The Roots of Entrepreneurship and Labour Demand: Individual Ability and Low Risk Aversion
建立模型解释创业形成及企业家对劳动力的需求，发现个人能力和风险态度共同决定创业选择和劳动力需求，并用荷兰调查数据验证了风险承担和能力对成功创业的重要性。
This paper develops a model as a means to explain business formation and the labour demand of entrepreneurs. An individual will become an entrepreneur if the expected rewards surpass the wages of employment, and the expected rewards depend on an assessment of individual ability and on risk attitude. Actual ability determines success and hence the demand for wage labour of the firm. In equilibrium these factors govern the distribution of a given workforce over entrepreneurs and employees. The model is fitted to Dutch survey data. The empirical results confirm the importance of both risk‐taking and ability for successful entrepreneurship.