Economists increasingly recognise the importance of personality traits for socio-economic outcomes, but little is known about the stability of these traits over the life cycle. Existing empirical contributions typically focus on age patterns and disregard cohort and period inﬂuences. This paper contributes novel evidence for the separability of age, period, and cohort effects for a broad range of personality traits based on systematic speciﬁcation tests for disentangling age, period and cohort inﬂuences. Our estimates document that for different cohorts, the evolution of personality traits across the life cycle follows a stable, though non-constant, age proﬁle, while there are sizeable differences across time periods.
Keywords: Big Five Personality Traits, Locus of Control, Risk Attitudes, Age-Period-Cohort Decomposition, Life Cycle