Big Five Factor Model A model developed to use factor analysis to try to determine key human personality traits. Although trait theories were well established by the 1960s, there was no consensus regarding the number or nature of traits that make up personality. Since then, further research has confirmed a basic five-factor or “Big Five” model of personality (Tomas 2007). This five-factor structure has been replicated by Norma (1963), Borgatta (1964) and Digman and Takemoto-Chock (1981) in a list derived from Cattle's 35 variables (Lawrence & Oliver 2000). These scales are commonly represented alternatively by the acronym OCEAN Openness experiencing, Conscientiousness, Extraversion/Introversion, Agreeableness, and Neuroticism. The Big Five framework captures, at a broad level of abstraction, the commonalities among most existing systems of personality description and provides an integrative descriptive model for personality research. (Oliver & Sanjay 1999) Economists are not the only ones interested in describing, predicting, and explaining human behavior. Psychologists have also faced these challenges. Economists can profitably exploit psychological research on the measurement, prediction, and malleability of personality traits organized into the widely accepted Big Five taxonomy. (Lex, Angela, James & Bas 2008) Extraversion Extraversion is characterized by a pronounced engagement with the outside world. Extroverts love being 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 occasions of excitement. In groups they love to talk, assert themselves and draw attention to themselves. (Beaumont 2003)Openness to experienceOpenness to experience is a measure of the depth, breadth, and variability in a person's imagination and need for experiences. The factor refers to intellect, openness to new ideas, cultural interests, educational aptitude and creativity, as well as interest in various sensory and cognitive experiences. People with high openness to experience have broad interests, are liberal, and like novelty. Conservatives low in openness to experience are conventional, conservative, and prefer familiarity (Howard & Howard, 1995). Agreeableness Agreeableness related to altruism, caring, caring, and emotional support versus competitiveness, hostility, indifference, self-centeredness, spite, and jealousy (Howard & Howard, 1995). Conscientiousness Conscientiousness is a measure of goal-directed behavior and the amount of control over impulses. Conscientiousness has been linked to academic achievement and in particular the desire to achieve. The focused person focuses on a limited number of goals but strives to achieve them, while the flexible person is more impulsive and easier to persuade from one task to another Heinström (2003).