DISCUSSION PAPER SERIES IZA DP No. 14894 A Golden Opportunity: The Gold Rush, Entrepreneurship and Culture Michael Stuetzer Abel Brodeur Martin Obschonka David B. Audretsch Peter J. Rentfrow Jeff Potter Samuel D. Gosling NOVEMBER 2021 Electronic copy available at: https://ssrn.com/abstract=4114397 DISCUSSION PAPER SERIES IZA DP No. 14894 A Golden Opportunity: The Gold Rush, Entrepreneurship and Culture Michael Stuetzer Baden Wuerttemberg Cooperative State University and Ilmenau University of Technology Abel Brodeur Indiana University Peter J. Rentfrow University of Cambridge Jeff Potter University of Ottawa and IZA Martin Obschonka David B. Audretsch Atof Inc., Cambridge Queensland University of Technology Samuel D. Gosling University of Texas at Austin and University of Melbourne NOVEMBER 2021 Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world’s largest network of economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. ISSN: 2365-9793 IZA – Institute of Labor Economics Schaumburg-Lippe-Straße 5–9 53113 Bonn, Germany Phone: +49-228-3894-0 Email: publications@iza.org Electronic copy available at: https://ssrn.com/abstract=4114397 www.iza.org IZA DP No. 14894 NOVEMBER 2021 ABSTRACT A Golden Opportunity: The Gold Rush, Entrepreneurship and Culture* We study the origins of entrepreneurship (culture) in the United States. For the analysis we make use of a quasi-natural experiment – the gold rush in the second part of the 19th century. We argue that the presence of gold attracted individuals with entrepreneurial personality traits. Due to a genetic founder effect and the formation of an entrepreneurship culture, we expect gold rush counties to have higher entrepreneurship rates. The analysis shows that gold rush counties indeed have higher entrepreneurship rates from 1910, when records began, until the present as well as a higher prevalence of entrepreneurial traits in the populace. JEL Classification: L26, R12, N5, N9 Keywords: gold rush, entrepreneurship, culture Corresponding author: Michael Stuetzer Professor of Economics and Quantitative Methods Baden-Wuerttemberg Cooperative State University Coblitzallee 1-9 D-68193 Mannheim Germany E-mail: michael.stuetzer@dhbw-mannheim.de * We thank Michael Fritsch, Michael Wyrwich, Per Davidsson, Jörn Block, and Sanaz Talifar for helpful comments. Special thanks to Samuel Baszi, Martin Fiszbein and Mesay Gebresilasse for data sharing. Joey Cheng and Sebastian Stuetzer provided excellent research assistantance. 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