When Less is More: Distinguishing Between Entrepreneurial Choice and Performance
利用NCDS数据，区分影响创业选择与绩效的因素，发现遗产能提升自雇者绩效并增加自雇比例，而高等教育虽提高自雇收入和就业创造，却降低自雇概率。
This paper uses NCDS data on individual characteristics to distinguish determinants of entrepreneurial choice, income and job generation. A new model of utility from self‐employment shows that relaxing liquidity constraints could inhibit performance. Empirically, we find that a range of inheritance enhances the performance of the self‐employed and increases self‐employment; while higher education also increases self‐employment income and job creation, but reduces the probability of self‐employment. Combining these choice and performance effects, we find that education has a positive net effect on job creation, as does inheritance up to a certain threshold.