The Korean Journal of Economic Studies
COVID-19 and Life Satisfaction: The Role of Personality Traits
Young-Geun Goh (Busan Development Institute) and Taehyun Ahn (Sogang University)Year 2023Vol. 71No. 1
This study shows how life satisfaction changed after the pandemic according to demographic characteristics and analyzes how these changes are related to individual personality. Using the fixed effect model based on the Korea Labor and Income Panel Study (KLIPS), we find life satisfaction decreased after COVID-19, especially for women and young people. In particular, the effects of COVID-19 are heterogeneous across the personality and noncognitive characteristics of individuals. By including the interaction term between Big Five and COVID-19, we find the higher extroversion gets, the more life satisfaction decreased after COVID-19. However, neuroticism offsets the negative influences of COVID-19, which can lead to a slight increase in life satisfaction.