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A consumption-based measure of the monetary rewards to entrepreneurship

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  • Dmitriy Krichevskiy

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    (Department of Economics, Florida International University)

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    Abstract

    Recent findings by Hamilton (Journal of Political Economy, 2000) suggest that the self-employed do not receive a monetary premium for the risk and uncertainty associated with business ownership. In this paper, I show that that income underreporting by entrepreneurs can explain the lack of evidence for monetary premia. Using a large national dataset (PSID), I first document evidence of underreporting, and then proceed to make alternative comparisons using measures of consumption. I find that the self-employed enjoy large earnings premia that are reflected in their consumption.

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    Bibliographic Info

    Paper provided by Florida International University, Department of Economics in its series Working Papers with number 1005.

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    Length: 31 pages
    Date of creation: Dec 2010
    Date of revision:
    Handle: RePEc:fiu:wpaper:1005

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    Related research

    Keywords: Entrepreneurship; self-employment; income comparison; income underreporting;

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