015.11.014 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| Funder: | National Institute on Aging (NIA), Templeton Foundation, Great Britain. What Works Centre for Wellbeing, Australia. Department of Families, Housing, Community Services and Indigenous Affairs | ||||||||
| Grant number: | Grant R01AG040640 (NIA) |
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