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 c...

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Main Authors:	Luo, Yulei, Gong, Liutang, Zou, Heng-fu
Format:	Journal Article
Language:	EN
Published:	2012
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

id	okr-10986-4732
recordtype	oai_dc
spelling	okr-10986-47322021-04-23T14:02:19Z 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
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	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 Luo, Yulei Gong, Liutang Zou, Heng-fu A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
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
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	2012
url	http://hdl.handle.net/10986/4732
_version_	1764392545355300864

A Note on Entrepreneurial Risk, Capital Market Imperfections, and Heterogeneity

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