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A consumption-based measure of the monetary rewards to entrepreneurship

  • Dmitriy Krichevskiy

    ()

    (Department of Economics, Florida International University)

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    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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    File URL: http://casgroup.fiu.edu/pages/docs/1567/1292249368_10-05.pdf
    File Function: First version, 2010
    Download Restriction: no

    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
    Contact details of provider: Postal: Miami, FL 33199
    Phone: (305) 348-2316
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    Web page: http://economics.fiu.edu

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