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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

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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
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HA Statistics
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:
DateEvent
February 2016Published
24 December 2015Available
18 November 2015Accepted
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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