Add to ORKGEmpirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rates than workers, and face substantial uninsurable entrepreneurial and investment risks. This paper constructs a heterogeneous-agent general equilibrium model with uninsurable entrepreneurial risk and capital-market imperfections to explore the implications of uninsurable entrepreneurial risk for wealth distribution and aggregate activity in an incomplete market economy. It is shown that entrepreneurial risk can substantially affect both the wealth distribution and the macroeconomy
In the 'Knightian' theory of entrepreneurship, entrepreneurs provide insurance to workers by paying ...
Financial market imperfections can prevent entrepreneurs from diversifying away the idiosyncratic ri...
We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implicat...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
An entrepreneur faces substantial non-diversifiable business risk and liquidity con-straints. We pro...
This paper deals with credit market imperfections and idiosyncratic risks in a two-sector heterogene...
This paper deals with credit market imperfections and idiosyncratic risks in a two-sector heterogene...
We develop a dynamic incomplete-markets model of entrepreneurial firms, and demon-strate the implica...
This paper analyzes an overlapping generations endogenous growth model of occupational choice under ...
This paper studies the quantitative properties of a general equilibrium model where a continuum of h...
In this paper we analyze productivity and welfare losses from capital misallocation in a general equ...
We study an adverse selection model where all agents are endowed with initial wealth, are nonetheles...
Entrepreneurs face significant non-diversifiable business risks. In a dynamic incomplete-markets mod...
In the 'Knightian' theory of entrepreneurship, entrepreneurs provide insurance to workers by paying ...
Financial market imperfections can prevent entrepreneurs from diversifying away the idiosyncratic ri...
We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implicat...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
Empirical evidence shows that entrepreneurs hold a large fraction of wealth, have higher saving rate...
An entrepreneur faces substantial non-diversifiable business risk and liquidity con-straints. We pro...
This paper deals with credit market imperfections and idiosyncratic risks in a two-sector heterogene...
This paper deals with credit market imperfections and idiosyncratic risks in a two-sector heterogene...
We develop a dynamic incomplete-markets model of entrepreneurial firms, and demon-strate the implica...
This paper analyzes an overlapping generations endogenous growth model of occupational choice under ...
This paper studies the quantitative properties of a general equilibrium model where a continuum of h...
In this paper we analyze productivity and welfare losses from capital misallocation in a general equ...
We study an adverse selection model where all agents are endowed with initial wealth, are nonetheles...
Entrepreneurs face significant non-diversifiable business risks. In a dynamic incomplete-markets mod...
In the 'Knightian' theory of entrepreneurship, entrepreneurs provide insurance to workers by paying ...
Financial market imperfections can prevent entrepreneurs from diversifying away the idiosyncratic ri...
We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implicat...