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And a Vision Appeared unto them of a Great Profit: Evidence of Self-Deception among the Self-Employed

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Abstract

Evidence is presented that the self employed expect better financial outcomes than do employees but experience worse realisations. This is consistent with theories that entrepreneurship is driven by unrealistic optimism.

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File URL: http://www.rhul.ac.uk/economics/Research/WorkingPapers/pdf/dpe9909.pdf
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Bibliographic Info

Paper provided by Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 99/9.

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Length: pages
Date of creation: Feb 2000
Date of revision: Feb 2000
Handle: RePEc:hol:holodi:9909

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Keywords: Entrepreneurship; unrealistic optimism;

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  1. Michael Manove & A. Jorge Padilla, 1999. "Banking (Conservatively) with Optimists," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 324-350, Summer.
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Cited by:
  1. Åstebro, Thomas & Chen, Jing, 2014. "The entrepreneurial earnings puzzle: Mismeasurement or real?," Journal of Business Venturing, Elsevier, vol. 29(1), pages 88-105.
  2. Georgellis, Yannis & Sessions, John & Tsitsianis, Nikolaos, 2007. "Pecuniary and non-pecuniary aspects of self-employment survival," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 94-112, March.
  3. Colombo, Massimo G. & Delmastro, Marco & Grilli, Luca, 2004. "Entrepreneurs' human capital and the start-up size of new technology-based firms," International Journal of Industrial Organization, Elsevier, vol. 22(8-9), pages 1183-1211, November.
  4. Dawson, Chris & Henley, Andrew, 2012. "Something will turn up? Financial over-optimism and mortgage arrears," Economics Letters, Elsevier, vol. 117(1), pages 49-52.
  5. Coad, Alex, 2010. "Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus," Structural Change and Economic Dynamics, Elsevier, vol. 21(3), pages 206-218, August.
  6. Hyytinen, Ari, 2003. "Loan market equilibrium with difference of opinion and imperfect competition," Economics Letters, Elsevier, vol. 78(1), pages 125-129, January.
  7. Manju Puri & David Robinson, 2005. "Optimism and Economic Choice," NBER Working Papers 11361, National Bureau of Economic Research, Inc.
  8. Parker, Simon C., 2007. "Entrepreneurial learning and the existence of credit markets," Journal of Economic Behavior & Organization, Elsevier, vol. 62(1), pages 37-46, January.
  9. Roessler, Christian & Koellinger, Philipp, 2012. "Entrepreneurship and organization design," European Economic Review, Elsevier, vol. 56(4), pages 888-902.
  10. Laux, Volker & Stocken, Phillip C., 2012. "Managerial reporting, overoptimism, and litigation risk," Journal of Accounting and Economics, Elsevier, vol. 53(3), pages 577-591.

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