the model matches the rise in urban China’s wealth inequality since 1995 almost exactly. We further quantify the relative …We propose a quantitative theory of wealth creation and distribution during China's transitional growth from the early … wealth, whereas the majority working class, partly due to limited investment available from an underdeveloped financial …

This paper studies wealth taxation in a heterogeneous agent economy with entrepreneurship. Entrepreneurs face borrowing … dataset on household wealth, I show that this possibility for entrepreneurs to sell their firm is crucial to simultaneously … account for both the stylized facts of the wealth distribution and year-to-year changes in wealth. In a subsequent policy …

startups, and find that an entrepreneurship model disciplined only by microdata on investment can broadly match the high wealth … entrepreneurial savings and investment behavior, and in turn shape the wealth distribution. To that end, I construct an endogenous … model to match salient facts about entrepreneurial investment drawn from a nationally representative panel survey on …

wealth, such as tax policy and bankruptcy law, affect risky investment decisions at the top of the wealth distribution in …We present first evidence how individual risk preferences shape entrepreneurial investment among the very wealthy using … novel survey data from the top of the wealth distribution, which have been added to the 2019 German Socio-economic Panel …

wealth, such as tax policy and bankruptcy law, affect risky investment decisions at the top of the wealth distribution in …We present first evidence how individual risk preferences shape entrepreneurial investment among the very wealthy using … novel survey data from the top of the wealth distribution, which have been added to the 2019 German Socio-economic Panel …

inheritance size - i.e., access to capital. A group of approximately 3,000 people were identified through US Internal Revenue … C business income tax form in 1985, but not in 1981. Analysis by inheritance size and individual characteristics finds … that the size of the inheritance has a significant impact both on an individual's decision to become an entrepreneur and on …

empirical strategy is to determine whether an individual's wealth affects the probability of becoming an entrepreneur, and the … size of the inheritance has a substantial effect on the probability of becoming an entrepreneur, and that conditional on … becoming an entrepreneur, the size of the inheritance has a statistically significant and quantitatively important effect on …