Entrepreneurial Activity, Risk, and Business Cycle with Non-pecuniary Benefits
- 주제(키워드) Entrepreneurship , Self-employment , Business Cycles , Non-pecuniary Benefits
- 발행기관 서강대학교 일반대학원
- 지도교수 이윤수
- 발행년도 2012
- 학위수여년월 2012. 2
- 학위명 석사
- 학과 및 전공 일반대학원 경제학과
- 실제URI http://www.dcollection.net/handler/sogang/000000047304
- 본문언어 영어
- 저작권 서강대학교 논문은 저작원 보호를 받습니다.
초록/요약
This paper studies the effects of risk and non-pecuniary benefits for entrepreneurs on entrepreneurial activities. We find that the level of non-pecuniary benefits is a key determinant of the number of entrepreneurs and its cyclicality in entrepreneurial models associated with risk. First, entrepreneurial risk makes entrepreneurial activity small and procyclical. Second, non-pecuniary benefits make entrepreneurial activity large and countercyclical. In other words, below the cut-off level of benefits, the number of entrepreneurs is strictly procyclical as in Rampini(2004). However, it is strictly countercyclical above the cut-off level. This cut-off is the level of non-pecuniary benefits which offsets the effect of entrepreneurial risk.
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