A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability

Detalhes bibliográficos
Autor(a) principal: Dell’Era, Michelle
Data de Publicação: 2018
Outros Autores: Opromolla, Luca David, Santos-Pinto, Luís
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/16264
Resumo: This paper studies the impact of optimism on occupational choice using a general equilibrium framework. The model shows that optimism has four main qualitative e ects: it leads to a misallocation of talent, drives up input prices, raises the number of entrepreneurs, and makes entrepreneurs worse o_. We calibrate the model to match U.S. manufacturing data. This allows us to make quantitative predictions regarding the impact of optimism on occupational choice, input prices, the returns to entrepreneurship, and output. The calibration shows that optimism can explain the empirical puzzle of the low mean returns to entrepreneurship compared to average wages.
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spelling A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial abilityGeneralEquilibriumEntrepreneurshipOptimismThis paper studies the impact of optimism on occupational choice using a general equilibrium framework. The model shows that optimism has four main qualitative e ects: it leads to a misallocation of talent, drives up input prices, raises the number of entrepreneurs, and makes entrepreneurs worse o_. We calibrate the model to match U.S. manufacturing data. This allows us to make quantitative predictions regarding the impact of optimism on occupational choice, input prices, the returns to entrepreneurship, and output. The calibration shows that optimism can explain the empirical puzzle of the low mean returns to entrepreneurship compared to average wages.ISEG - REM - Research in Economics and MathematicsRepositório da Universidade de LisboaDell’Era, MichelleOpromolla, Luca DavidSantos-Pinto, Luís2018-10-30T10:56:57Z2018-102018-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/16264engDell’Era, Michelle, Luca David Opromolla e Luís Santos-Pinto (2018). "A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability". Instituto Superior de Economia e Gestão – REM Working paper nº 050 - 20182184-108Xinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:46:06Zoai:www.repository.utl.pt:10400.5/16264Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:42.768733Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
title A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
spellingShingle A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
Dell’Era, Michelle
GeneralEquilibrium
Entrepreneurship
Optimism
title_short A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
title_full A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
title_fullStr A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
title_full_unstemmed A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
title_sort A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability
author Dell’Era, Michelle
author_facet Dell’Era, Michelle
Opromolla, Luca David
Santos-Pinto, Luís
author_role author
author2 Opromolla, Luca David
Santos-Pinto, Luís
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Dell’Era, Michelle
Opromolla, Luca David
Santos-Pinto, Luís
dc.subject.por.fl_str_mv GeneralEquilibrium
Entrepreneurship
Optimism
topic GeneralEquilibrium
Entrepreneurship
Optimism
description This paper studies the impact of optimism on occupational choice using a general equilibrium framework. The model shows that optimism has four main qualitative e ects: it leads to a misallocation of talent, drives up input prices, raises the number of entrepreneurs, and makes entrepreneurs worse o_. We calibrate the model to match U.S. manufacturing data. This allows us to make quantitative predictions regarding the impact of optimism on occupational choice, input prices, the returns to entrepreneurship, and output. The calibration shows that optimism can explain the empirical puzzle of the low mean returns to entrepreneurship compared to average wages.
publishDate 2018
dc.date.none.fl_str_mv 2018-10-30T10:56:57Z
2018-10
2018-10-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/16264
url http://hdl.handle.net/10400.5/16264
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Dell’Era, Michelle, Luca David Opromolla e Luís Santos-Pinto (2018). "A general equilibrium theory of occupational choice under optimistic beliefs about entrepreneurial ability". Instituto Superior de Economia e Gestão – REM Working paper nº 050 - 2018
2184-108X
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
publisher.none.fl_str_mv ISEG - REM - Research in Economics and Mathematics
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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