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http://hdl.handle.net/10419/18352
  

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dc.contributor.authorKoellinger, Philippen_US
dc.contributor.authorMinniti, Mariaen_US
dc.contributor.authorSchade, Christianen_US
dc.date.accessioned2009-01-28T15:41:01Z-
dc.date.available2009-01-28T15:41:01Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18352-
dc.description.abstractMany firms fail shortly after inception. Yet individuals continue starting businesses. Prewar economists such as Keynes invoked animal spirits and stressed psychological factors in their explanations of economic behavior. Using a large sample obtained from surveys conducted in 18 countries, we study what variables have a significant impact on an individual?s decision to start a business. We find strong evidence that subjective, and often biased, perceptions have a crucial impact on new business creation across all countries in our sample. Our findings are consistent with the idea that individuals rely significantly on their perceptions rather than on objective probabilities, evaluate their businesses prospects by taking an overconfident ?inside view? of their situation, and, as a result, overestimate their likelihood of success.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDIW-Diskussionspapiere 501en_US
dc.subject.jelJ29en_US
dc.subject.jelD01en_US
dc.subject.jelM13en_US
dc.subject.ddc330en_US
dc.subject.keywordEntrepreneurshipen_US
dc.subject.keywordSelf-Employmenten_US
dc.subject.keywordPerceptionsen_US
dc.subject.keywordPerceptual Variablesen_US
dc.subject.keywordOverconfidenceen_US
dc.title"I think I can, I think I can": Overconfidence and Entrepreneurial Behavioren_US
dc.typeWorking Paperen_US
dc.identifier.ppn494462884en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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