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The economic psychology of creating and venturing: a comparative behavioural portrait of artists and entrepreneurs


Arenius, P and Chuah, S-H and Coate, B and Hoffmann, R, The economic psychology of creating and venturing: a comparative behavioural portrait of artists and entrepreneurs, Small Business Economics, 57 pp. 721-737. ISSN 0921-898X (2021) [Refereed Article]

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DOI: doi:10.1007/s11187-020-00420-1


There are anecdotal parallels between the productive activities, labour market conditions and policy importance of professional artists and entrepreneurs that suggest human capital similarities between them. We examine the psychological and behavioural characteristics associated with the pursuits of artistry and entrepreneurship. We conducted a laboratory study with 216 artists, entrepreneurs and professional workers performing a series of psychometric tasks to enable their direct comparison. We find both artists and entrepreneurs exhibit higher risk tolerance, openness to experience and intrinsic motivation compared to the control group of professional workers. Artists score higher in creativity and emotionality compared to entrepreneurs, and entrepreneurs in self-efficacy and extraversion compared to artists.

Item Details

Item Type:Refereed Article
Keywords:artists, entrepreneurs, arts entrepreneurship, behavioural economics, experimental economics
Research Division:Economics
Research Group:Applied economics
Research Field:Experimental economics
Objective Division:Economic Framework
Objective Group:Microeconomics
Objective Field:Preference, behaviour and welfare
UTAS Author:Chuah, S-H (Professor Swee-Hoon Chuah)
ID Code:141626
Year Published:2021 (online first 2020)
Web of Science® Times Cited:6
Deposited By:Economics
Deposited On:2020-11-04
Last Modified:2023-04-20
Downloads:15 View Download Statistics

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