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Entrepreneurial Income and Wealth Dynamics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Entrepreneurial Income and Wealth Dynamics./
Author:	Robinson, Baxter Van Halm.
Description:	1 online resource (132 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 83-09, Section: A.
Contained By:	Dissertations Abstracts International83-09A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798209904977

Entrepreneurial Income and Wealth Dynamics.
Robinson, Baxter Van Halm.

Entrepreneurial Income and Wealth Dynamics. - 1 online resource (132 pages)

Source: Dissertations Abstracts International, Volume: 83-09, Section: A.

Thesis (Ph.D.)--University of Toronto (Canada), 2022.

Includes bibliographical references

This thesis studies wealth inequality, entrepreneurship, and financial frictions. The first chapter focuses on how the uninsurable nature of entrepreneurial risk reduces entrepreneurial activity and affects aggregate output, productivity, and the distribution of wealth. I build a model where individuals choose to become workers or entrepreneurs, and where entrepreneurs choose how risky a business to start. My model features two distinct financial frictions. First, a missing market for entrepreneurial risk prevents entrepreneurs from insuring themselves against their income risk and the risk of business failure. Second, borrowing constraints limit the size of an entrepreneur's business. I contribute to a literature on financial frictions and entrepreneurship by studying the missing market for entrepreneurial risk. The model is calibrated using micro data on new U.S. firms. I find that completing the missing market for entrepreneurial risk improves aggregate productivity by 9% and reducing the share of wealth held by the wealthiest 1% by two thirds. In a policy experiment, a partial insurance scheme for unsuccessful entrepreneurs can increase aggregate productivity and output by encouraging entrepreneurs to start riskier businesses.In my jointly-authored second chapter, we study how the composition and distribution of household wealth affects the distribution of MPC's. We document facts in the Survey of Consumer Finances about the composition of household portfolios between housing, mortgage debt, and more liquid financial assets over the distribution of wealth. We then build a rich quantitative model with heterogeneous returns that matches both the composition and concentration of wealth. We use the model to decompose the importance of return heterogeneity, long-term fixed rate mortgages and refinancing, and owner-occupied housing for the average MPC and find that each factor significantly contributes to generating a higher average MPC, with a cumulative effect of 0.25 percentage points.In my third chapter, I study how different government policies can promote entrepreneurship by mitigating financial frictions. In the presence of both a missing market for entrepreneurial risk and borrowing constraints, I compare how entrepreneurial insurance, a universal basic income, government-backed business loans, entrepreneurial income tax deductions, and tax progressivity will impact the decisions of potential entrepreneurs.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798209904977Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

EntrepreneurshipIndex Terms--Genre/Form:

554714
Electronic books.

Entrepreneurial Income and Wealth Dynamics.
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520 $a This thesis studies wealth inequality, entrepreneurship, and financial frictions. The first chapter focuses on how the uninsurable nature of entrepreneurial risk reduces entrepreneurial activity and affects aggregate output, productivity, and the distribution of wealth. I build a model where individuals choose to become workers or entrepreneurs, and where entrepreneurs choose how risky a business to start. My model features two distinct financial frictions. First, a missing market for entrepreneurial risk prevents entrepreneurs from insuring themselves against their income risk and the risk of business failure. Second, borrowing constraints limit the size of an entrepreneur's business. I contribute to a literature on financial frictions and entrepreneurship by studying the missing market for entrepreneurial risk. The model is calibrated using micro data on new U.S. firms. I find that completing the missing market for entrepreneurial risk improves aggregate productivity by 9% and reducing the share of wealth held by the wealthiest 1% by two thirds. In a policy experiment, a partial insurance scheme for unsuccessful entrepreneurs can increase aggregate productivity and output by encouraging entrepreneurs to start riskier businesses.In my jointly-authored second chapter, we study how the composition and distribution of household wealth affects the distribution of MPC's. We document facts in the Survey of Consumer Finances about the composition of household portfolios between housing, mortgage debt, and more liquid financial assets over the distribution of wealth. We then build a rich quantitative model with heterogeneous returns that matches both the composition and concentration of wealth. We use the model to decompose the importance of return heterogeneity, long-term fixed rate mortgages and refinancing, and owner-occupied housing for the average MPC and find that each factor significantly contributes to generating a higher average MPC, with a cumulative effect of 0.25 percentage points.In my third chapter, I study how different government policies can promote entrepreneurship by mitigating financial frictions. In the presence of both a missing market for entrepreneurial risk and borrowing constraints, I compare how entrepreneurial insurance, a universal basic income, government-backed business loans, entrepreneurial income tax deductions, and tax progressivity will impact the decisions of potential entrepreneurs.
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653 $a Financial frictions
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