Big Five Factor Model

Big Five Factor Model

A model developed for using factor analysis to try to determine the key traits in human personality. Although trait theories were well established by the 1960s, there was no consensus concerning the number or nature of the traits that make up personality. Since then, further research has confirmed a basic five factor model of personality or ‘Big Five’ (Tomas 2007). This five factor structure has been replicated by Norma (1963), Borgatta (1964) and Digman and Takemoto-Chock (1981) in list derived from Cattle’s 35 variables (Lawrence &Oliver 2000).

These scales are commonly alternatively represented by the OCEAN acronym Openness to experience, Conscientiousness, Extraversion/Introversion, Agreeableness and Neuroticism. The Big Five structure captures, at a broad level of abstraction, commonalities among most of the existing systems of personality description, and provides an integrative descriptive model for personality research. (Oliver& Sanjay 1999)

Economists are not alone in their interest in the description, prediction, and explanation of human behavior. Psychologists, too, have approached these challenges. Economists can profitably leverage research from psychology on the measurement, prediction, and malleability of personality traits organized in the widely accepted Big Five taxonomy. (Lex, Angela, James & Bas 2008)

Extraversion

Extraversion is marked by pronounced engagement with the external world. Extraverts enjoy eing with people, are full of energy, and often experience positive emotions. They tend to be enthusiastic, action-oriented, individuals who are likely to say "Yes!" or "Let's go!" to opportunities for excitement. In groups they like to talk, assert themselves, and draw attention to themselves. (Beaumont 2003)

Openness to experience

Openness to experience is a measure of depth, breadth and variability in a person's imagination

And urge for experiences. The factor relates to intellect, openness to new ideas, cultural interests, educational aptitude and creativity as well as an interest in varied sensory and cognitive experiences. People with a high openness to experience have broad interests, are liberal and like novelty. The preservers with low openness to experience are conventional, conservative and prefer familiarity (Howard & Howard, 1995).

Agreeableness

The agreeableness linked to altruism, nurturance, caring and emotional support versus competitiveness, hostility, indifference, self-centeredness, spitefulness and jealousy (Howard & Howard, 1995).

Conscientiousness

Conscientiousness is a measure of goal-directed behavior and amount of control over impulses. Conscientiousness has been linked to educational achievement and particularly to the will to achieve. The focused person concentrates on a limited number of goals but strives hard to reach them, while the flexible person is more impulsive and easier to persuade from one task to another Heinström (2003).