A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity
Empirical 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.
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| Format: | Journal Article biblioteca |
| Language: | EN |
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2010
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| Subjects: | Personal Income, Wealth, and Their Distributions D310, Macroeconomics: Consumption, Saving, Wealth E210, Capital, Investment, Capacity E220, Entrepreneurship L260, |
| Online Access: | http://hdl.handle.net/10986/4732 |
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dig-okr-1098647322021-04-23T14:02:19Z A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity Luo, Yulei Gong, Liutang Zou, Heng-fu Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 Empirical 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. 2012-03-30T07:29:28Z 2012-03-30T07:29:28Z 2010 Journal Article Macroeconomic Dynamics 13651005 http://hdl.handle.net/10986/4732 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article |
| institution |
Banco Mundial |
| collection |
DSpace |
| country |
Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
| access |
En linea |
| databasecode |
dig-okr |
| tag |
biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
EN |
| topic |
Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 |
| spellingShingle |
Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 Luo, Yulei Gong, Liutang Zou, Heng-fu A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| description |
Empirical 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. |
| format |
Journal Article |
| topic_facet |
Personal Income, Wealth, and Their Distributions D310 Macroeconomics: Consumption Saving Wealth E210 Capital Investment Capacity E220 Entrepreneurship L260 |
| author |
Luo, Yulei Gong, Liutang Zou, Heng-fu |
| author_facet |
Luo, Yulei Gong, Liutang Zou, Heng-fu |
| author_sort |
Luo, Yulei |
| title |
A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| title_short |
A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| title_full |
A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| title_fullStr |
A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| title_full_unstemmed |
A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity |
| title_sort |
note on entrepreneurial risk, capital market imperfections, and heterogeneity |
| publishDate |
2010 |
| url |
http://hdl.handle.net/10986/4732 |
| work_keys_str_mv |
AT luoyulei anoteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity AT gongliutang anoteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity AT zouhengfu anoteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity AT luoyulei noteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity AT gongliutang noteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity AT zouhengfu noteonentrepreneurialriskcapitalmarketimperfectionsandheterogeneity |
| _version_ |
1756571541322072064 |