ENTREPRENEURSHIP OVER THE LIFE CYCLE: WHERE ARE THE YOUNG ENTREPRENEURS?

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54 citations0/0 files storedInternational Economic Review

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Entrepreneurship Studies and Influences Firm Innovation and Growth Migration, Ethnicity, and Economy

Abstract

Abstract Most individuals do not start a business and, if they do, they start well into their 30s. To explain these stylized facts, I estimate a dynamic Roy model with experience accumulation, risk aversion, and imperfect information about ability using the Panel Study of Income Dynamics. Information frictions and income risk reduce entrepreneurship by up to 40% and 35%, respectively. Entry costs and information frictions explain most of the delayed entry. Results from counterfactual policies targeting delayed entry suggest that entrepreneurship education can yield higher returns than subsidies. Fostering young entrepreneurship yields higher returns than fostering old entrepreneurship.

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2017The theory of economic development 1989An Estimated Model of Entrepreneurial Choice under Liquidity Constraints 1987Managerial Perspectives on Risk and Risk Taking 1979Job Matching and the Theory of Turnover 2006Do entrepreneurship programmes raise entrepreneurial intention of science and engineering students? The effect of learning, inspiration and resources 1999Overconfidence and Excess Entry: An Experimental Approach 2000Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self‐Employment 2009Why encouraging more people to become entrepreneurs is bad public policy

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