Courage a double-edged sword for economic success

Today we published a new ACE study that is a collaboration with researchers from the UK and Germany that visited ACE last year to work on this project. This study is the first to map psychological courage (“persistence despite fear”) across regions, using big data from almost 400k US residents. We found interesting effects (but be careful re: causality) on entrepreneurial activity (positive) and startup survival (negative). So modern, innovation-driven economies and societies may “need” courageous, bold and entrepreneurial individuals to thrive (and universities might try to foster this) yet the same qualities can bring greater risks and a more riskier and adventuresome economic behaviour, which in turn might have manifold consequences for economic development. We also study mechanisms and focus on economic risk-taking. The study is also interesting because it is a collaboration with Time Magazine (which ran a Harry Potter Quiz, and part of that was a section that included our courage items).  for more information please contact Martin Obschonka

To the brave!