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The behavioral genetics of behavioral anomalies / David Cesarini in Management science, Vol. 58 N° 1 (Janvier 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 1 (Janvier 2012) . - pp. 21-34 Titre : The behavioral genetics of behavioral anomalies Type de document : texte imprimé Auteurs : David Cesarini, Auteur ; Magnus Johannesson, Auteur ; Patrik K. E. Magnusson, Auteur Année de publication : 2012 Article en page(s) : pp. 21-34 Note générale : Management Langues : Anglais (eng) Mots-clés : Behavioral  anomalies  Behavior  genetics  Heuristics  and  biases Résumé : A number of recent papers have examined the environmental and genetic sources of individual differences in economic and financial decision making. Here we contribute to this burgeoning literature by extending it to a number of key behavioral anomalies that are thought to be of importance for consumption, savings, and portfolio selection decisions. Using survey-based evidence from more than 11,000 Swedish twins, we demonstrate that a number of anomalies such as, for instance, the conjunction fallacy, default bias, and loss aversion are moderately heritable. In contrast, our estimates imply that variation in common environment explains only a small share of individual differences. We also report suggestive evidence in favor of a shared genetic architecture between cognitive reflection and a subset of the studied anomalies. These results offer some support for the proposition that the heritable variation in behavioral anomalies is partly mediated by genetic variance in cognitive ability. Taken together with previous findings, our results underline the importance of genetic differences as a source of heterogeneity in economic and financial decision making. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/1/21.abstract [article] The behavioral genetics of behavioral anomalies [texte imprimé] / David Cesarini, Auteur ; Magnus Johannesson, Auteur ; Patrik K. E. Magnusson, Auteur . - 2012 . - pp. 21-34. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 1 (Janvier 2012) . - pp. 21-34 Mots-clés : Behavioral  anomalies  Behavior  genetics  Heuristics  and  biases Résumé : A number of recent papers have examined the environmental and genetic sources of individual differences in economic and financial decision making. Here we contribute to this burgeoning literature by extending it to a number of key behavioral anomalies that are thought to be of importance for consumption, savings, and portfolio selection decisions. Using survey-based evidence from more than 11,000 Swedish twins, we demonstrate that a number of anomalies such as, for instance, the conjunction fallacy, default bias, and loss aversion are moderately heritable. In contrast, our estimates imply that variation in common environment explains only a small share of individual differences. We also report suggestive evidence in favor of a shared genetic architecture between cognitive reflection and a subset of the studied anomalies. These results offer some support for the proposition that the heritable variation in behavioral anomalies is partly mediated by genetic variance in cognitive ability. Taken together with previous findings, our results underline the importance of genetic differences as a source of heterogeneity in economic and financial decision making. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/1/21.abstract