redistributive taxation. In equilibrium, agents become entrepreneurs if their skill is sufficiently high or risk aversion … sufficiently low. Under heavier taxation, entrepreneurs are more skilled and less risk-averse, on average. Through these selection …

differentiates between entrepreneurs and other self-employed to address puzzling gaps that have emerged between theory and evidence … on entry into entrepreneurship. The model predicts—and the data confirm—that entrepreneurs are positively selected on … highly-remunerated human capital, but other self-employed are negatively selected on those same abilities; entrepreneurs are …

the past decade. Our primary finding is that successful entrepreneurs are middle-aged, not young. The mean founder age for … successful entrepreneurs …

graduates and pay them according to their ability, but in which the market has relatively little information about COMAS … graduates. Hence, high-skill COMAS graduates are initially treated as if they were the average COMAS graduate, who is weaker … than a HU graduate, consequently earning less than UH graduates. However, over time the market differentiates among them so …

experience earnings gains of about 10 percent relative to high school graduates with no college degree, conditional on employment …