Author: Ali Ajmal
Supervisor: Prof. Dr. Rukhsana Kausar and Dr. Iram Fatima
Degree: M.phil
Year: 2010-2012
University: Institute of Applied Psychology, Punjab University, Lahore, Pakistan
Abstract
The main objectives of the present research were to develop an indigenous self-report measure of psychosocial factors in economic decision making and to see how these factors were related to age, personality and gender of an individual. Two independent studies were conducted. Study I designed to develop an indigenous self-report scale to measure psychosocial factors in economic decision making. The sample comprised of 15 (men = 9, women = 6) business persons. Interviews were conducted through a self-constructed questionnaire. Items were derived from the transcripts of interviews. Thirty six items were subjected to principal component analysis using varimax rotation. A total of 30 items defining cognitive, emotional and social factors were retained. The main study aimed to examine relationship of age, gender, personality with psychosocial factors in economic decision making. The sample comprised of 150 business persons. Personality was assessed using Eysenck Personality Questionnaire (Urdu version translated by Amjad & Kausar, 2011). No significant gender differences were found in economic decision making. Age had significant negative relationship with emotional factor in economic decision making. Emotional and social factors had no relationship with personality dimensions while cognitive factor had significant negative relationship with psychoticism and neuroticism. Age and psychoticism negatively predicted cognitive factor while business experience positively predicted cognitive factor in economic decision making. The findings hold implications for behavioral economists, psychologists, business professionals and policy makers to get insights in and improve decision making.
Keywords: Psychosocial Factors, Personality Factors, Economic Decision Making.
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Corresponding Address: Department of Applied Psychology, University of the Punjab, Lahore, Pakistan. Email: chairperson@appsy.pu.edu.pk, Phone: 92-42-9231245
