entrepreneurs, controlling for the density of firms in their current location. Conditional on becoming entrepreneurs, the same … individuals are also more likely to be successful entrepreneurs, as measured by business income or firm productivity. Strikingly … interpretation, we find that entrepreneurs who at the age of 18 lived in areas with a higher firm density tend to adopt better …

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 …

The non-pecuniary benefits of managing a small business are a first order consideration for many nascent entrepreneurs …, generating wealth effects independent of financing constraints, (2) non-pecuniary entrepreneurs select into small scale firms, (3 …

One of the leading theories of entrepreneurship is that less risk averse individuals become entrepreneurs and more risk …, retaining agent heterogeneity in risk aversion and the endogenous division of agents into less risk averse entrepreneurs and …