Thomas Astebro () (Joseph L.Rotman School of Management, University of Toronto) Jing Chen () (Department of Economics, Florida International University) Peter Thompson () (Department of Economics, Florida International University)
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In some datasets, the self-employed earn markedly less than wage earners, even though those at the top end of the distribution earn more than their wage-earning peers. This observation is explained by a model of entrepreneurial choice that blends Lazear’s [Journal of Labor Economics, vol. 23, pp. 649-680 (2005)] notion that entrepreneurs must be skilled in a variety of activities with the strong complementarity between skills central to Kremer’s [Quarterly Journal of Economics, vol. 108, pp. 551-575 (1993)] O-ring theory of production. We test some predictions of the model using two datasets, with mixed results.
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Paper provided by Florida International University, Department of Economics in its series Working Papers with number
0803.
Find related papers by JEL classification: J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
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