Self-employed workers are less likely to be affected by implicit contracts, efficiency wages, and other forces that mute wage cyclicality and exacerbate employment cyclicality. This observation motivates the authors' comparison of the cyclical experience of the self-employed with 'wage and salary' workers who clearly have an employer. They find negligible or small differences in annual hours cyclicality between the two groups, but hourly wages and annual earnings are much more cyclical for the self-employed. These results are consistent with efficient contracting models where employers smooth workers' income without causing inefficiencies in hours of work. Copyright 1996 by University of Chicago Press.
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Verheul, I. & Carree, M.A. & Thurik, A.R., 2007.
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Verheul, I. & Carree, M.A. & Thurik, A.R., 2005.
"Allocation and Productivity of Time in New Ventures of Female and Male Entrepreneurs,"
Research Paper
ERS-2005-082-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
[Downloadable!]