Risk-sharing and entrepreneurship
研究了风险分担如何通过限制下行风险影响创业和创新，发现风险分担可能增加创业者数量，但过高的风险分担会削弱创业者的努力，且公共风险分担水平影响创业者特征。
This study examines the impact of risk-sharing on entrepreneurship-driven innovation in an occupational choice model, where entrepreneurs exert effort to innovate. Risk-sharing may increase the number of individuals who become entrepreneurs by limiting the downside risk. The effort of entrepreneurs may, however, be hampered by high risk-sharing if this limits the returns faced by successful entrepreneurs relative to unsuccessful entrepreneurs. We construct a simple theoretical model where risk-sharing may be either private or provided through the welfare state by means of taxation. We show that, in addition to the occupational and effort choice dimensions, the level of public risk-sharing also matters for the characteristics of entrepreneurs.