Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22416
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dc.contributor.authorClemens, Christianeen_US
dc.date.accessioned2009-01-29T14:59:27Z-
dc.date.available2009-01-29T14:59:27Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/22416-
dc.description.abstractThis paper discusses a two–sector neoclassical overlapping generations economy with intermediate and final goods in the spirit of Romer (1990). The risk averse agents engage in one of two alternative occupations: either firm-ownership in the intermediate goods sector, characterized by monopolistic competition, or employment as a worker in this sector. The occupational choice under risk endogenizes the number of firms and products in the intermediate goods industry. Since entrepreneurial profits are stochastic, an inefficiently low number of agents chooses firm-ownership. We find that expected profits of monopolists do not vanish in equilibrium and that the level of economic performance is inefficiently low due to the presence of risk. This result carries over to a suboptimally low growth rate in an enodgenous growth context.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseries|aDiskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover |x304en_US
dc.subject.jelD9en_US
dc.subject.jelD4en_US
dc.subject.jelD8en_US
dc.subject.jelD5en_US
dc.subject.jelO4en_US
dc.subject.ddc330en_US
dc.subject.keywordOLGen_US
dc.subject.keywordoccupational choiceen_US
dc.subject.keywordmonopolistic competitionen_US
dc.subject.keywordgrowthen_US
dc.titleEntrepreneurship and Growth - An Overlapping Generations Approach -en_US
dc.typeWorking Paperen_US
dc.identifier.ppn396390765en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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