Gomes, O lando
A icle
U ili y unde he Da k Te ad
Jou nal o Economics, Finance and Adminis a i e Science
P o ided in Coope a ion wi h:
Uni e sidad ESAN, Lima
Sugges ed Ci a ion: Gomes, O lando (2025) : U ili y unde he Da k Te ad, Jou nal o Economics,
Finance and Adminis a i e Science, ISSN 2218-0648, Eme ald Publishing Limi ed, Leeds, Vol. 30,
Iss. 59, pp. 22-40,
h ps://doi.o g/10.1108/JEFAS-07-2022-0164
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/319670
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
U ili y unde he Da k Te ad
O lando Gomes
Depa men o Economics, Ins i u o Poli ecnico de Lisboa,
Ins i u o Supe io de Con abilidade e Adminis acao de Lisboa, Lisboa, Po ugal
Abs ac
Pu pose –Li e a u e on psychology highligh s ou ai s ha shape an amo al and an isocial pe sonali y:
Machia ellianism, na cissism, psychopa hy and sadism. Toge he , hese pe sonali y ai s o m he Da k
Te ad. In his s udy, he s anda d in e empo al u ili y maximiza ion model is eassessed om he poin o
iew o a ep esen a i e economic agen endowed wi h he Da k Te ad pe sonali y ai s.
Design/me hodology/app oach –The app oach ollowed in his pape consis s o iden i ying how each o
he Da k Te ad ai s migh be logically associa ed wi h he dynamic u ili y p oblem, as well as explo ing, in
he con ex o he model, he implica ions, o consump ion and u ili y, o admi ing he p esence o such ai s
in indi iduals’pe sonali ies.
Findings –I is ound ha , ypically, da k pe sonali ies penalize consump ion g ow h, e en when such ai s
a e in e p e ed di ec ly and posi i ely con ibu ing o he u ili y o he agen . I is also ound ha in economies
wi h wo o mo e in e ac ing agen s, he da k ai s migh ha e a mu ually des uc i e na u e.
O iginali y/ alue –Economics is going h ough a smoo h e olu ion in he di ec ion o becoming an
eminen ly beha io al science. Mos o he adi ional economic models, based on he idea o he hype - a ional
agen , a e being eplaced o complemen ed by a di e en iew o he homo-economicus, in which, among o he
hings, pe sonali y ma e s. This pape o e s a no el con ibu ion in his di ec ion.
Keywo ds Da k e ad, Machia ellianism, Na cissism, Psychopa hy, Sadism, U ili y, Economic dynamics
Pape ype Resea ch pape
1. In oduc ion
In psychology, he se o ai s ha shape amo al and an isocial pe sonali ies is ypically
e e ed o as he Da k Te ad. O iginally designa ed he Da k T iad, he no ion was i s
ad anced by Paulhus and Williams (2002), who elec ed psychopa hy, na cissism and
Machia ellianism as he ounda ional da k pe sonali y ai s. La e , sadism was added o he
lis (Chab ol e al., 2009;Buckels e al., 2013), hus comple ing he Da k Te ad.
An abundan body o li e a u e on he social implica ions o da k pe sonali ies has been
b ough o ligh in he las ew yea s. Applica ions ange om he cha ac e iza ion o social
in e ac ions among high school s uden s (Chab ol e al., 2015) and cowo ke s (Thibaul , 2016)
o he s udy o he impac o da k pe sonali ies on poli ical o ien a ion and adop ion o
ex emis iews and a i udes (Duspa a and G ei emeye , 2017).
Pa o his empi ical esea ch highligh s he poin s in common ac oss he elemen s o he
Da k Te ad. Da k ai s pa ially o e lap because hey all in ol e a low deg ee o hones y
and humili y, and hey a e all associa ed wi h a de ici in empa hy (Wai and Tiliopoulos, 2012;
Lee e al., 2013;Book e al., 2016). No wi hs anding, mos o he s udies also emphasize he
independen na u e o he da k ai s. Examples include:
JEFAS
30,59
22
© O lando Gomes. Published in Jou nal o Economics, Finance and Adminis a i e Science. Published by
Eme ald Publishing Limi ed. This a icle is published unde he C ea i e Commons A ibu ion (CC BY
4.0) licence. Anyone may ep oduce, dis ibu e, ansla e and c ea e de i a i e wo ks o his a icle ( o
bo h comme cial and non-comme cial pu poses), subjec o ull a ibu ion o he o iginal publica ion
and au ho s. The ull e ms o his licence maybe seen a h p://c ea i ecommons.o g/licences/by/4.0/
legalcode
The au ho is pleased o acknowledge he inancial suppo om Fundaç~
ao pa a a Ci^
encia e a
Tecnologia (Po ugal) unde he P ojec UIDB/04007/2020. The au ho also acknowledges he insigh ul
commen s and sugges ions o he jou nal’s edi o and o he wo e e ees ha e iewed he manusc ip .
The usual disclaime applies.
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /2077-1886.h m
Recei ed 26 July 2022
Re ised 3 Feb ua y 2024
Accep ed 1 July 2024
Jou nal o Economics, Finance and
Adminis a i e Science
Vol. 30 No. 59, 2025
pp. 22-40
Eme ald Publishing Limi ed
2077-1886
DOI 10.1108/JEFAS-07-2022-0164
(1) S udies on indi idual isk- aking and inancial beha io , whe e he mos e iden
dis inc ion is he one be ween psychopa hs – isk-lo e s who dis ega d inancial and
legal consequences –and Machia ellians –cau ious playe s who misbeha e only i a
di ec gain is on hei ho izon (Jones, 2013,2014;Malesza and Os aszewski, 2016;
S anwix and Walke , 2021).
(2) Con ibu ions o academic dishones y, o which iews di e : B unell e al. (2011)
emphasize he ole o na cissism, while Williams e al. (2010) a ach chea ing beha io
p edominan ly o psychopa hy.
(3) Resea ch on in ideli y in ela ionships, in which he main inding is ha al hough
da k pe sonali ies a e a p opelle o in ideli y, di e en ai s ha e a dis inc impac
on ela ionships: Machia ellianism p ese es hem, while psychopa hy leads o hei
e osion (Jones and Weise , 2014;B ewe e al., 2015).
Despi e i s uncon es able ele ance, he abo e-men ioned li e a u e is mos ly empi ically
o ien ed, o e ing no sys ema ic heo e ical unde pinnings o ame how da k pe sonali ies
migh in luence beha io ega ding sociological, poli ical o economic in e ac ions. A his
le el, he e a e also insigh ul con ibu ions, which p ima ily discuss he ole o he Da k
Te ad in o ganiza ional con ex s (Jones and Muelle , 2021). Howe e , he e a e s ill gaps o
ill in he li e a u e, namely conce ning he associa ion be ween he Da k Te ad and
economic heo y.
This s udy app oaches he implica ions o Da k Te ad pe sonali y ai s om a
heo e ical pe spec i e and has a backg ound scena io o a i ial dynamic economic model o
household consump ion choices, i.e. he ype o wo kho se u ili y maximiza ion model one
easily inds in any dynamic economics ex book (see, e.g. Alogoskou is, 2019 o Gomes, 2022).
In i s o hodox o m, he basic assump ion unde lying he model is a ionali y (i.e. no biases
in luence beha io ). In his pape , we depa om such conjec u e by inqui ing how da k
pe sonali y ai s migh dis u b he model’s i ial ou comes.
Di e en da k ai s play di e en oles in he model. Na cissism and sadism will be
di ec ly associa ed wi h he u ili y unc ion, while Machia ellianism and psychopa hy
eme ge as a dis u bing e ec on he dis ibu ion o esou ces ac oss agen s. Speci ically,
na cissism is modeled as an addi ional u ili y om own consump ion; sadism is included in
he u ili y unc ion as a diminishing u ili y om he consump ion o o he agen s;
Machia ellianism and psychopa hy will bo h be e lec ed in he pu posi e beha io o an
agen in ac ing o de ia e esou ces om o he s o inc ease he own esou ce
endowmen [1].
The inclusion o he Da k Te ad in he in e empo al u ili y maximiza ion model allows
o unco e ing how pe sonali y biases change g ow h a es o consump ion, asse
accumula ion and u ili y le els o agen s holding such ai s and o hose who in e ac
wi h hem. New pa e ns o g ow h and in e empo al u ili y a e e ealed –pa e ns ha
migh assis in explaining de ia ions ela i e o he a ionali y benchma k.
The p incipal con ibu ion o e ed by he explo ed model is he possibili y o making
an in eg a ed analysis o he Da k Te ad in he con ex o a s anda d ep esen a i e
agen economic model. O he s udies exis on he ole o da k pe sonali y ai s in
in luencing p e e ences, a i udes and beha io s o economic agen s (see he nex sec ion);
ypically, howe e , hese end o ocus on isola ed ai s and no on he Da k Te ad in i s
en i e y.
The emainde o he manusc ip is o ganized as ollows. Sec ion 2 unde akes a b ie
li e a u e e iew aimed a iden i ying how da k ai s ha e p e iously eme ged in economic
heo y. Sec ion 3 e isi s he key ea u es o he p o o ypical in e empo al u ili y
maximiza ion model. Sec ion 4 p oceeds wi h he undamen al pa o he s udy, which
Jou nal o
Economics,
Finance and
Adminis a i e
Science
23
consis s o he inse ion o he da k ai s in o he op imiza ion amewo k and also he
discussion o he espec i e implica ions. Sec ion 5 u he explo es he esul s o he model,
deba ing heo e ical and manage ial implica ions, and clues o u he esea ch a e also
add essed. Finally, Sec ion 6 concludes.
2. Li e a u e e iew
A slow bu s eady pa adigm shi is aking place in economics. The mos salien ea u e o
his change is associa ed wi h he inc easing a en ion placed on beha io al biases (see, e.g.
Alcoce e al., 2019;Isido e and Ch is ie, 2019;Bou eska and Regaieg, 2020). The ollowing
ema k by Thale (2000, p. 133) is enligh ening abou he di ec ion ha economic science is
aking:
In esponding o a eques o p edic ions abou he u u e o economics, I p edic ha Homo
Economicus will e ol e in o Homo Sapiens, o , mo e simply pu , economics will become mo e ela ed
o human beha io .
Pa o he beha io al e olu ion in economics equi es ocusing a en ion on indi iduals’
pe sonali ies (Saeed, 2020). Despi e hypo he ically sha ing he same endowmen s, ha ing he
same p e e ences and acing he same cons ain s, economic agen s holding dis inc
pe sonali ies will ce ainly beha e in di e en ways. Psychological analysis has de eloped a
ich se o axonomies ega ding he classi ica ion o pe sonali y ai s (being he mos
popula ca ego iza ion o he big i e pe sonali y ai s) –openness o expe ience,
conscien iousness, ex a e sion, ag eeableness and neu o icism –o iginally p oposed by
Digman (1990) and Goldbe g (1990). When ocusing exclusi ely on ai s ha may lead o
an isocial and des uc i e beha io , he Da k Te ad classi ica ion, al eady b ie ly
cha ac e ized in he in oduc ion, appa en ly is an adequa e s a ing poin o app oach he
link be ween pe sonali y and beha io .
Despi e i s mul iple applica ions o socioeconomic eali ies (men ioned in he
in oduc ion), he no ion o he Da k Te ad is no absolu ely uncon o e sial. The main
c i icism ypically poin ed ou in he classi ica ion o da k pe sonali y ai s is ha hey
o e lap, i.e. in some sense, hey signi y he same p ocli i y o socially censu able,
dishones and manipula i e beha io (Mededo i
candPe o i
c, 2015;Book e al., 2016;
Dini
ce al., 2020). Howe e , ega dless o hei p oximi y and co ela ion, he elemen s o
heDa kTe adshouldno bein e p e edas edundan ; heyha edi e en meaningsand
s imula e dis inc po en ially male olen beha io al conduc s (Jones and Paulhus,
2010,2017).
B ie de ini ions o each o he Da k Te ad ai s and hei dis inc i e ea u es can be
enuncia ed as ollows:
(1) Machia ellianism is mainly associa ed wi h a cynical wo ld iew, p agma ism, sel -
in e es and he manipula ion o o he s o pe sonal gain;
(2) Na cissism e lec s egocen ism, g andiosi y, he need o admi a ion and a sense o
en i lemen ;
(3) Psychopa hy is a ached o impulsi eness, callousness, a lack o empa hy and
an isocial beha io and
(4) Sadism is a pe sonali y ai one can associa e wi h he enjoymen o c uel y.
These sho de ini ions su ice o con ex ualize he economic analysis o he Da k Te ad
p oposed in his s udy. A deepe cha ac e iza ion o he Da k Te ad ai s can be ound in
Paulhus (2014) and in he collec ion o wo ks ci ed hus a .
JEFAS
30,59
24
In he economic li e a u e, he da k ai s eme ge in e mi en ly, dispa a ely and o en jus
implici ly. Fo ins ance, in Gomes and F ade (2019), i is highligh ed ha some agen s in
ma ke ansac ions e eal a p ocli i y o adop decei ing a i udes. A leas pa ially, his
decei ing beha io migh be jus i ied by da k pe sonali ies. O he s udies explici ly men ion
some elemen s o he Da k Te ad, bu hey appea in isola ion in di e en con ex s. A b ie
e iew o his li e a u e ollows below.
S a ing wi h na cissism, a ailable s udies dealing di ec ly wi h his pe sonali y ai a e
mos ly conce ned wi h issues pe aining o manage ial ac i i ies. Mo e speci ically,
na cissism has been s udied as a d i e o en ep eneu ial beha io and o he willingness
o inance new businesses (Baldegge e al., 2017;Liu e al., 2019;Leung e al., 2021). Also, he
beha io o chie execu i e o ice s and o he op and middle manage s has been sc u inized
in ligh o na cissis ic pe sonali ies (Oes e le e al., 2016;Al-Shamma i e al., 2019;Lin e al.,
2020). In hese and o he economic con ex s, na cissism is pe cei ed as a ca alys o
con adic o y a i udes: na cissis ic agen s migh be g andiose and magnanimous o ,
con e sely, pe y and dishones ; hey can e en be bo h and equen ly do (Back e al., 2013;
Sch ode -Ab
e and Fa ou a, 2019).
In wha espec s u ili y analysis, na cissism is no commonly app oached in i s s ic
sense, bu he e a e no ions wi h simila meanings ha eme ge in s udies con empla ing
s a ic o dynamic u ili y analysis. The mos p ominen o hese no ions is he concep o
conspicuous consump ion (F iedman and Os o , 2008;Zhang, 2016). Because conspicuous
consump ion e lec s egocen ism and a sense o en i lemen , i is di ec ly linked wi h
na cissism.
The no ion o sadism is almos absen om economic li e a u e, especially when no
di ec ly linked wi h he psychological p ocesses unde lying indi idual beha io . Such a
concep is episodically used in a euphemis ic way, o ins ance, o e e o ce ain economic
and iscal scena ios and associa ed policies (e.g. Polych oniou, 2013), bu in a a he
inconsequen ial way. Being de ined as he p ac ice o c uel y and he enjoymen i b ings, in
he model, i will be a ached o he u ili y om which hi d pa y low le els o consump ion
may o igina e.
Rega ding Machia ellianism, his ai is men ioned in economic analysis mos ly in he
con ex o wo king ela ions, managemen and leade ship (Sendjaya e al., 2016;Dugan e al.,
2019). Machia ellianism in he wo kplace aises in e es ing discussions mos ly abou e hics
and mo ali y and how hese impac p oduc i i y and e iciency. A sensible balance be ween
pu suing sel -in e es by any means and he need o p ese e human ela ions eme ges as a
undamen al pa o he equa ion when add essing po en ially Machia ellian manage ial
beha io .
Manipula i e beha io in economics has been equa ed as well in he con ex o
heo e ically o ien ed se ings. Fo ins ance, Clempne (2017) makes a game- heo e ical
assessmen o social in e ac ions when he ac ions o playe s a e de e mined by wha he
au ho designa es as mo al heu is ics. The un olding o he game de e mines how he agen s
ac and he ex en o which hei ac ions can be classi ied as mo e o less Machia ellian.
S a egic in e ac ion analysis, in he o m o a ba gaining game, is also he modeling
appa a us chosen by Gunn ho sdo i e al. (2002) o es ablish a b idge be ween
us wo hiness and Machia ellianism.
Finally, psychopa hy also has i s own modes place in economics. Du and (2018)
unde akes an empi ical assessmen o he ela ionship be ween psychopa hy and happiness
and inds ha hey a e nega i ely co ela ed. Unde ou amewo k, his would signi y ha
psychopa hy makes he agen ’s u ili y all. Again, he bulk o he discussion abou his da k
ai in he con ex o economics and business is associa ed wi h wo k ela ions and
managemen (Eisenba h e al., 2018;Shank, 2018;Boddy and Taplin, 2021).
Jou nal o
Economics,
Finance and
Adminis a i e
Science
25
3. Me hod: he u ili y amewo k in economics
In his sec ion, he in e empo al planning p oblem o he ep esen a i e household, as i is
commonly cha ac e ized in he li e a u e, is e isi ed. The goal is o se he s age o he
subsequen in oduc ion o he Da k Te ad pe sonali y ai s.
3.1 Resea ch design/model
Typically, o ep esen he p e e ences o an economic agen , a elici y o u ili y unc ion is
modeled. In i s simples o m, he u ili y unc ion in ol es a single a gumen , namely, a composi e
measu e o he goods and se ices ha a e consumed du ing he speci ied ime pe iod. Le cð Þ
ep esen consump ion a da e .Func ionu½cð Þ:Rþ→Rwill hen obey a ew gene al
p ope ies, pe asi ely poin ed ou in he li e a u e. These p ope ies include con inui y,
di e en iabili y and conca i y. The u ili y unc ion is simul aneously inc easing, u0>0, and
conca e, u00 <0, implying ha he ma ginal u ili y o consump ion is posi i e bu diminishing.
A posi i e ma ginal u ili y is synonymous wi h nonsa ia ion, while he no ion o
dec easing ma ginal u ili y is a ached o he agen ’s desi e o smoo h consump ion o e ime:
spli ing consump ion be ween wo ime pe iods is, unde his speci ica ion, p e e able o
concen a ing consump ion in a single pe iod. The mos popula explici unc ional o m
adop ed o he elici y unc ion is he cons an elas ici y o in e empo al subs i u ion (CEIS)
u ili y unc ion. I s gene al ep esen a ion is he one depic ed in equa ion (1),
u½cð Þ ¼ cð Þ1−θ1
1θ;θ∈ð0;þ∞Þn 1g(1)
A pa icula case, o θ¼1, should be accoun ed o . Applying L’Hopi al’s ule o he de ined
unc ion, u ili y becomes loga i hmic, i.e.
u½cð Þ ¼ln cð Þ;θ¼1 (2)
Obse e ha bo h e sions o he u ili y unc ion ul ill he equi ed equisi es ega ding
ma ginal u ili y, i.e. u0¼cð Þ−θ>0 and u00 ¼−θcð Þ−ð1þθÞ<0, ∀θ>0.
The elas ici y o in e empo al subs i u ion is he in e se o he unc ion’s pa ame e ,
which, in ac , is a cons an alue. The highe he alue o θ, he lowe will be he elas ici y o
subs i u ion, meaning ha inc eases in consump ion p o oke ela i ely s onge declines in
ma ginal u ili y (s onge conca i y o he u ili y unc ion). A low θ, nea ze o, and, hus, a
high elas ici y o in e empo al subs i u ion, will imply a quasi-linea u ili y unc ion whe e
diminishing ma ginal u ili y almos anishes.
The CEIS p ope y is use ul o analy ically app oach simple and s anda d in e empo al
op imiza ion p oblems, and he meaning o pa ame e θis be e unde s ood in such an
en i onmen . Thus, le us p esen he ypical u ili y maximiza ion op imal con ol p oblem o
a ep esen a i e household. In i s simples o m,
Maxcð ÞZ∞
0
u½cð Þe−
ρ
d
subjec o:_
kð Þ¼ kð Þcð Þ
kð0Þ¼k0gi en
(3)
P oblem (3) indica es ha he agen chooses he ajec o y o consump ion o e an in ini e
ho izon o maximize in e empo al u ili y. Fu u e u ili y is discoun ed o he p esen a a
cons an a e
ρ
>0, which migh be in e p e ed as a measu e o he indi idual’s impa ience
o , wha is he same, as he a e o ime p e e ence. The agen holds a po olio o asse s o a
capi al s ock, ep esen ed by kð Þ; his is he s a e a iable o he op imal con ol p oblem. The
capi al s ock inc eases wi h he espec i e e u n, a a e and dec eases wi h consump ion.
JEFAS
30,59
26
3.2 Analy ical solu ion
To sol e he op imali y p oblem, we w i e he co esponding cu en - alue Hamil onian
unc ion,
H½cð Þ;kð Þ;pð Þ ¼ u½cð Þ þ pð Þ½ kð Þcð Þ (4)
wi h pð Þ he shadow-p ice o capi al, a co-s a e a iable ha is equi ed o calcula e i s -
o de op imali y condi ions. These condi ions a e:
H
c¼00cð Þ−θ¼pð Þ(5)
_
pð Þ¼
ρ
pð Þ H
k
0_
pð Þ¼ð
ρ
Þpð Þ(6)
and he ans e sali y condi ion,
lim
→∞kð Þe−
ρ
pð Þ¼0 (7)
Di e en ia ing Equa ion (5) wi h espec o ime,
−θ_
cð Þ
cð Þ¼_
pð Þ
pð Þ(8)
Replacing Equa ion (8) in o (6), one a i es a he equa ion o mo ion o op imal consump ion,
which ep esen s a cons an g ow h ajec o y ha is de e mined by h ee pa ame e s: he
a e o ime p e e ence, he a e o e u n on asse s’accumula ion and he elas ici y o
in e empo al subs i u ion,
_
cð Þ
cð Þ¼1
θð
ρ
Þ(9)
3.3 Op imal consump ion g ow h a e
In e p e ing Equa ion (9), i is s aigh o wa d o unde s and ha i is basically he ela ion
be ween and
ρ
ha de e mines he empo al pa h o consump ion, namely i consump ion
alls, ises o emains cons an o e ime. Ne e heless, he shape o he u ili y unc ion,
molded by pa ame e θ, is also ele an . Fi s , no e ha he eason why he g ow h a e o
consump ion is cons an is because we ha e assumed a CEIS class o u ili y unc ions; i he
elas ici y o in e empo al subs i u ion we e no cons an , hen he g ow h a e in Equa ion (9)
could no be cons an as well. Second, no e ha he alue o pa ame e θis decisi e in
de e mining he esponsi eness o he consump ion g ow h a e o he di e ence be ween he
a e o e u n and he in e empo al discoun a e: a s onge conca i y o he u ili y unc ion
(a highe alue o θ), which ep esen s a lowe willingness o subs i u e in e empo ally, will
imply a smalle eac ion o he g ow h a e o he gap be ween and
ρ
.
Is i indispensable o u ili y analysis o assume a cons an elas ici y o in e empo al
subs i u ion? This issue is add essed by Bliss (2004), who inds e idence and discusses he
implica ions o a a iable elas ici y. A a iable EIS signi ies ha he ex en o which he agen
subs i u es he u u e o p esen consump ion may a y wi h he le el o consump ion; as a
co olla y, in he simple en i onmen we ha e add essed so a , he e is he inexis ence o a
cons an g ow h a e o consump ion.
The a o emen ioned au ho elies on he wo k by A anasio and B owning (1995) o make
his poin : he e is e idence ha hose wi h highe le els o consump ion ha e highe
Jou nal o
Economics,
Finance and
Adminis a i e
Science
27
elas ici ies o subs i u ion; he e o e, he highe he le el o consump ion, he lowe will be he
alue o θ, which implies no a cons an bu an inc easing consump ion g ow h a e. In a
di e en con ex , namely conce ning he p esence o na cissism as a ea u e o he indi idual
agen pe sonali y, he nex sec ion exempli ies how he CEIS hypo hesis migh be b oken.
In wha ollows, he in e empo al u ili y model is modi ied o accoun o each o he Da k
Te ad ai s. Resul s o his analysis will e eal ha ansien u ili y and long- e m
consump ion g ow h su e ele an changes when people ha e pe sonali ies, namely, in his
case, when hey ha e, a weake o s onge ex en , a da k pe sonali y.
4. Resul s: da k ai s and hei implica ions
4.1 Na cissism in he u ili y unc ion
Na cissis ic indi iduals a e egocen ics and expe ience a sense o en i lemen . In ou simple
amewo k, his will ansla e in o a u ili y su plus o e e y consumed uni ; he u ili y
su plus is as much highe , o a gi en amoun o consump ion, as he highe is he deg ee o
na cissism.
Analy ically, in o de o con empla e he possibili y o na cissism, we modi y he s anda d
CEIS u ili y unc ion and w i e i unde he o m
u½cð Þ ¼ cð Þe
η
cð Þ1−θ1
1θ;θ∈ð0;þ∞Þn 1g(10)
u½cð Þ ¼ ln cð Þþ
η
cð Þ;θ¼1 (11)
In equa ions (10) and (11),
η
≥0 measu es he deg ee o na cissism. I
η
¼0 hen we a e back
a he p o o ypical u ili y example wi h no na cissism. The s onge he deg ee o na cissism,
i.e. he highe he alue o
η
, hen he highe is he le el o u ili y he agen d aws om
consump ion. The i s ob ious ques ion o ask is whe he na cissism, as o malized, implies
ha diminishing ma ginal u ili y no longe holds. The answe is no ob ious, and i will
depend on he deg ee o na cissism and on he le el o consump ion.
Fi s , look a he simples case o loga i hmic u ili y. In his case, unde he cu en
o mula ion, u0¼cð Þ−1þ
η
>0 and u00 ¼−cð Þ−2<0. Thus, ma ginal u ili y con inues o
be posi i e and diminishing. Fo he gene al case, he ob ained exp essions a e no as
s aigh o wa d,
u0¼½1þ
η
cð Þcð Þ−θe
η
cð Þ1−θ(12)
u00 ¼ð1θÞ½1þ
η
cð Þ21
½1þ
η
cð Þcð Þu0(13)
Exp ession (12) undoub edly co esponds o a posi i e alue. Exp ession (13) migh o migh
no be nega i e; clea ly, i θ≥1 hen u00 <0, bu his condi ion does no necessa ily hold o
θ<1; i θ<1−1
½1þ
η
cð Þ2, hen we will be in he p esence o inc easing ma ginal u ili y, wha
e en ually occu s o high na cissism and high consump ion le el. Hence, ou i s esul is
ha na cissism migh ans o m he u ili y unc ion om a conca e in o a con ex unc ion,
bu his occu s only o speci ic ci cums ances associa ed wi h he o iginal u ili y
con igu a ion.
Nex , we e i y ha he elas ici y o in e empo al subs i u ion is no longe cons an . I
will depend on he le el o consump ion, u ning he consump ion g ow h a e in o a non-
cons an alue. The elas ici y o in e empo al subs i u ion is now
JEFAS
30,59
28
EIS ¼−u0
u00 3cð Þ¼1þ
η
cð Þ
1þðθ1Þ½1þ
η
cð Þ2;∀θ>0 (14)
Rega ding equa ion (14), obse e ha o
η
¼0 we eco e he o iginal case in which he
elas ici y o in e empo al subs i u ion is he in e se o he alue o he conca i y pa ame e .
Fu he mo e, i θ¼1 (log u ili y), hen he elas ici y alue educes o 1 þ
η
cð Þ. In any case,
o posi i e na cissism, we no longe ha e a cons an elas ici y o in e empo al subs i u ion,
which now depends on he alue o he consump ion a iable.
To u he explo e he implica ions o na cissism in u ili y, we again sol e p oblem (3).
Unde he no el u ili y speci ica ion, he i s -o de op imali y condi ion (5) is now
p esen able in a mo e gene al o m,
H
c¼00½1þ
η
cð Þcð Þ−θe
η
cð Þ1−θ¼pð Þ(15)
Di e en ia ing (15) wi h espec o ime yields:
−1þðθ1Þ½1þ
η
cð Þ2
1þ
η
cð Þ
_
cð Þ
cð Þ¼_
pð Þ
pð Þ(16)
and, he e o e,
_
cð Þ
cð Þ¼1þ
η
cð Þ
1þðθ1Þ½1þ
η
cð Þ2ð
ρ
Þ(17)
Equa ion (17) indica es ha he op imal g ow h a e o consump ion con inues o be he
di e ence be ween he a e o e u n on asse accumula ion and he discoun a e, mul iplied
by he elas ici y o in e empo al subs i u ion. The di e ence is ha his las e m is no longe
a cons an alue. Consequen ly, he g ow h a e o consump ion will no longe be cons an
as well.
Mo eo e , no ice ha
lim
cð Þ→∞
1þ
η
cð Þ
1þðθ1Þ½1þ
η
cð Þ2¼0;∀θ;
η
>0 (18)
The limi in exp ession (18) sugges s ha he g ow h a e o consump ion will asymp o ically
all o ze o wi h a p og essi e inc ease in consump ion. The e o e, he undamen al
implica ion o in oducing na cissism in o he u ili y unc ion, in he p oposed e ms, is o
ans o m a posi i e consump ion g ow h esul in o a long- e m ou come in which he
g ow h a e declines owa ds ze o.
The highligh ed esul is illus a ed below, o a speci ic nume ical example. Le θ¼1:25,
−
ρ
¼0:05, and conside i e di e en possible alues o he na cissism pa ame e : (1)
η
¼0; (2)
η
¼0:25; (3)
η
¼0:5; (4)
η
¼0:75; (5)
η
¼1. Figu e 1 depic s he g ow h a e o
consump ion, e ealing ha o any posi i e le el o na cissism, he g ow h o consump ion is
no longe cons an , con e ging o ze o as he le el o consump ion ises. No e, as well, ha he
highe he le el o na cissism, he as e will be he all o he consump ion g ow h a e along
he ansien pa h. Na cissism also allows o highe - han-a e age g ow h in he sho - e m,
wi h a peak eached soone o highe le els o na cissism.
Fo he same se o pa ame e alues, Figu e 2 displays he ime ajec o ies o u ili y,
aking in o conside a ion iden ical al e na i e alues o he na cissism pa ame e as abo e.
Jou nal o
Economics,
Finance and
Adminis a i e
Science
29
5. Discussion
5.1 Theo e ical implica ions
The analysis b ough abou some in e es ing heo e ical esul s: i s , as o malized,
na cissism o e u ns he basic esul o he benchma k model, which is he cons an a e o
e u n o consump ion; wi h na cissism, he g ow h a e alls o ze o as consump ion
inc eases. Second, sadism implies nonlinea g ow h o consump ion ha culmina es in a
s eady s a e o posi i e and cons an g ow h, no changing long- e m esul s ega ding
u ili y. Thi d, Machia ellianism/psychopa hy is p esen ed in such a way ha eaping o he s’
esou ces migh be bene icial o an in e media e le el o exploi a ion. This in e media e le el
o exploi a ion ha b ings gains when ha ming o he s ecei es he designa ion o
Machia ellianism, while psychopa hy eme ges in he analysis as exploi a ion ha does no
bene i he agen and hu s o he s.
The analysis sugges s ha beha io al biases a e p one o in luence consump ion and
u ili y. Because agen s a e no pu ely a ional and a e subjec in a la ge o smalle ex en o
da k pe sonali y ai s, he analysis claims ha a a ie y o ou comes eme ges, e en in a e y
simple amewo k, when we conside hese ai s and how hey in luence p e e ences,
beha io and ac ions.
5.2 Manage ial and policy implica ions
Because he modeling exe cise sugges s ha pe sonali y ai s ha e a ele an e ec upon
in e empo al consump ion decisions, i ms’manage s migh ind i bene icial o collec da a
on he pe sonali ies o hei cus ome s and p ospec i e clien s. In o ma ion on he
psychological p o ile o consume s may help i ms wi h hei p oduc ion and ma ke ing
decisions. Such da a, which can be collec ed indi ec ly h ough he obse a ion o
consump ion pa e ns, is ele an no only o i ms, bu o policy decision-make s as
well. Ob iously, da a ga he ing mus be weighed agains p i acy conce ns.
Dealing wi h cus ome s exhibi ing s ong Da k Te ad ai s is challenging, gi en he
decei ul and insidious na u e o hei ac ions. No wi hs anding, Da k Te ad pe sonali ies
can be used o he ad an age o businesses, i manage s a e capable o sub e ing hem: he
lack o humili y ha is pe asi e ac oss da k ai s migh be ins umen al in manipula ing
cus ome s o inc ease conspicuous consump ion and o he ego- eeding expendi u es.
0
0.5
1
1.5
2
2.5
3
3.5
4
0 50 100 150 200 250
u_i u_ii u_iii Ɵme
Sou ce(s): Figu e by au ho
Figu e 6.
U ili y unde
Machia ellianism/
psychopa hy
JEFAS
30,59
36
None heless, as he cha ac e iza ion o he model made clea , he p e alence o da k
pe sonali ies is likely o be essen ially damaging o businesses and o he economy as a
whole: he sil e lining associa ed wi h he exploi a ion o pe sonali y laws canno
ypically compensa e he ha m ha comes om ego is ical, sel ish, callous, impulsi e,
and des uc i e beha io ( om consume s, bu also om business owne s and
manage s).
5.3 Limi a ions and u u e esea ch agenda
The g owing in e play be ween economics and beha io al science makes i inc easingly
ele an o app oach baseline economic models unde wo in e connec ed assump ions:
i s , ha agen s ha e pe sonali y and, second, ha di e en agen s exhibi di e en
ai s o pe sonali y (da ke o ligh e ). This is an unde s udied subjec in economics,
and he e is a lo ha can be explo ed a ound he opic. The cu en s udy has aken a
i s s ep in he men ioned di ec ion, al hough he chosen benchma k model is,
admi edly, an o e ly simpli ied one, o e ing jus a i s glimpse on an ex ao dina ily
complex subjec ha can and should be app oached unde much mo e sophis ica ed
economic se ings.
Pe sonali y ai s can be associa ed wi h any concei able decision-making p oblem in
economics: hey may de e mine he beha io o wo ke s in he sea ch and ma ching model o
he labo ma ke ; hey can be decisi e in shaping p e e ences in economic g ow h models,
hus de e mining he pace o g ow h; and hey a e impo an in assessing decisions wi h
ele an impac on he en i onmen (e.g. conce ning ecycling). These a e some o he
p ospec i e a enues ha migh e en ually be explo ed in u u e wo k on he in e play
be ween pe sonali y and economics.
6. Conclusion
This s udy p oposed a heo e ical amewo k o add ess he impac o da k pe sonali y ai s
on consump ion and u ili y o a gi en indi idual agen . The Da k Te ad o pe sonali y ai s,
in ol ing Machia ellianism, psychopa hy, na cissism and sadism, has been conside ed and
each o hese pe sonali y elemen s has been associa ed wi h a pa icula ea u e o he
beha io o he agen .
Gi en he de ini ion o each o he da k ai s, hey we e a ached in di e en ways o he
se up ia agen ’s beha io and agen ’s p e e ences: Machia ellianism/psychopa hy was
associa ed wi h exploi a i e beha io . Na cissism and sadism we e di ec ly linked wi h
u ili y. Resul s e ealed ha da k pe sonali ies penalize consump ion g ow h, e en when
he da k ai s a e in e p e ed as di ec ly and posi i ely con ibu ing o he u ili y o
he agen .
No e
1. The concep o u ili y is di ec ly linked o he pe cep ion o alue, i.e. o he g a i ica ion people d aw,
in his case, om hei own consump ion and om he consump ion o o he s. The sense o
en i lemen o na cissis s makes hem alue mo e hei own consump ion; he c uel y o sadis ic
indi iduals makes hem alue he lack o access o he s ha e o consump ion oppo uni ies. Unde
his in e p e a ion, i is easonable o assume a di ec link be ween he men ioned elemen s o he
Da k Te ad and u ili y. On he o he hand, Machia ellianism and psychopa hy ha e a mo e
ins umen al na u e. Ei he due o s a egic manipula ion (Machia ellianism) o e a ic an isociali y
(psychopa hy), agen s may ac wi h he pu pose o dis o ing he ma ke e icien alloca ion o
esou ces, hus de ia ing income o hei own bene i o o he disad an age o o he s, ega dless o
he change in u ili y such esou ce eloca ion gene a es. These a gumen s jus i y he ole o each
da k ai in he u ili y maximiza ion model.
Jou nal o
Economics,
Finance and
Adminis a i e
Science
37
Re e ences
Al-Shamma i, M., Rasheed, A. and Al-Shamma i, H.A. (2019), “CEO na cissism and co po a e social
esponsibili y: does CEO na cissism a ec CSR ocus?”,Jou nal o Business Resea ch, Vol. 104,
pp. 106-117, doi: 10.1016/j.jbus es.2019.07.005.
Alcoce , C.D., O eg
on, J. and Roa, A. (2019), “Unce ain y unde hype bolic discoun ing: he cos o
un ying you hands”,Jou nal o Economics, Finance and Adminis a i e Science, Vol. 24 No. 48,
pp. 176-193, doi: 10.1108/je as-06-2019-0090.
Alogoskou is, G. (2019), Dynamic Mac oeconomics, MIT P ess, Camb idge, MA.
A anasio, O.P. and B owning, M. (1995), “Consump ion o e he li e-cycle and o e he business
cycle”,Ame ican Economic Re iew, Vol. 85 No. 5, pp. 1118-1137.
Back, M.D., Ku ne , A.C., Du ne , M., Ge lach, T.M., Rau hmann, J.F. and Denissen, J.J. (2013),
“Na cissis ic admi a ion and i al y: disen angling he b igh and da k sides o na cissism”,
Jou nal o Pe sonali y and Social Psychology, Vol. 105 No. 6, pp. 1013-1037, doi: 10.1037/a0034431.
Baldegge , U., Sch oede , S.H. and Fu ne , M.R. (2017), “The Sel -lo ing en ep eneu : dual na cissism
and en ep eneu ial in en ion”,In e na ional Jou nal o En ep eneu ial Ven u ing, Vol. 9 No. 4,
pp. 373-391, doi: 10.1504/ije .2017.10006909.
Bliss, C. (2004), “Some implica ions o a a iable EIS”, Nu ield College. Ox o d Uni e si y Wo king
Pape 2004-W26.
Boddy, C.R. and Taplin, R. (2021), “The impac o manage ial psychopa hy on o ganiza ional
inno a ion”,In e na ional Jou nal o Inno a ion Managemen , Vol. 25 No. 5, pp. 1-22.
Book, A., Visse , B.A., Blais, J., Hoske -Field, A., Me ho -Jones, T., Gau hie , N.Y., D’Aga a, M.T. and
Holden, R.R. (2016), “Unpacking mo e ‘e il’: wha is a he co e o he Da k Te ad?”,Pe sonali y
and Indi idual Di e ences, Vol. 90, pp. 269-272, doi: 10.1016/j.paid.2015.11.009.
Bou eska, A. and Regaieg, B. (2020), “Loss a e sion, o e con idence o in es o s and hei impac on
ma ke pe o mance. E idence om he US s ock ma ke s”,Jou nal o Economics, Finance and
Adminis a i e Science, Vol. 25 No. 50, pp. 451-478, doi: 10.1108/je as-07-2017-0081.
B ewe , G., Hun , D., James, G. and Abell, L. (2015), “Da k T iad ai s, in ideli y and oman ic e enge”,
Pe sonali y and Indi idual Di e ences, Vol. 83, pp. 122-127, doi: 10.1016/j.paid.2015.04.007.
B unell, A.B., S aa s, S., Ba den, J. and Hupp, J.M. (2011), “Na cissism and academic dishones y: he
exhibi ionism dimension and he lack o guil ”,Pe sonali y and Indi idual Di e ences, Vol. 50
No 3, pp. 323-328, doi: 10.1016/j.paid.2010.10.006.
Buckels, E.E., Jones, D.N. and Paulhus, D.L. (2013), “Beha io al con i ma ion o e e yday sadism”,
Psychological Science, Vol. 24 No. 11, pp. 2201-2209, doi: 10.1177/0956797613490749.
Chab ol, H., Van Leeuwen, N., Rodge s, R. and S
ejou n
e, N. (2009), “Con ibu ions o psychopa hic,
na cissis ic, Machia ellian, and sadis ic pe sonali y ai s o ju enile delinquency”,Pe sonali y
and Indi idual Di e ences, Vol. 47 No. 7, pp. 734-739, doi: 10.1016/j.paid.2009.06.020.
Chab ol, H., Melioli, T., Van Leeuwen, N., Rodge s, R. and Gou audie , N. (2015), “The Da k Te ad:
iden i ying pe sonali y p o iles in high-school s uden s”,Pe sonali y and Indi idual Di e ences,
Vol. 83, pp. 97-101, doi: 10.1016/j.paid.2015.03.051.
Clempne , J.B. (2017), “A game heo y model o manipula ion based on Machia ellianism: mo al and
e hical beha io ”,Jou nal o A i icial Socie ies and Social Simula ion, Vol. 20 No. 2, doi: 10.
18564/jasss.3301.
Dini
c, B.M., We ag, A., Toma
se i
c, A. and Sokolo ska, V. (2020), “Cen ali y and edundancy o he da k
Te ad ai s”,Pe sonali y and Indi idual Di e ences, Vol. 155, 109621, doi: 10.1016/j.paid.2019.109621.
Digman, J.M. (1990), “Pe sonali y s uc u e: eme gence o he i e- ac o model”,Annual Re iew o
Psychology, Vol. 41 No. 1, pp. 417-440, doi: 10.1146/annu e .ps.41.020190.002221.
Dugan, R., Rouziou, M. and Hochs ein, B. (2019), “I is be e o be lo ed han ea ed: Machia ellianism
and he da k side o in e nal ne wo king”,Ma ke ing Le e s, Vol. 30 No. 1, pp. 261-274, doi: 10.
1007/s11002-019-09503-w.
JEFAS
30,59
38
Du and, G. (2018), “Demys i ica ion o he ela ionship be ween psychopa hy and happiness”,Jou nal
o Happiness S udies, Vol. 19 N. 2, pp. 381-395.
Duspa a, B. and G ei emeye , T. (2017), “The impac o Da k Te ad ai s on poli ical o ien a ion and
ex emism: an analysis in he cou se o a p esiden ial elec ion”,Heliyon, Vol. 3 No. 10, e00425,
doi: 10.1016/j.heliyon.2017.e00425.
Eisenba h, H., Ha , C.M. and Sedikides, C. (2018), “Do psychopa hic ai s p edic p o essional
success?”,Jou nal o Economic Psychology, Vol. 64, pp. 130-139, doi: 10.1016/j.joep.2018.01.002.
F iedman, D. and Os o , D.N. (2008), “Conspicuous consump ion dynamics”,Games and Economic
Beha io , Vol. 64 No. 1, pp. 121-145, doi: 10.1016/j.geb.2007.12.008.
Goldbe g, L.R. (1990), “An al e na i e ‘desc ip ion o pe sonali y’: he big- i e ac o s uc u e”,Jou nal
o Pe sonali y and Social Psychology, Vol. 59 No. 6, pp. 1216-1229, doi: 10.1037/0022-3514.59.6.1216.
Gomes, O. (2022), In e empo al and S a egic Modelling in Economics: Dynamics and Games o
Economic Analysis, Sp inge , Heidelbe g.
Gomes, O. and F ade, J. (2019), “‘Fool me once, ...’: decep ion, mo ali y and sel - egene a ion in
decen alized ma ke s”,Jou nal o Economics, Finance and Adminis a i e Science, Vol. 24
No. 48, pp. 312-326, doi: 10.1108/je as-04-2018-0032.
Gunn ho sdo i , A., McCabe, K. and Smi h, V. (2002), “Using he Machia ellianism ins umen o
p edic us wo hiness in a ba gaining game”,Jou nal o Economic Psychology, Vol. 23 No. 1,
pp. 49-66, doi: 10.1016/s0167-4870(01)00067-8.
Isido e, R.R. and Ch is ie, P. (2019), “The ela ionship be ween he income and beha io al biases”,
Jou nal o Economics, Finance and Adminis a i e Science, Vol. 24 No. 47, pp. 127-144, doi: 10.
1108/je as-10-2018-0111.
Jones, D.N. (2013), “Psychopa hy and Machia ellianism p edic di e ences in acially mo i a ed
a i udes and hei a ilia ions: da k T iad and acism”,Jou nal o Applied Social Psychology,
Vol. 43 No. 2, pp. E367-E378, doi: 10.1111/jasp.12035.
Jones, D.N. (2014), “Risk in he ace o e ibu ion: psychopa hic indi iduals pe sis in inancial
misbeha io among he Da k T iad”,Pe sonali y and Indi idual Di e ences,Vol.67,
pp. 109-113, doi: 10.1016/j.paid.2014.01.030.
Jones, D.N. and Muelle , S.M. (2021), “Is Machia ellianism dead o do man ? The pe ils o esea ching
a sec e i e cons uc ”,Jou nal o Business E hics, Vol. 176 No. 3, pp. 535-549, doi: 10.1007/
s10551-020-04708-w.
Jones, D.N. and Paulhus, D.L. (2010), “Di e en ia ing he da k T iad wi hin he in e pe sonal
ci cumplex”, in Ho owi z, L.M. and S ack, S.N. (Eds), Handbook o In e pe sonal Theo y and
Resea ch, Guil o d, New Yo k, NY, pp. 249-267.
Jones, D.N. and Paulhus, D.L. (2017), “Duplici y among he da k T iad: h ee aces o decei ”,Jou nal o
Pe sonali y and Social Psychology, Vol. 113 No. 2, pp. 329-342, doi: 10.1037/pspp0000139.
Jones, D.N. and Weise , D.A. (2014), “Di e en ial in ideli y pa e ns among he Da k T iad”,
Pe sonali y and Indi idual Di e ences, Vol. 57, pp. 20-24, doi: 10.1016/j.paid.2013.09.007.
Lee, K., Ash on, M.C., Wil shi e, J., Bou dage, J.S., Visse , B.A. and Gallucci, A. (2013), “Sex, powe , and
money: p edic ion om he da k T iad and hones y-humili y”,Eu opean Jou nal o Pe sonali y,
Vol. 27 No. 2, pp. 169-184, doi: 10.1002/pe .1860.
Leung, Y.K., F anken, I., Thu ik, R., D iessen, M., Kamei, K., To
es, O. and Ve heul, I. (2021),
“Na cissism and en ep eneu ship: e idence om six da ase s”,Jou nal o Business Ven u ing
Insigh s, Vol. 15, e00216, doi: 10.1016/j.jb i.2020.e00216.
Lin, F., Lin, S.W. and Fang, W.C. (2020), “How CEO na cissism a ec s ea nings managemen
beha io s”,No h Ame ican Jou nal o Economics and Finance, Vol. 51 No. 1, p. 101080, doi: 10.
1016/j.naje .2019.101080.
Liu, Y., Li, Y., Hao, X. and Zhang, Y. (2019), “Na cissism and lea ning om en ep eneu ial ailu e”,
Jou nal o Business Ven u ing, Vol. 34 No. 3, pp. 496-512, doi: 10.1016/j.jbus en .2019.01.003.
Jou nal o
Economics,
Finance and
Adminis a i e
Science
39
Malesza, M. and Os aszewski, P. (2016), “Da k side o impulsi i y –associa ions be ween he Da k
T iad, sel - epo and beha io al measu es o impulsi i y”,Pe sonali y and Indi idual
Di e ences, Vol. 88, pp. 197-201, doi: 10.1016/j.paid.2015.09.016.
Mededo i
c, J. and Pe o i
c, B. (2015), “The Da k Te ad: s uc u al p ope ies and loca ion in he
pe sonali y space”,Jou nal o Indi idual Di e ences, Vol. 36 No. 4, pp. 228-236, doi: 10.1027/
1614-0001/a000179.
Oes e le, M.J., Elosge, C. and Elosge, L. (2016), “Me, mysel and I: he ole o CEO na cissism in
in e na ionaliza ion decisions”,In e na ional Business Re iew, Vol. 25 No. 5, pp. 1114-1123, doi:
10.1016/j.ibus e .2016.02.001.
Paulhus, D.L. (2014), “Towa d a axonomy o da k pe sonali ies”,Cu en Di ec ions in Psychological
Science, Vol. 23 No. 6, pp. 421-426, doi: 10.1177/0963721414547737.
Paulhus, D.L. and Williams, K.M. (2002), “The Da k T iad o pe sonali y: na cissism,
Machia ellianism, and psychopa hy”,Jou nal o Resea ch in Pe sonali y, Vol. 36 No. 6,
pp. 556-563, doi: 10.1016/s0092-6566(02)00505-6.
Polych oniou, C.J. (2013), “Fiscal sadism and he a ce o de ici educ ion in G eece”, Economics One-
Page A chi e op_43, Le y Economics Ins i u e.
Saeed, M. (2020), “Media ion e ec o psychological con ac be ween pe sonali y dimensions and
u no e in en ion”,Jou nal o Economics, Finance and Adminis a i e Science, Vol. 25 No. 50,
pp. 205-219, doi: 10.1108/je as-06-2019-0101.
Sch ode -Ab
e, M. and Fa ou a, R. (2019), “Shades o na cissis ic dishones y: g andiose e sus
ulne able na cissism and he ole o sel -conscious emo ions”,Jou nal o Economic Psychology,
Vol. 71, pp. 148-158, doi: 10.1016/j.joep.2018.06.003.
Sendjaya, S., Peke i, A., H€
a el, C., Hi s , G. and Bu a bu a , I. (2016), “A e au hen ic leade s always
mo al? The ole o Machia ellianism in he ela ionship be ween au hen ic leade ship and
mo ali y”,Jou nal o Business E hics, Vol. 133 No. 1, pp. 125-139, doi: 10.1007/s10551-014-2351-0.
Shank, C.A. (2018), “Decons uc ing he co po a e psychopa h: an examina ion o decep i e beha io ”,
Re iew o Beha io al Finance, Vol. 10 No. 2, pp. 163-182, doi: 10.1108/ b -03-2017-0028.
S anwix, S. and Walke , B.R. (2021), “The Da k Te ad and ad an ageous and disad an ageous isk-
aking”,Pe sonali y and Indi idual Di e ences, Vol. 168, 110338, doi: 10.1016/j.paid.2020.110338.
Thale , R. (2000), “F om homo economicus o homo sapiens”,Jou nal o Economic Pe spec i es, Vol. 14
No. 1, pp. 133-141, doi: 10.1257/jep.14.1.133.
Thibaul , T. (2016), The Da k Te ad a Wo k, Sain Ma y’s Uni e si y, Hali ax, NS.
Wai, M. and Tiliopoulos, N. (2012), “The a ec i e and cogni i e empha ic na u e o he Da k T iad o
pe sonali y”,Pe sonali y and Indi idual Di e ences, Vol. 52 No. 7, pp. 794-799, doi: 10.1016/j.
paid.2012.01.008.
Williams, K.M., Na hanson, C. and Paulhus, D.L. (2010), “Iden i ying and p o iling scholas ic chea e s:
hei pe sonali y, cogni i e abili y, and mo i a ion”,Jou nal o Expe imen al Psychology Applied,
Vol. 16 No. 3, pp. 293-307, doi: 10.1037/a0020773.
Zhang, W.B. (2016), “Spi i o capi alism and conspicuous consump ion wi h social s a us in a
neoclassical g ow h ade model”,Business and Economic Resea ch, Vol. 6 No. 1, pp. 70-95, doi:
10.5296/be . 6i1.8652.
Co esponding au ho
O lando Gomes can be con ac ed a : [email p o ec ed]
Fo ins uc ions on how o o de ep in s o his a icle, please isi ou websi e:
www.eme aldg ouppublishing.com/licensing/ ep in s.h m
O con ac us o u he de ails: [email p o ec ed]
JEFAS
30,59
40
