Analyzing the returns to entrepreneurship by a modified Lazear model
提出了一个修正的Lazear职业选择模型，加入非金钱收益和不确定性因素，发现创业者的收入回报低于其市场价值，且当效用调整因子大于等于1时，创业者平均收入低于工资雇员。
Abstract A modified version of Lazear’s model (in American Economic Review, 94 , 208-211, 2004, Journal of Labor Economics, 23 , 649–680, 2005) for occupational choice is formulated. It includes a utility adjustment factor that captures the combined effect of nonpecuniary benefits and uncertainty associated with entrepreneurship. We show that the counterfactual income returns to entrepreneurship are lower than the market value of entrepreneurial talent and higher than the inverse of the utility adjustment factor. Moreover, if the skill profiles in the population are Fréchet-distributed, the ratio between the expected incomes of entrepreneurs and observationally similar wage employees is lower than the inverse of the utility adjustment factor. Thus, entrepreneurs will on average earn less than wage employees if the utility adjustment factor is greater than or equal to one. It is also shown that the self-selection bias related to this income ratio or returns measure increases with the observed percentage of entrepreneurs. Swedish employment data are used to calibrate the modified Lazear model. The empirical results indicate that uncertainty considerations might be more important for the occupational choices than nonpecuniary benefits.