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Social Capital and the Uncertainty Reduction of Self-Employment

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  • Boris F. Blumberg
  • Gerard A. Pfann

Abstract

We study the self-employed decision and its relation to human and social capital. Human capital is necessary to acquire skills. Social capital dampens the effects of uncertainty about future income. Our data set consists of 1339 respondents from the same age group, who were interviewed three times in life in 1957, 1983 and 1993. The self-employment probability equals 0.155 and peaks between ages 24 and 26. Duration analysis shows that social capital is the most important resource for self-employment.

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Bibliographic Info

Paper provided by Harris School of Public Policy Studies, University of Chicago in its series Working Papers with number 0112.

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Date of creation: Apr 2001
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Handle: RePEc:har:wpaper:0112

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Keywords: self-employment; social capital; human capital;

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References

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  1. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1993. "Sticking it Out: Entrepreneurial Survival and Liquidity Constraints," NBER Working Papers 4494, National Bureau of Economic Research, Inc.
  2. Borjas, George J, 1987. "Self-Selection and the Earnings of Immigrants," American Economic Review, American Economic Association, American Economic Association, vol. 77(4), pages 531-53, September.
  3. De Wit, Gerrit & Van Winden, Frans A. A. M., 1990. "An empirical analysis of self-employment in the Netherlands," Economics Letters, Elsevier, Elsevier, vol. 32(1), pages 97-100, January.
  4. Holtz-Eakin, D. & Joulfaian, D. & Rosen, H.S., 1992. "Entrepreneurial Decisions and Liquidity Constraints," Papers, Princeton, Department of Economics - Financial Research Center 129, Princeton, Department of Economics - Financial Research Center.
  5. Blanchflower, David G & Oswald, Andrew J, 1998. "What Makes an Entrepreneur?," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 16(1), pages 26-60, January.
  6. Pfann, Gerard Antonie, 2000. "Options to Quit," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2563, C.E.P.R. Discussion Papers.
  7. Rees, Hedley & Shah, Anup, 1986. "An Empirical Analysis of Self-employment in the U.K," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 1(1), pages 95-108, January.
  8. Dolton, Peter J & Makepeace, G H, 1990. "Self Employment among Graduates," Bulletin of Economic Research, Wiley Blackwell, vol. 42(1), pages 35-53, January.
  9. Dunn, Thomas & Holtz-Eakin, Douglas, 2000. "Financial Capital, Human Capital, and the Transition to Self-Employment: Evidence from Intergenerational Links," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 18(2), pages 282-305, April.
  10. Borjas, George J & Bronars, Stephen G, 1989. "Consumer Discrimination and Self-employment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(3), pages 581-605, June.
  11. Taylor, Mark P, 1996. "Earnings, Independence or Unemployment: Why Become Self-Employed?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 253-66, May.
  12. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, American Economic Association, vol. 79(3), pages 519-35, June.
  13. Lindh, Thomas & Ohlsson, Henry, 1996. "Self-Employment and Windfall Gains: Evidence from the Swedish Lottery," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(439), pages 1515-26, November.
  14. Bates, Timothy, 1990. "Entrepreneur Human Capital Inputs and Small Business Longevity," The Review of Economics and Statistics, MIT Press, vol. 72(4), pages 551-59, November.
  15. Bernard F. Lentz & David N. Laband, 1990. "Entrepreneurial Success and Occupational Inheritance among Proprietors," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 23(3), pages 563-79, August.
  16. Jovanovic, Boyan & Lach, Saul, 1989. "Entry, Exit, and Diffusion with Learning by Doing," American Economic Review, American Economic Association, American Economic Association, vol. 79(4), pages 690-99, September.
  17. Bosma, N. & van Praag, M. & de Wit, G., 2000. "Determinants of Successful Entrepreneurship," Papers, NEUHUYS - RESEARCH INSTITUTE FOR SMALL AND MEDIUM 0002/e, NEUHUYS - RESEARCH INSTITUTE FOR SMALL AND MEDIUM.
  18. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(4), pages 808-27, August.
  19. Bruderl, Josef & Preisendorfer, Peter, 1998. " Network Support and the Success of Newly Founded Businesses," Small Business Economics, Springer, Springer, vol. 10(3), pages 213-25, May.
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Cited by:
  1. Claudio Michelacci & Olmo Silva, 2007. "Why So Many Local Entrepreneurs?," The Review of Economics and Statistics, MIT Press, vol. 89(4), pages 615-633, November.
  2. Kim, Byung-Yeon & Kang, Youngho, 2014. "Social capital and entrepreneurial activity: A pseudo-panel approach," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 97(C), pages 47-60.
  3. Markus Kinateder, 2009. "Team Formation in a Network," Working Papers, Fondazione Eni Enrico Mattei 2009.36, Fondazione Eni Enrico Mattei.

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