Explaining Regional Variations in Entrepreneurship as Multiple Occupational Equilibria*
构建了一个基于人力资本的职业选择模型，解释创业与受雇就业之间的多重均衡如何导致区域创业水平的持续差异，并讨论了其对区域发展政策的启示。
Abstract. The paper proposes a human capital-based model of choice between paid employment and entrepreneurship that can give rise to multiple equilibria in occupational structure. The model is consistent with evidence of pronounced, persistent, and hitherto unexplained regional variations in entrepreneurship. Whether multiple equilibria emerge is shown to depend on the occupation-specific productivity of human capital and the costs of human and financial capital. The paper goes on to discuss the implications for governments seeking to promote entrepreneurship as a tool of regional development policy.