Entrepreneurial rates of return and wealth inequality
构建了一个创业与财富不平等的模型，并用数据验证了回报率模式：商业财富回报率高、异质性强、与净资产负相关且持续，解释了财富分布中的回报率差异。
This paper confronts a model of entrepreneurship and wealth inequality with empirical patterns on rates of return across the wealth distribution. We find the quantitative model implies rates of return largely consistent with the data. Rates of return to business wealth are high, heterogeneous, negatively correlated with net worth, and persistent. Both dispersion in marginal products of capital and leverage are important for explaining the patterns in rates of return along the wealth distribution. Heterogeneous abilities explain a large portion of cross-sectional dispersion and drive persistence in individual returns.