Experimentation and the Returns to Entrepreneurship

• 成果类型: Article
• 署名作者: Manso, Gustavo
• 署名单位: University of California System; University of California Berkeley
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhw019
• 发表日期: 2016
• 页码: 2319
• 关键词: EQUITY PREMIUM PUZZLE; occupational choice

摘要

Previous studies have argued that entrepreneurs earn less and bear more risk than salaried workers with otherwise similar characteristics. In a simple model of entrepreneurship, I show that estimates of mean and variance of returns to entrepreneurship used by these previous studies are biased, as they fail to account for the option value of experimenting with new ideas. Using longitudinal data, I find patterns that are consistent with entrepreneurship as experimentation and returns to entrepreneurship that are more attractive than established by previous research.