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A Proposal to Improve Our Understanding of Entrepreneurship Using the Panel Study of Income Dynamics

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  • Camilo Mondragón-Vélez

    ()

  • Ximena Peña-Parga

    ()

Abstract

This paper aims to evidence how relatively marginal changes in the Panel Study of Income Dynamics survey, particularly on the measurement of returns to entrepreneurship - both financial and human capital - can yield sizeable benefits for research and policy on entrepreneurship. Accurate measurement of returns to all the resources invested in entrepreneurial endeavors is not only essential to understand the motivations and barriers to start a business, but can ultimately provide the basis to improve the effectiveness of programs and policies to foster entrepreneurial activity in the economy.In fact, recent studies question the importance of pecuniary benefits in the decision to become an entrepreneur. However, these are based on measures of total earnings and sample aggregate returns. Thus, adequate individual data on business income and its components has an enormous value for both research and policy design altogether.

Suggested Citation

  • Camilo Mondragón-Vélez & Ximena Peña-Parga, 2008. "A Proposal to Improve Our Understanding of Entrepreneurship Using the Panel Study of Income Dynamics," DOCUMENTOS CEDE 005195, UNIVERSIDAD DE LOS ANDES-CEDE.
  • Handle: RePEc:col:000089:005195
    as

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    File URL: http://economia.uniandes.edu.co/publicaciones/dcede2008-23.pdf
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    References listed on IDEAS

    as
    1. Lawrence F. Katz & Kevin M. Murphy, 1992. "Changes in Relative Wages, 1963–1987: Supply and Demand Factors," The Quarterly Journal of Economics, Oxford University Press, vol. 107(1), pages 35-78.
    2. DiNardo, John & Fortin, Nicole M & Lemieux, Thomas, 1996. "Labor Market Institutions and the Distribution of Wages, 1973-1992: A Semiparametric Approach," Econometrica, Econometric Society, vol. 64(5), pages 1001-1044, September.
    3. George E. Johnson, 1997. "Changes in Earnings Inequality: The Role of Demand Shifts," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 41-54, Spring.
    4. Kevin M. Murphy & W. Craig Riddell & Paul M. Romer, 1998. "Wages, Skills, and Technology in the United States and Canada," NBER Working Papers 6638, National Bureau of Economic Research, Inc.
    5. Keane, Michael P & Wolpin, Kenneth I, 1997. "The Career Decisions of Young Men," Journal of Political Economy, University of Chicago Press, vol. 105(3), pages 473-522, June.
    6. Juhn, Chinhui & Murphy, Kevin M & Pierce, Brooks, 1993. "Wage Inequality and the Rise in Returns to Skill," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 410-442, June.
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    More about this item

    Keywords

    entrepreneurship; returns to entrepreneurship; survey; PSID;

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion

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