Factors explaining the choice of an economics major

Abstract

A bivariate probit model is used to predict the choice of an economics major in a sample of first‐year, undergraduate business students. The paper examines the statistical significance of a number of student‐related characteristics on the likelihood of choosing an economics major, along with the role of student personality and perceptions of the profession. Factors analysed include secondary studies in economics, accounting and business, grade point average and attendance pattern, along with perceptions of the economics profession arrayed along dimensions of interest, independence, structure and precision. It would appear that the primary influences on the selection of a major in economics comprise student personality and level of interest in the profession.