Personality, risk aversion and speeding: An empirical investigation

Abstract

Evidence suggests that in addition to demographics, there are strong relationships between facets of drivers’ personality (e.g., aggression, thrill-seeking, altruism), aversion to risk and driving behaviour, particularly speeding. However, evidence is muted by the reliance on self-reported driving behaviour, which is thought to not accurately reflect actual driving behaviour. This paper reports on a study of 133 drivers in Sydney, who were asked to complete a short survey to develop their personality and risk aversion profiles and self-reported speeding behaviour. A Global Positioning System (GPS) device was then installed in their vehicle for several weeks as part of a major investigation of driving behaviour from which empirical measures of speeding are derived. Among the most pertinent findings are: (1) the tendency for drivers to both under and over-estimate their propensity to speed, (2) significant heterogeneity in speeding with a small, but notable number of drivers exceeding the limit for more than 20 percent of the distance driven, (3) weak relationships between the personality/risk-aversion measures and actual speeding, and (4) the suggestion that different personality traits appear to influence behaviour in different situations both from self-reported and actual speeding behaviour.