idiosyncratic entrepreneurial risk-- a risk that introduces, not only a precautionary motive for saving, but also a wedge between …

-- do not confuse behavior towards risk with attitudes towards intertemporal substitution, the true beta of an asset is, in … general, an average of its consumption and market betas. We show that the two parameters measuring risk aversion and … plan), while a unit coefficient of relative risk aversion gives rise to myopia in portfolio allocation (the future does not …

household's attitudes toward risk, as shown in Swanson (2012). In this paper, I analyze how frictional labor markets affect that … analysis. Household risk aversion (as measured by willingness to pay to avoid a wealth shock) is higher: 1) in countries with … in Europe are large enough to play a substantial contributing role to risk aversion in those countries. Nevertheless …

This article develops two points. First, insurance against the risk of legal change is largely unavailable, primarily …

This paper introduces the concept of standard risk aversion. A von Neumann-Morgenstern utility function has standard … risk aversion if any risk makes a small reduction in wealth more painful (in the sense of an increased reduction in … expected utility) also makes any undesirable, independent risk more painful. It is shown that, given monotonicity and concavity …

soliciting the current client in the event of termination of employment. The socially optimal level of entrepreneurship will … are too restrictive and produce too little entrepreneurship, and governments can increase welfare by limiting enforcement …

The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk … an entrepreneurial sector, the paper investigates the effects of taxes on the equilibrium level of entrepreneurship and …

Entrepreneurship requires energy and creativity as well as business acumen. Some factors that contribute to … entrepreneurship may decline with age, but business skills increase with experience in high level positions. Having too many older … workers in society slows entrepreneurship. Older workers do not possess the advantages of youth, but more significant is that …

We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or …