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Entrepreneurs, Managers, and the Organization of Work

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  • Peter Thompson

    ()
    (Department of Economics, Florida International University)

Abstract

This paper presents an explicit model of the entrepreneur’s role in organizing the work undertaken by employees. The model assumes that agents vary in their ability to carry out this task, and so in one sense the model is a special case of Lucas’ [Bell Journal of Economics, 9, pp. 508-523, (1978)] span of control framework. However, the model also relates ability to risk. As in Kihlstrom and Laffont [Journal of Political Economy, 87, pp. 719-748 (1979)], the entrepreneur bears all risk. But while Kihlstrom and Laffont assume the entrepreneur bears all risk and show that as a consequence the least risk averse become entrepreneurs, in the present model all agents are risk neutral but entrepreneurs bear all risk as an equilibrium outcome. The model is used to study the consequences of firm growth driven by entrepreneurial learning or by rising demand.

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File URL: http://casgroup.fiu.edu/pages/docs/2243/1275228542_07-06.pdf
File Function: Revised version, 2008
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Bibliographic Info

Paper provided by Florida International University, Department of Economics in its series Working Papers with number 0706.

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Length: 24 pages
Date of creation: Aug 2007
Date of revision:
Handle: RePEc:fiu:wpaper:0706

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Web page: http://casgroup.fiu.edu/Economics/
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Related research

Keywords: Entrepreneurship; small business management; coordination.;

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  1. Ricardo J. Caballero, 1997. "Aggregate Investment," NBER Working Papers 6264, National Bureau of Economic Research, Inc.
  2. Jeffrey I. Bernstein & Theofanis P. Mamuneas & Panos Pashardes, 2004. "Technical Efficiency and U.S. Manufacturing Productivity Growth," The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 402-412, February.
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