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Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 12057
Verlag: 
Institute of Labor Economics (IZA), Bonn
Zusammenfassung: 
This paper investigates the impact of risk attitudes on the decision to become an entrepreneur. In contrast to previous research, we handle endogeneity issues relying on an instrumental variables strategy considering as a source of exogenous variation in risk aversion the early exposure to a massive earthquake. Using several waves of the Bank of Italy Survey of Household Income and Wealth (SHIW), we find that individuals experiencing an earthquake become significantly more risk averse. Second-stage estimates show that risk aversion has a significant negative impact on the probability of becoming an entrepreneur.
Schlagwörter: 
entrepreneurship
risk attitudes
natural disasters
instrumental variables
JEL: 
D81
D91
L26
C36
Dokumentart: 
Working Paper

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