Risk Taking by Entrepreneurs
构建了一个内生性企业家风险承担理论，解释为何自筹资金的企业家可能选择投资于无风险溢价的高风险项目，并预测较贫穷的企业家更可能承担风险。
Entrepreneurs bear substantial risk, but empirical evidence shows no sign of a positive premium. This paper develops a theory of endogenous entrepreneurial risk taking that explains why self-financed entrepreneurs may find it optimal to invest in risky projects offering no risk premium. Consistently with empirical evidence, the model predicts that poorer entrepreneurs are more likely to undertake risky projects. It also finds that incentives for risk taking are stronger when agents are impatient.