سال انتشار:
2020
عنوان انگلیسی مقاله:
Endogenous hours and the wealth of entrepreneurs
ترجمه فارسی عنوان مقاله:
ساعات درون زا و ثروت کارآفرینان
منبع:
Sciencedirect - Elsevier - Review of Economic Dynamics, Corrected proof: 10:1016/j:red:2020:06:012
نویسنده:
Felix Wellschmied
چکیده انگلیسی:
US entrepreneurs typically work long hours in their firms and these hours form a large part
of the firms’ labor input. This paper studies the role of endogenous owner hours in shaping
the wealth distribution among entrepreneurs. We introduce owners’ endogenous labor
supply into a model of entrepreneurial choice and financial frictions. The model fits well
the levels and the dispersion of wealth among entrepreneurs. Long owner hours incentivize
poor, highly productive individuals to be owners and help the most productive owners
to accumulate large quantities of wealth. On net, owners working long hours decreases
the median owner wealth and increase wealth dispersion among owners. Differently, the
ability to work sufficiently short hours incentivizes owners to run low productivity firms
with high wealth to income ratios. Finally, alternative calibrations ignoring the endogenous
labor supply of owners lead to owners that are much richer than in the data and overstate
the effect of financial frictions in the economy.
Keywords: Entrepreneurship | Wealth accumulation | Labor supply | Firm dynamics
قیمت: رایگان
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