with experimentation to learn about earnings. This pattern motivates estimating the expected returns to entrepreneurship … found to constitute a substantial portion of the monetary value of entrepreneurship. The model is then used to evaluate …

We study the effects of ability and liquidity constraints on entrepreneurship. We develop a three sector Roy model that … 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 …

Why do levels of entrepreneurship differ across America's cities? This paper presents basic facts on two measures of … entrepreneurship: the self-employment rate and the number of small firms. Both of these measures are correlated with urban success … entrepreneurship is linked to a large number of small firms in supplying industries. Finally, there is a strong connection between area …

The question of how entrepreneurship relates to income mobility is cogent given the current public debate about the … sources of income inequality and mobility in United States society. We examine how experience with entrepreneurship has … distribution over time, and to see how their mobility (or lack thereof) was affected by involvement with entrepreneurship. Our main …

with disdain for work. We propose an economic theory of preference formation where both the divergence of attitudes across … social classes and the ensuing reversal of economic fortunes are equilibrium outcomes. In our theory, parents shape their …