Economics students: Self-selected in preferences and indoctrinated in beliefs. (March 2022)

• Record Type: Journal Article
• Authors: Espín, Antonio M.; Correa, Manuel; Ruiz-Villaverde, Alberto
• Is Part Of: International review of economics education. Volume 39(2022)
• Publication Date: 2022-03
• Subjects: A11 -- A13 -- A22 -- D31 -- D63 -- D9 -- I22; Self-selection -- Indoctrination -- Self-interest -- Inequality aversion -- Beliefs; Economics -- Study and teaching -- Periodicals; Economics -- Study and teaching; Periodicals; 330.0711
• DOI: 10.1016/j.iree.2021.100231
• Languages: English
• ISSNs: 1477-3880

Abstract

Abstract: There is much debate as to why economics students display more self-interested behavior than other students: whether homo economicus self-select into economics or students are instead "indoctrinated" by economics learning, and whether these effects impact on preferences or beliefs about others' behavior. Using a classroom survey (n > 500) with novel behavioral questions we show that, compared to students in other majors, econ students report being: (i) more self-interested (in particular, less compassionate or averse to advantageous inequality) already in the first year and the difference remains among more senior students; (ii) more likely to think that people will be unwilling to work if unemployment benefits increase (thus, endorsing the standard neoclassical view about others and the market), but only among senior students. These results suggest self-selection in preferences and indoctrination in beliefs. Highlights: Debate as to why economics students are more self-interested than other students. We find less aversion to advantageous inequality among econ students in first year. The difference in "compassion" between econ and non-econ remains after the first year. Econ and non-econ display different beliefs about others only after the first year. The results suggest self-selection in preferences and indoctrination in beliefs.